Page:United States Statutes at Large Volume 31.djvu/1371

 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1319 the creditors and Stockholders of the dissolved corporation, and shall _ have full power to settle the affairs of the same, to collect its assets and pay its outstanding debts, and divide among its stockholders the money or other property remaining, in proportion to the stock of each stockholder pai up; and in case of the refusal of said trustees or directors, or a majority of them, to act, the said court may, upon the application of any person interested, appoint trustees in their place. Sec. 783. ACTIONS Nor TO ABATE.——NO action pending in favor of byAg§;gg,§gg,§°0§*§,*,§ or against an corporation shall be discontinued or abate by the dis- poration. solution of the corporation, whether such dissolution occur by the expiration of its charter or otherwise, but all such actions may be prosecuted to final judgment in its corporate name; and on all judgments so obtained, whether before or after its dissolution, execution may be had and satisfaction enforced in such corporate name. Sec. 784. A 0OI'p01‘ation may, after its dissolution, prosecute any Ysuitswhereproceeds action in and by its corporate name, for the use of the person or per- gceiiiggictlgizigriutigxi sons entitled to receive the proceeds of such action, upon any cause of "“°"°““S“°1““°’*· action accrued, or which, but for such dissolution, would have accrued 'in favor of the corporation, in the same manner and with the like effect as if it had not been dissolved. Sec. 785. SUITS AFTER DISSOLUTIO`N.····A.I1y such dissolved corpora- m§;¤¤< wor dissolution may be sued by its corporate name for or upon any cause of action ` accrued or which, but for such dissolution, would have accrued against it in the same manner and with the like effect as if it were not dissolved; and process in such action may be served upon any one of the —proooss. assignees, trustees, or receivers having the management of the assets of the corporation. Sec. 786. INVOLUNTARY DISSOLUTION AT THE SUIT OF THE UNITED ,ug¤‘ol¤;¤¤$Y disso- STATEs.——W'henever the district attorney of the United States for the meiiiniea siege? °i District of Columbia shall become satisfied that any corporation organized under the laws of said District has been guilty of such misuse, abuse, or nonuser of its corporate powers and franchises, or such violation of law as would authorize and make proper the forfeiture of its charter, corporate powers, and franchises, the said district attorney shall file in the supreme court of the District a petition in the name of the United States, setting forth, fully and in detail, the alleged abuse, misuse, or nonuser by reason whereof such forfeiture is sought, which petition shall be supported by affidavits of credible persons; and upon the filing of such petition the said court shall lay a rule requiring such defendant corporation to show cause, within such time as the court may deem proper, why a decree should not issue as prayed in said petition, a copy of which rule and petition shall be served on said corporation by a day therein limited. ‘ SEc. 787. ANSWER or CORPORATION.—Th€ said corporation, by the gg,{{$w"’ of °°‘P°’* day named in said order, unless further time be granted by the court, shall file an answer to said petition, fully setting forth all the defenses upon which it intends to rely in resisting the application, which shall be verified by affidavit of some officer of the corporation. Sec. 788. PLEA1>1NG.——The petitioners may thereupon plead to or ·Pl°¤di¤€- traverse all or any of the material averments set forth in the answer, i and the defendant shall join issue with or demur to said plea or traverse f within five days thereafter. Sec. 789. TR1AL.—If issue or issues be joined on such roceedings, —¤‘i¤l· the same shall stand for trial at such time as the court sh2Hl direct and shall be tried by a jury if either party desire it; otherwise, they shall be heard and determined by the court. If, from the iindin s of the ·d€0*€o of f°¤‘foi¤¤P¤· jury or upon consideration and determination of the case by the court, the court shall be of opinion that legal cause of forfeiture has been shown and the public interests require that said forfeiture shall be declared, a decree of forfeiture shall be entered and the charter of