Page:United States Statutes at Large Volume 31.djvu/1370

 1318 rirrr-sixrn CONGRESS. sSSS. 11. on. 854. 1901. sums due and unpaid u on the subscriptions to the capital stock of the corporation, and shalli have authority to institute all needful actions for that object. He shall give public notice of his appointment and _ _ re uireiall creditors of the corporation to present the1r claims to him. V‘”“ ““"g"m€“‘S‘ (Sec. 776. VOID Ass1eNMnNTs.-——All sales, assignments, transfers, mortgages, and conveyances of any part of the estate, real or personal, of said corporation, including choses in action of every description, made after the filing of the petition for dissolution, in payment of or as security for any existing or prior debt, or for any other consideration, and all judgments confessed by said corporation after that time, shall be void as against theireceiver appointe on said petition and as _ _ against the creditors of the corporation. ` d§,‘{{,‘§;‘§,‘{,€(§§§d,2Qf;{ Sec. 777. CONTROVERSIES wrrn DEBTORS AND CREDI'1`ORS.—Tl1€ receiver may settle controversies that arise between him and the debtors or creditors of the corporation by arbitration. If there be any open and subsisting engagements or contracts of the corporation in the nature of insurance, or contin ent engagements of any kind, the receiver may, with the consent of the party holding such engagements, i cancel and discharge the same by refunding to such party the premium or consideration paid thereon to the corporation, or so much thereof as shall be in the same proportion to the time which remains of any risk assumed by such engagements as the whole premium bears to the whole term of such risk; and upon such amount being paid by the receiver to the erson holding such engagement it shall be deemed canceled and discharged as against the receiver. ”‘*“‘b¤“°¤· Sec. 778. DISTRIBUTION.—ThG receiver may retain out of the money in his hands the amounts necessary for the purpose of canceling and discharging any o en and subsisting engagements and of satisfying any demands for whicll a suit may be pending against the corporation and the costs of the proceeding, and distribute the residue among the creditors of the corporation, giving preference to debts which are liens on the property of the corporation, and shall make dividends from time _ to time among the creditors until their debts are paid in full. ,,(}}gf,§§’“d* ‘° S‘°°k‘ Sec. 779. DIVIDENDS TO STOCKHOLDERS. —No dividends shall be paid to stockholders until after the iinal dividend to the creditors, and if, after such final dividend is made, there remain any surplus in the receiver’s hands, he shall distribute the same among the stockholders in proportion to the respective amounts paid in by them severally on their s ares of stock. C0§g$q°g,¥§c{,§n§d°’ Sec. 780.. Rnonrvnn UNDER ooUn*r’s D1nnoT1oN.——The receiver shall be subject to the direction of the court as to making dividends and ren— dering his accounts and shall receive such commission as the court shall allow, not exceeding the rate allowed to executors and administrators, and reasonable counsel fees for services rendered to him. h(§§‘;;f”*°“ ">'S‘°°k‘  Sec. 781. DISSOLUTION BY STOCKHOLDERS.—Wh€D a majority of the directors, trustees, or other officers of a corporation become satisfied that the objects of the corporation can` not be accomplished, and no installment of the ca ital stock has been paid, and no investments have been made and no gebts incurred which are unpaid, they may call a meeting of the stockholders, by a notice published in some newspaper of general circulation, and if a majority, in amount, of the stockhold- · ers present at such meeting, in person or by proxy, shall decide that the objects of the corporation can not be accomplished, the corporation shall thereupon be dissolved and cease. ,0fVh°mjgd,‘;g,;mS;§,€g Sec. 782. WH0 TO nn *rn.Us*rnns Fon onnnrrons AND STOCKHOLD- Smcknoiam. nRs.——Upon the dissolution of a corporation by the expiration of its charter, or otherwise, unless other persons be appointed by the stockholders, directors, or trustees of the corporation, or by a decree of the supreme court of the District, the directors or trustees acting last before the dissolution, and their survivors, shall be the trustees for