State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_1

Part 2.Receivers of Corporations.

§ 1‑507.1.  Appointmentand removal.

When a corporation becomesinsolvent or suspends its ordinary business for want of funds, or is inimminent danger of insolvency, or has forfeited its corporate right, or itscorporate existence has expired by limitation, a receiver may be appointed bythe court under the same regulations that are provided by law for the appointment of receivers in other cases; and the court may remove a receiver ortrustee and appoint another in his place, or fill any vacancy. Everythingrequired to be done by receivers or trustees is valid if performed by amajority of them. (Code, s. 668; 1901, c. 2, ss. 73, 79; Rev., ss. 1219,1223; C.S., s. 1208; 1955, c. 1371, s. 2.)