Page:United States Statutes at Large Volume 31.djvu/1369

 FIFTY·SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1317 than one-third of the capital stock of any such cor oration, discover that the property and effects of the co1 oration Ihave been so far reduced, by losses or otherwise, that it will)not be able to pay all just demands against it or offer a reasonable security to those who deal with it, or they shall deem it beneficial to the interests of the stockholders that the corporation be dissolved, or when such directors, __ _ trustees, or other officers are authorized by a majority of the stock- ,,§“‘“°"“’“l‘“°l“‘ holders to apply for a decree, as hereinafter provided, or when the objects of the corporation have wholly failed or are entirely abandoned or are impracticable, they may apply to the supreme court of the District by petition for the dissolution of said corporation. Sec. 769. APPLICATION TO SUPREME COURT OF THE DISTRICT or —¤<>¤¢¤¤¢S <·f.<>¤¤- CoLUa1B1A.—Sucl1 application shall contain a statement of the reasons upon which it is founded, and there shall be annexed thereto- First. A full, just, and true inventory of all the estate, real and personal, of the corporation, and of all the books, vouchers, and securities relating thereto. . Second. A full, just, andtrue account of the capital stock of the corporation, specifying the names of the stockholders, their residences, ` when known, the number of shares belonging to each, the amounts paid in upon said shares, respectively, and the amounts still due thereon. Third. A statement of all the incumbrances on the property of the corporation and of all the engagements entered into by it which have not been fully satisfied or canceled, specifying the place of residence of each creditor and of every person to whom such engagements were made, if known, the sum owing to each creditor and the nature and consideration of the indebtedness, and such application shall he veriiied by affidavit. Sec. 770. PUBL1oAT1o;<.—On the filing of such ap lication, accounts, ,0§g‘g§F;j§jg;°* 0**1*** inventories, and aflidavit, an order shall be passed) requiring all Her-` sons interested in said corporation to appear in said court and s ow cause by a day named, if any they have, why it should not be dissolved, and a notice of said order shall be published in some newspaper of general circulation weekly for three successive weeks, the first insertion to be not less than one month before the day fixed for showing cause as aforesaid. · _ Sec. 771. Rarnnmnon TO TAKE TESTIMONY.·—Wh€th€l` answer be ,€§$I§gg*;°€ *0 °*k° made or not, the cause shall be referred to th.e auditor, who shall take ` testimony in relation to the allegations of the petition, and report to the court, with all'convenient speed, with a statement of the property and effects, debts, credits, and engagements of the corporation and all other matters relative to the issues in said cause. Sec. 772. Dnonnn or mssoLUT1oN.——If it appear to the court that uoiglscfss of <“¤¤¤i¤- the corporation is insolvent, or that a dissolution thereof will be bene- ` ficial to the stockholders and not injurious to the public interests, or that the objects of the corporation have wholly failed or been abandoned or are i1npracticable, a decree shall be entered dissolving the · corporation, and appointing one or more receivers of its estate and effects; and the corporation shall thereupon be dissolved and cease to exist. , _ . -., . Srzo. 7 7 3. RECEIVER.—-A director, trustee, or other officer of the R°°°“’j°*- · corporation, or any of its stockholders, may be appointed a receiver, and any receiver so appointed shall give bond in such penalty, and —-b<>¤d<·f- with such surety or sureties, as may be approved by the court, conditioned for the due discharge of his duties as receiver. Sec. 7 7 4. Upon his giving surety as aforesaid the receiver shall be vested with all the estate, real or personal, of the corporation, for the benefit of its creditors and stockholders. Sec. 775. The said receiver shall proceed to collect and take into his ·-duties. ew. possession all the assets and effects of the corporation, including any ‘