Page:United States Statutes at Large Volume 31.djvu/1372

 1320 FIFTY-SIXTH CONGRESS. SnSs. II. Ch. 854. 1901. said corporation shall thereby be annulled and vacated and its corpo- -x<=c¤iv¤r- rate franchises and powers shall cease and be void; and the court shall _ thereupon appoint a receiver or receivers of the assets and estate of said corporation, who shall proceed to wind up the affairs of said corporation, for the benefit of its creditors and stockholders, under the direction of the court. EX rms h°¤¤¤g· Sec. 790. If anycorporation upon which a petition and rule to show cause shall have been served as aforesaid, shall neglect to file an answer thereto at the time appointed by the court, the court shall proceed to hear the application ex parte within Eve days thereafter, and if it shall be of opinion that (good cause of forfeiture is shown it shall proceed to decree as provide in the preceding section. Judgment- Sec. 791. J UDGMENT.—·If the court, either upon a hearing ex parte or after answer, shall be of opinion that no cause of forfeiture is shown or that the public interests do not demand that such forfeiture be decreed, though legal cause therefor has been shown, it shall dismiss the petition. And if the court shall determine that legal cause of forfeiture has been shown, it may, in its discretion, before passing a final decree of forfeiture, pass orders requirin the said corporation,‘ within a time to be therein fixed, to remedy 519 grievance complained of, and may sus end the passage of the finaldecree of forfeiture until the time so fixecii and may afterwards refuse to pass such decree if the grievance shall have been remedied by the time so fixed. Appeal- Sec. 792. A1>rnAL.——From any judgment or determination of the court on petitions filed for forfeiture, as aforesaid, either party may appeal to the court of appeals, subject to such regulations as may be prescribed by said court. I¤i¤¤¤¤¤¤· Sec. 793. INJUNCTION.—-—ThB district attorney may file a bill in the name of the United States in said supreme court for the pur ose of restraining by injunction any corporation organized under the laws of the District from assuming or exercising any franchise, liberty, or privilege or transacting any business not allowed by its charter or cer— tificate of incorporation or not by law allowed to be assumed or exercised by said corporation; and in the san1e manner inay file a bill to restrain any individuals from exercising any corporate rights, privileges, or franchises not granted to them by law; and on the filing of any such bill the said supreme court shall have power to issue an injunction as prayed and to exercise all the powers of a court of equity over the subject-matter of such bill. ‘ ug§V<§y¤{g;>’Qj$°lg; Sec. 7 94. INVOLUNTARY 1>1SsoLUT10N AT THE SUIT on onn1>1Tons.—— creditors. When any corporation in the District has remained insolvent for a year, or has neglected or refused for that period to pay and discharge its notes or other evidences of debt, or has, for that period, sus ended its ordinary and lawful business, a bill may be filed by the district attorney, as aforesaid, for the dissolution of said corporation, or, if he shall decline to do so, on the application of any judgment creditor ofsaid corporation, the said judgment creditor, if an execution upon his judgment shall be returned unsatisfied, in whole or in part, may, file such bill. — ··i¤i‘“‘°“°“· Sec. 795. Upon prima facie proof of the facts necessary to sustain such suit the court may issue an injunction restraining the corporation, its trustees, directors, and officers fron1 collecting or receiving any debt or demand and from paying out or transferring or delivering to any person any of its property or effects and from exercising any of its corporate rights and franchises during the pendency of the suit, ""”°°l"°’· unless by permission of the court. And at any stage of the roceed— ing the court may appoint a receiver to collect and reserve the property of the corporation and dispose of and manage the same, under the direction of the court, until final decree in the cause.