State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_9

§1‑507.9.  Compensation and expenses; counsel fees.

Before distribution of theassets of an insolvent corporation among the creditors or stockholders, thecourt shall allow a reasonable compensation to the receiver for his services,not to exceed five percent upon receipts and disbursements, and the costs andexpenses of administration of his trust and of the proceedings in said court,to be first paid out of said assets. The court is authorized and empowered toallow counsel fees to an attorney serving as a receiver (in addition to thecommissions allowed him as receiver as herein provided) where such attorney inbehalf of the receivership renders professional services, as an attorney, whichare beyond the ordinary routine of a receivership and of a type which wouldreasonably justify the retention of legal counsel by any such receiver nothimself licensed to practice law. (1901, c. 2, s. 88; Rev., s.1226; C.S., s. 1215; 1955, c. 1371, s. 2; 1967, c. 32.)