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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 3303   View pdf image (33K)
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THOMAS SWANN ESQUIRE GOVERNOR. 965

Sec. 188. And be it enacted, That upon the filing
of said bill accompanied by the aforesaid papers,
the court shall pass an order requiring all persons
interested in such corporations to show cause, if
any they have, why such corporation should not
be dissolved, on or before a certain day to be
named in said order, which order shall be pub-
lished for such time as the court shall direct, in
some newspaper published in the county, or city of
Baltimore, as the case may be, in which such court
is held ; and upon any answer being filed to the
said bill by any creditors or stockholders of such
corporation, the court may authorize evidence to
be taken, on application of the complainants or
defendants, in the manner usual in Courts of
Equity.

Court may
pass order.

Sec. 189. And be it enacted. That if the court
shall upon consideration of the bill, or of the bill,
answers and proof, if any answers have been filed
or proof taken, be of opinion that the corporation
is insolvent, or that for any reason a dissolution
of the said corporation will be beneficial to the
stockholders, and not injurious to the public in-
terests, a decree shall be entered dissolving the
said corporation, and appointing one or more re-
ceivers of estate and effects, and such corporation
shall thereupon be dissolved ; any of the Direc-
tors, Trustees, Managers or other officers, or any
of the stockholders of any corporation, may be ap-
pointed its receivers, or such other person or per-
sons as the courts may select.

Pass decree.

Sec. 190. And be it enacted, That where receivers
of the estate or effects of any corporation shall be
appointed by a court, upon or before the dissolution
of any corporation, they shall be vested with all
the estate and assets of every kind belonging to
such corporation from the time of their qualifying
as receivers, and shall be trustees thereof for the
benefit of the creditors of such corporation and its
stockholders ; and they shall proceed to wind up
the affairs of such corporation, under the direction
of the court by which they shall have been ap-
pointed, and shall have all powers which shall be
necessary for that purpose.

Sec. 191. And be it enacted, That all sales, as-
signments, transfers, mortgages, or other disposi-

Receivers.



 

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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 3303   View pdf image (33K)
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