Receivership is an extraordinary remedy, the purpose of which is to preserve property during the time needed to prosecute a lawsuit, if a danger is present that such property will be dissipated or removed from the jurisdiction of the court if a receiver is not appointed.
A corporate officer is a high-level management official of a corporation or an unincorporated business, hired by the board of directors of a corporation or the owner of a business, such as a president, vice president, secretary, financial officer or chief executive officer (CEO).
An officer is the agent of the corporation entrusted by it with the exercise of some portion of its corporate powers, and the transaction of the business for which it exists, and the performance of its corporate duties. It is these agents or officers which it is empowered to superannuate, and not mere employees.