State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_10

§1‑507.10.  Debts provided for, receiver discharged.

When a receiver has beenappointed, and it afterwards appears that the debts of the corporation havebeen paid, or provided for, and that there remains, or can be obtained byfurther contributions, sufficient capital to enable it to resume its business,the court may, in its discretion, a proper case being shown, discharge thereceiver, and decree that the property, rights, and franchises of thecorporation revert to it, and thereafter the corporation may resume control ofthe same, as fully as if the receiver had never been appointed. (1901,c. 2, s. 76; Rev., s. 1220; C.S., s. 1216; 1955, c. 1371, s. 2.)