Yes, a .NET managed code application can be setup to run from a network server as long as the workstations that are accessing the server have the required permissions.

If you also are using native code components in your application then you will need to setup the licensing as shown in KB article here:

Here are the instructions for extracting the managed code assemblies from the COBOLServer21.exe installer so that they can be deployed on a network and shared by workstations.

The following are instructions for installing the COBOL Server 2.1 managed code assemblies to use on a network.

This assumes that you already have the COBOL Server 2.1 product installed and licensing setup for native code applications, if applicable, including shares to the cobolserver\bin folder.

1.  Download COBOLServer21.exe from supportline Product Updates site into new folder C:\holdserver

2.  Open 32-bit command prompt and do CD C:\holdserver
   
3.  Extract .msi files from COBOLServer21.exe

    From command prompt run:
    start /wait COBOLServer21.exe /extractcab

    extracted .msi files are saved in the SupportFiles subfolder

    COBOLServer21x64.msi: 64-bit version of COBOL Server run-time files
    COBOLServer21x86.msi: 32-bit version of COBOL Server run-time files
    dotNetFx40_Full_x86_x64.msi: Microsoft .NET Framework 4.0
    lmsetupx64.msi: License Manager setup 64-bit
    lmsetupx86.msi: License Manager setup 32-bit

4.  Extract run-time files from COBOLServer .msi files
    msiexec /a c:\holdserver\supportfiles\COBOLServer21x86.msi /qb TARGETDIR=c:\holdserver\supportfiles\cs86
    msiexec /a c:\holdserver\supportfiles\COBOLServer21x64.msi /qb TARGETDIR=c:\holdserver\supportfiles\cs64

    Folder cs86 contains the 32-bit image of COBOLServer.
    Folder cs64 contains the 64-bit image of COBOLServer. (also contains 32-bit)

5.  Folder Micro Focus under either cs86 or cs64 contains the Server subdirectories and files.
    Micro Focus\COBOL Server\assemblies\v2.0 contains .NET Framework 2.0 version of run-time assemblies
    Micro Focus\COBOL Server\assemblies\v4.0 contains .NET Framework 4.0 version of run-time assemblies
    Micro Focus\COBOL Server\bin contains native run-time files for 32-bit
    Micro Focus\COBOL Server\bin64 contains native run-time files for 64-bit (only available under x64)

6.  Copy all files from Micro Focus\COBOL Server\assemblies\V4.0 to your deployment folder of your application.
    (If developing for .NET Framework 2.0 then use V2.0 folder instead.)