THEODORE R. MCKELDIN, GOVERNOR 331

charge, a list of all collectors of taxes of counties and munici-
palities to which the Commission has within a period of four
years certified any assessment of personal property taxable
to the corporation.

74. (Powers of Directors in Liquidation. ) (a) Upon dis-
solution of any corporation of this State, and unless and until
one or more receivers of the property and assets of the corpora-
tion have been appointed by a court of competent jurisdiction,
the directors shall become and be, for purposes of liquidation,
trustees of the property and assets of the corporation so dis-
solved.

(b) In the liquidation of the corporation and the winding
up of its affairs, such trustees shall, until a receiver is ap-
pointed by such court, be vested, in their capacity as trustees,
with full title to all the property and assets of the corporation.
They shall proceed to collect and distribute the assets of the
corporation, applying such assets to the extent available to the
payment, satisfaction and discharge of existing debts and
obligations of the corporation, including necessary expenses
of liquidation, and distributing the remaining assets among
the stockholders. They shall have power to carry out the
contracts of the corporation; they may sell all or any part
of the assets of the corporation at public or private sale; they
may sue or be sued in their own names as trustees, or, not-
withstanding such dissolution, in the name of the corporation;
and they shall have power to do all other acts and things con-
sistent with law and the charter of the corporation, neces-
sary or appropriate to carry into effect the liquidation of the
corporation and the winding up of its affairs. The will of a
majority of the trustees shall govern.

75. (Application for Appointment of Receiver. ) When any
corporation of this State is voluntarily dissolved pursuant to
this sub-title, any director, stockholder or creditor of the cor-
poration may petition any court having equity jurisdiction in
the county in which is located the principal office of the cor-
poration in this State, to take jurisdiction of the liquidation
of the corporation. After notice and hearing, the court may,
for cause shown and within its sound judicial discretion,
order that the corporation be liquidated under its supervision
either by the directors as trustees or by one or more receivers
appointed by the court. The court may appoint as receivers
any persons it may select, including any directors, officers and
stockholders of the corporation.

76. (Involuntary Dissolution. ) (a) Any stockholder or
creditor of any insolvent corporation of this State, other than