688

PROCEEDINGS AGAINST CORPORATIONS. [ART. 67.

Answer.

court is held; and upon any answer being filed to the said bill by any
creditors or stockholder of such corporation, the court may au-

Evidence.

thorize evidence to be taken, on application of the complainants or
defendants, in the manner usual in courts of equity.

Id s 189
Decree to dis-
solve

14. 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 interests, a
decree shall be entered dissolving the said corporation, and up-
pointing one or more receivers of its estate and effects, and such
corporation shall thereupon be dissolved; any of the directors,
trustees, managers, or its other officers, or any of the stockholders of

Receivers

any corporation, may be appointed its receivers, or such other per-
son or persons as the courts may select.

Id s. 190
Powers and
duties of
receivers.

Id s 191.
What sales, etc,
void.

15. 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 hate been appointed, and
shall have all powers which shall be necessary for that purpose
16. All sales, assignments, transfers, mortgages, or other dispo-
sitions, or conveyances of any part of the assets of the corporation,
made after the filing of a bill for a dissolution thereof, under the pro-
visions of this article, and all judgments confessed by said corpora-
tion, after that time, shall be absolutely void as against the said
receivers.

Id s 192
Liability of
stockholders.
44 Md 380

17. No dissolution of any corporation shall relieve its stock-
holders from the obligations and liabilities imposed on them by sec-
tion 59, of article XL, of this code, and if the said corporation shall
be dissolved before its capital stock shall have been paid in, the lia-
bility of its stockholders shall continue to the receivers, or to the
creditors of the corporation who were such prior to its dissolution,
in all respects as if the same had not been dissolved.

Id. s 193
Trustees for
creditors and
stockholders

18. Upon the dissolution, in any manner not otherwise provided
for, of any corporation created, or to be created, under the laws of
this State, and unless other persons shall be appointed by some
Court of competent authority, the directors or managers of the af-
fairs of the corporation at the time of its dissolution, by whatever
name they may be known in law, shall be the trustees of the credi-
tors and stockholders of the corporation dissolved, and shall have

Their powers

full powers to settle the affairs of the corporation, and to pay its
debts, and shall divide among the stockholders the money and other
property that shall remain after the payment of the debts and nec-
essary expenses, and the said trustees shall be jointly and severally