Section 179: Receiver of insolvent company; appointment of commissioner, deputy or assistant as receiver
144 words·~1 min read·
/ma/part-i/title-xxii/chapter-175/179·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 179. In any proceeding in which application is made by or at the relation of the commissioner for the appointment, either temporary or permanent, of a receiver of a company, the commissioner or one of his deputies or assistants may, in the discretion of the court, be appointed receiver, and when so appointed shall serve without compensation other than his official salary. When authorized in advance by the court, counsel and other assistants may be employed, and paid, from the assets of the company, such sums as the court may fix.
Expenses other than those incurred for services in the settlement of the affairs of the company shall, subject to the approval of the court, be paid from its assets. Nothing contained in this section shall affect any provision of sections one hundred and eighty A to one hundred and eighty L, inclusive.