§ 1206. Powers of permanent receiver.

(a) A permanent receiver, upon qualifying under section 1204 (Oath and
security), shall be vested with title to all the property of the
corporation wherever situated or of the property in this state of a
foreign corporation against which an action or special proceeding has
been brought under subparagraph (a) (4) of section 1202 (Appointment of
receiver of property of a domestic or foreign corporation), for the
benefit of the creditors and shareholders of the corporation.

(b) A permanent receiver shall have the power:

(1) To sue in his own name or otherwise for the recovery of the
property, debts and causes of action of the corporation. No set-off or
counterclaim shall be allowed in any such action for any demand unless
it was owing by the corporation to the defendant before the commencement
of the action or special proceeding in which the receiver was appointed
or unless it shall have been incurred by the receiver subsequent to his
appointment.

(2) To sell at public or private sale all the property vested in him,
in such manner and on such terms and conditions as the court shall
direct, and to make necessary transfers and conveyances thereof.

(3) To examine on oath, to be administered by him, any person
concerning any matter pertaining to or affecting the receivership.

(4) To settle or compound any demands by or against the receivership.

(c) When more than one receiver is appointed, all provisions in this
article in reference to one receiver shall apply to them.

(d) When more than one receiver is appointed, the debts and property
of the corporation may be collected and received by any of them; when
more than two receivers are appointed, the powers and rights conferred
on them may be exercised by any two.

(e) When more than one receiver is appointed, the survivor or
survivors of such receivers shall have all the powers and right of the
receivers.