Page:United States Statutes at Large Volume 14.djvu/565

 THIRTY—NINTH CONGRESS. Sess. II. Ch. 176. 1867. 535 accounts of the joint stock or property of the copartnersbip and of the k A¤5iS¤¤:n: separate estate of each member thereof; and after deducting out of the of?°£,:§§°"p,_ whole amount received by such assignee the whole of the expenses and me. disbursements, the net proceeds of the joint stock shall be appropriated to pay the creditors of the copartnership, and the net proceeds of the separate estate of each partner shall be appropriated to pay his separate Estate how creditors; and if there shall be any balance of the separate estate of any di“'ib¤*°d· partner, after the payment of his separate debts, such balance shall be added to the joint stock for the payment of the joint creditors; and if there shall be any balance of the joint stock after payment of the joint debts, such balance shall be divided and appropriated to and among the separate estates of the several partners according to their respective right and interest therein, and as it would have been if the partnership had been dissolved without any bankruptcy ; and the sum so appropriated to the separate estate of each partner shall be applied to the payment of his separate debts ; and the certificate of discharge shall be granted or refused Di¤¤hMz¤· to each partner as the same would or ought to be if the proceedings had been against him alone under this act ; and in all other respects the proceedings against partners shall be conducted in the like manner as if they had been commenced and prosecuted against one person alone. If such J¤¤‘i¤di¤¤i<>¤ copartucrs reside in different districts, that court in which the petition is $1;;; {,°Q%°; first filed shall retain exclusive jurisdiction over the case. ent districts. Sec. 37. And be it further enacted, That the provisions of this act shall This act to apply to all moneyed business or commercial corporations and joint stock :gl’lg’r;‘;i2;l;“” companies, and that upon the petition of any officer of any such corpora- andpjogut stock tion or company, duly authorized by a vote of a majority of the corpora- companies. tors at any legal meeting called for the purpose, or upon the petition of any creditor or creditors of such corporation or company, made and pre- Proceedings. sented in the manner hereinafter provided in respect to debtors, the like proceedings shall be had and taken as are hereinafter provided in the case of debtors ; and all the provisions of this act which apply to the debtor, or set forth his duties in regard to furnishing schedules and inventories, executing papers, submitting to examinations, disclosing, making over, sccreting, concealing, conveying, assigning, or paying away his money or property, shall in like manner, and with like force, efl"ect, and penalties, apply to each and every officer of such corporation or company in relation to the same matters concerning the corporation or company, and the money and property thereoil All payments, conveyances, and assign- COE;:;;:;? ments declared fraudulent and void by this act when made by a debtor, and preferences. shall in like manner, and to the like extent, and with like remedies, be fraudulent and void when made by a corporation or company. No allow- of1mg3Q1g9M" ance or discharge shall be granted to any corporation or joint stock com- ` pany, or to any person or officer or member thereof: Provided, That whenever any corporation by proceedings under this act shall be de- Di¤¤ib¤fi¤¤ clared bankrupt, all its property and assets shall be distributed to the °f °’°“°°‘ creditors of such corporations in the manner provided in this act in respect to natural persons. or nuns sup nnrosrrrous. pogafssfnd d°· Sec. 38. And be it farther enacted, That the filing of a petition for ad- _ Filing of pmjudication in bankruptcy, either by a debtor in his own behalf, or by any lglggzlslitzm creditor against a debtor; upon which an order may be issued by the court, ment of proceedor by a register in the manner provided in section four, shall be deemed **8**- and taken to be the commencement of proceedings in bankruptcy under this act.; the proceedings in all cases of bankruptcy shall be deemed mat- B°°°¤`d¤· ters of record, but the same shall not be required to be recorded at large, but shall be carefully tiled, kept, and numbered in the office of the clerk of the court, and a docket only, or short memorandum thereof, kept in books Dockets open to be provided for that purpose, which shall be open to public inspection. *° ’““P°°°‘°“‘ A