Section 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.