Page:United States Statutes at Large Volume 47 Part 1.djvu/974

 950 72d C ONGRESS. SESS. II. CH. 127 . FEBRUARY 27, 1933 . Appointment, up on SEC. 247. APPOINTMENT OF RECEI VERS UPON DIS SOLUT ION OF Co lt dissolution of corpora- tion. PORATION .-Upon the dissolution of any corporation having its prin- cip al place of bus in ess in the Canal Zone, the district court, on appli- cation of any creditor of the corporation, or of any stockholder or member thereof, may appoint one or more persons to be receivers or trustees of the corporation, to tak e charge of the estate and effects thereof and to collect the debts and property due and belong- ing to the corporation, and to pay the outstanding debts thereof, and to di vide the m oneys and other prop erty that shall rema in ov er among - the stoc khold ers or mem bers. Restrictions ; ex parts SEC. 248. RECEIVER, RESTRICTIONS ON APPOINTMENT ; EX PARTE APPLI- on tion, undertak- ing CATIO N, UN DERTA KING ON. No party, or attorney of a party, or per- son interested in an ac ti on, or related to the judge of the cou rt by consanguinity or affinity within the third degree, can be appointed receiver therein without the written consent o ' the parties, filed with the clerk. If a receiver is appointed upon an ex parte application, the court, before making the order, must require from the applicant an undertaking, with sufficient sureties, in an amount to be fixed by the court, to the effect that the applicant will pay to the defendant all damages he may sustain by reason of the appointment of such rec ei ver and the entry by him upo n his duties, in cas e the applicant shall have procured su ch a pointment wrongfully, maliciously, or wit ho ut su ffi ci ent cause ; an the court ma,, in its di scret ion, at any ti me after said appointment, require an ! additional undertaking. Oath and undertak- SE C. 249 . OATH AND UNDERTAKING OF RECEIVER .-Before entering lug of receiver. upon his duties, the receiver must be sworn to perform them faith- fully , and with two or mo re su retie s, ap prove d by the court. or judge, execute an undertaking to the Government of the Canal Zone in such sum as the court or judge may direct, to the effect that he will faithfully discharge the duties of receiver in the action and obey the orders of the court therein. Powers. SEC. 250. POWERS OF RECEIVERS .-The receiver has, under the con- trol of the cour t, po wer to bri ng and def end a ction s in his own na me, as receiver ; to tak e and k eep possession of the property, to rec ei ve rents , col lect debts , to compo und for and com promi se the sam e, to make t ransf ers, and g enera lly to do such acts respe cting the prope rty as the court may authorize. Investment of funds. SEC. 251. INVESTMENT OF FUNDS.-Funds in the hands of a re- ceiver may be invested upon interest, by order of the court ; but no such order can be made, except upon the consent of all the parties to the action. Notice of unclaimed SEC. 252 . NOTI CE OF UNCLAIMED FUN DS IN RECEIVER'S SANDS ; DIS- unds in receiver's sands; disposition of. POS ITI ON OF .-A receiver having any funds in his hands belonging to a person whose whereabouts are un kno wn to h im, shall, before re cei v- ing his discharge as su ch receiver, pu bli sh a no tic e, in one or mo re new spa pe rs of ge ne ral circulation in the Ca nal Zone, at le ast once -a wee k for fo ur consecutive weeks, set ti ng fo rth the na me of the own er of any unc laime d fun ds, the la st kn own p lace of re siden ce or post off ice address of suc h own er and the amount of s uch unclaimed funds. Any funds remaining in his hands unclaimed for thirty days after the da te of the last publi catio n of such notic e, sh all be rep orted to the court, and up on order of the court, all such funds must be paid to the collector of the Panama Canal accompanied with a copy of the order, which mu st set forth the facts required in the notice herein provided. Such funds shall be paid out by the collector to the owner the reo f or his order in su ch manner and upon such terms as the cou rt may direct.