§ 1216. Final accounting; notice; duty of attorney-general.

(a) Within one year after qualifying, the receiver shall apply to the
court for a final settlement of his accounts and for an order for
distribution, or, upon notice to the attorney-general, for an extension
of time, setting forth the reasons therefor. If the receiver has not so
applied for a settlement of his accounts or for such extension of time,
the attorney-general or any creditor or shareholder may apply for an
order that the receiver show cause why an accounting and distribution
should not be had, and after the expiration of eighteen months from the
time the receiver qualified, it shall be the duty of the
attorney-general to apply for such an order on notice to the receiver.

(b) Before presenting a final account, the receiver shall give notice
of his intention to file it by publication, under subparagraph (a) (1)
of section 1207 (Duties of receiver upon appointment), setting forth the
time and place of filing and presentation to the court. The receiver
shall also give not less than eight days' written notice to the sureties
on his official bond.

(c) Upon presentation of such account, the court shall hear the
allegations, objections and proofs of all parties interested and allow
or disallow such account, in whole or in part, and make a final order.
The court may refer the account and the hearing, in whole or in part, to
a referee who shall report thereon to the court.