ART. 33] DISSOLUTION——RECEIVER. 569

Generally.

The act of 1894, ch. 203, did not change the relations of shareholders to
the corporation of which they were members, nor establish any new rule
relative to the proof of the insolvency of a corporation. Insolvency not made
out. Stelnberger v. Independent Savings Assn., 84 Md. 635.

An equity court in Baltimore city has no jurisdiction to wind up and dis-
solve a corporation doing business and having its principal office in Garrett
county. Davis v. Gemmell, 73 Md. 535 (And see dissenting opinion, page
557.)

See notes to sec. 79.

1904, art. 23, sees. 377, 382, 383. 1888, art. 23, sees. 269, 270. 1868, ch. 471, sees.
190 and 191. 1896, ch. 349. 1902, ch. 198, sec. 264 A. 1908, ch. 240, sec .54.

79. Whenever any corporation shall be dissolved by the decree of
any court of this State, its property shall vest in its receivers appointed
and named therein, and all preferences, payments and transfers, how-
soever made by it or by any of its offiers on its behalf, which would be
void or fraudulent under the provisions of the insolvency laws of this
State, if made by a natural person, shall to the like extent and with
like remedies be fraudulent and void; and for the purpose of setting
aside such preferences, payments and transfers, the receiver of such
corporation shall have all the powers vested in the permanent trustee
of an insolvent debtor and the date of the filing of the petition or bill
by or against such corporation shall, for the purpose of determining the
validity of preferences and for all other purposes, be treated as the date

of the filing of the petition in insolvency by or against a natural person ;

provided, however, that if any real or personal property of such corpora-
tion shall have been decreed to be sold by any court of equity for the
enforcement of a mortgage, deed of trust or deed of trust in the nature
of a mortgage; or if there be a power of sale or a consent to a decree
for a sale contained in any mortgage, deed or trust or deed of trust in
the nature of a mortgage of real or personal property made by such
corporation, then (unless with the written consent of the other parties
in interest) the receiver of such corporation shall be authorized to sell

only the equity of redemption in the property mentioned in such decree,
mortgage, deed of trust or deed of trust in the nature of a mortgage;
and, unless such consent be given such decree and the powers of sale
contained in such mortgage, deed of trust or deed of trust in the nature
of a mortgage may be executed as if proceedings against the corporation
had not been instituted.

Title, powers and liability of receivers.

Section 382 of the code of 1904 held to confer no beneficial title upon a
receiver, but merely to vest him with the right of possession for the benefit
of those ultimatetly entitled. A receiver has no right of appeal from an
order affecting the distribution of funds among the classes of persons enti-
tled. Knabe v. Johnson, 107 Md. 620.

Under the act of 1896, ch. 349. held that where the charter of a bant pro-
vides that the stockholders shall be liable to the amount of their respective
shares of stock "for all of its debts and liabilities," a receiver of the bank
can not maintain an action to enforce such liability, the same being enforce-
able by creditors only. Colton v. Mayer, 90 Md. 712.

Under section 382, et seq.. of the code of 1904 the receiver of an insolvent
corporation has the power to sue a stockholder for the balance due on his
subscription (see sections 64 and 66). Stillman v. Dougherty, 44 Md. 383.