ART. 67. ] PROCEEDINGS AGAINST CORPORATIONS.

responsible to the creditors and stockholders of such corporation,
to the extent of its property and effects that shall come into their
hands.

689

19. The dissolution of a corporation by the decree of a compe-
tent court shall not abate any suit or proceeding in favor of such cor-
poration which shall have been pending at the time of such disso-
lution, 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
such receivers or trustees who may, in the discretion, and under the
direction, of the court in which the suit shall be pending, be sub-
stituted as plaintiffs, subject to such order as the court may deem
expedient in relation to the payment or security of costs.

Id s 194
Depending
suits

20. Whenever a receiver of the property or effects of a corpora-
tion shall be appointed before the dissolution, or afterwards, new
suits may be brought and carried 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 corporation after it shall
have been dissolved, or after the expiration of its charter.

Id. s 195
Suits by
receivers
44 Md 380, 46
Md. 519

21. 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.

Id s 196
Abatement of
suits

22. The court in which any suit or proceeding against a corpora-
tion which shall have been dissolved by the expiration of its char-
ter, 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 proceeding, and the

Id s 197.
Continuance of
sails

same may thereafter be continued until final judgment or decree shall
be had therein, which shall have the like effect upon the rights of the
parties as if such corporation had not been dissolved.

Final judgment.

PROCEEDINGS ON EXECUTION AGAINST THE STOCK AND TRANSFER-
ABLE DEBTS OF CORPORATIONS.

23. Any interest which any defendant in a judgment or decree
rendered by a court of law or equity, has in the capital, joint stock,
or debts of a corporation, transferable on its books, shall be liable
to execution or attachment, and the same proceedings shall be had
as in other cases, except when they are varied by the following
sections.

1868, c 471, s
198
What liable to
execution or
attachment.

24. The sheriff or other officer, upon being instructed to levy
such writ on any such stock or debt, shall deliver to the president
or chief officer, or leave at the place of business of such corpora-
tion, a notice in writing, stating that he has seized the stock or debt

44

Id c 199
Duty of sheriff
Nonce to presi-
dent, etc, of
seizure