ART. 26.] CORPORATIONS.

necessary expenses, and the said trustees shall be
jointly and severally responsible to the creditors and
stockholders of such corporation, to the extent of its
property and effects that shall come into their hands.

91

194. The dissolution of a corporation by the decree
of a competent court, shall not abate any suit or pro-
ceeding in favor of such corporation which shall have
been pending at the time of such dissolution; but all
such suits or proceedings may be continued by the
receivers, who shall have been appointed for such
corporation, or by the trustees on whom the estate
and effects of such corporation shall have devolved,
in the name of such corporation, or in the names
of sucli receivers or trustees, who may, in the dis-
cretion and under the direction of the court in which
the suit shall be pending, be substituted as plain-
tiffs, subject to such order as the court may deem
expedient in relation to the payment or security of
costs.

Depending
suits.

195. Whenever a receiver of the property or effects
of a corporation shall be appointed before the dissolu-
tion or afterwards, new suits may be brought and car-
ried on by any such receivers, either in their own names
and capacities as such receivers, or in the name of the
corporation for which they shall have been appointed ;
but no new suit shall be brought in the name of a cor-
poration after it shall have been dissolved, or after the
expiration of its charter.

Suits by
receivers.

196. No suit commenced in the name of any such
receiver shall be abated by his removal or death; but
the same may be continued in the name of his successor
or of the corporation, if its charter has not expired or
been dissolved, as may be directed by the court in
which the suit shall be pending.

Abatement
of suits.

197. The court in which any suit or proceeding
against a corporation, which shall have been dissolved
by the expiration of its charter, or otherwise, shall be
pending at the time of such dissolution, shall have
power, on the application of either party thereto, to
make an order for the continuance of such suit or pro-

Continuance
of suits.