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 The Green Bag

624

and no new bidders be allowed.

All

bids found to be legal, and with good sureties, will then by order of the judge be read aloud by the secretary, and if any bidder wishes to increase his bid,

ﬁfteen minutes willv be allowed for putting it into proper form. At the expiration of that time, the judge will declare the property sold to the last bidder who has raised his bid higher

than the others; and within three days thereafter the judge will render a decree approving or disapproving the sale.

An appeal lies from this decree if the

corporation, by name the “H. . . . Copper Co." to which I made a formal assignment of the judgment recovered

in my name in favor of the creditors whom I represented, against the V. G. Copper Co. It may be interesting to remark that in Mexico all corporations are formed under the Code of Commerce, which is a federal enactment in general force throughout all Mexico. A better incorporation law, for the strict pro tection of the investors and the public, would be hard to ﬁnd. The process of formation is quite simple, the in

the appeal must be decided within ﬁve days after the record is ﬁled in the appellate court. The debtor may free

corporators going before a notary public, stating the bases of their agree ment, and the notary writing the articles upon his big book, where they are

his property from sale by paying the debt and costs even after the sale

signed by the subscribers, to whom a certiﬁed copy is issued to be recorded

has begun.

in the proper public registry. On the day of the sale the "highest and best bidder," as qualiﬁed under the Mexican

amount involved exceeds

$500,

and

Within three days after

the sale is approved by the judge, the judgment debtor must execute a deed of conveyance to the purchaser on the terms of the bid; and should the debtor refuse to execute the deed, the judge himself ex oﬂ'icio will make

the deed.

If on the ﬁrst day of the

auction there should be no legal bidder,

a second auction shall be declared within seven days, with a reduction of

ten per cent of the appraised valuation of the property; and so from week to

week until a buyer is found, the ap praised value being reduced ten per cent each time; though at any such time the creditor, if there be no other

bidders, may himself buy in the property at not less than two thirds of the price then ﬁxed as the basis of the bidding. In conformity with the foregoing

law, was this new H. Copper C0., the substituted judgment creditor, and to it all this property was adjudicated and sold in due form of law, the decree of the judge reciting step by step, and sanctioned article by article of the code,

all the requirements therein prescribed. The ﬁnal act was the decree approving the sale of the property, which also recited the adjudication of sale and the

regularity of the several steps taken in conformity with the various code pro visions, and proceeded: “It is therefore decreed: First, that the sale or adjudica tion to the H. Copper Co. of all the

attached property of the V. G. Copper C0., and which are the same as are described in the writ of attachment,

requirements of the code, the sale of

is approved; Second, let the said prop

all the mining properties of the defend

erty be delivered to the assignee H.

ant company was held on the 13th day

Previous to that time, as

Copper C0., and let the debtor company be notiﬁed that it execute the proper

part of my instructions and plan of action, I had duly organized a new

of three days, and that if it fails to do

of January.

deed of conveyance within the term