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CHAP. 198
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corporation in the same manner that the property and
assets of an insolvent debtor are distributed under the pro-
visions of Article 47 of the Code of Public General Laws,
but no discharge shall be granted to the said corporation, and
the receiver of such corporation shall have the same power
and authority to maintain suits and proceedings, to set aside
preferences and void and fraudulent transfers and payments,
conveyances and assignments by said corporation or by any of
its officers on its behalf, in the same manner and to the same
extent as the permanent trustee of an insolvent debtor has
under Article 47 of the Code of Public General Laws, in
reference to preferences and void or fraudulent transfers, pay-
ments, conveyances and assignments when made by a natural
person who has become an insolvent debtor, and the date of the
filing of the bill against such corporation, upon which it may be
dissolved, shall be taken and treated for the purpose of deter-
mining the validity of preferences and for all other purposes
as the date of the filing of the petition in insolvency by or
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Proviso.
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against a natural person ; provided, that if any real or
personal property of any such corporation shall have been
decreed to be sold by virtue of any decree of 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 of trust, or deed of trust in
the nature of a mortgage, of real or personal property of such
corporation, as the case may be, nothing in this Act shall be
taken, deemed, or construed to distrust, defeat or impair the
right of the trustee or trustees named in such decree, mort-
gage, deed of trust, or deed of trust in the nature of a mort-
gage, to make sale of the property named therein to proceed
with such sale, or to execute the power of sale contained in
such decree, mortgage, deed of trust or deed of trust in the
nature of a mortgage, unless such right or power shall be
waived in writing by the mortgagee or trustee ; and in all such
cases, in the absence of waiver of such right by the mort-
gagee or trustee, any trustee or trustees, receiver or receivers,
appointed in any proceedings taken under this Act, shall only
be authorized to sell the equity of redemption in all such
property covered by such decree, mortgage, deed of trust or
deed of trust in the nature of a mortgage, as aforesaid.
SEC. 2. And be it further enacted, That this Act shall take
effect from the date of its passage.
Approved April 8, 1902.
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