New York Laws
Article 12 - Receivership
1215 - Resignation by Receiver; Filling Any Vacancy.

(a) A receiver may petition the court appointing him for an order to
show cause why he should not be permitted to resign.
(b) The petition shall be accompanied by a verified account of all the
assets of the corporation received by him, of all payments or other
disposition thereof made by him, of the remaining assets of the
corporation in respect to which he was appointed receiver and the
situation of the same, and of all his transactions as receiver.
Thereupon, the court shall grant an order directing notice to be given
to the sureties on his official bond and to all persons interested in
the property of the corporation to show cause, at a time and place
specified, why the receiver should not be permitted to resign. Such
notice shall be published once in each week for six successive weeks in
one or more newspapers as the court shall direct. If it shall appear
that the proceedings of the receiver in the discharge of his trust have
been fair and honest and that there is no good cause to the contrary,
the court shall make an order permitting such receiver to resign.
Thereupon he shall be discharged and his powers as receiver shall cease,
but he shall remain subject to any liability incurred prior to the
making of such order. The court, in its discretion, may require the
expense of such proceeding to be paid by the receiver presenting the
petition.
(c) Any vacancy created by resignation, removal, death or otherwise,
may be filled by the court, and the property of the receivership shall
be delivered to the remaining receivers or, if there are none, to the
successor appointed by the court. The court may summarily enforce
delivery by order in the action or special proceeding in which the
receiver was appointed.