THEODORE R. MCKELDIN, GOVERNOR 333

lent and void. For the purpose of setting aside such prefer-
ences, payments and transfers, the receiver of such corpora-
tion shall have all the powers vested in the permanent trustee
of an insolvent debtor, and the date of the filing of the petition
for appointment of a receiver for the corporation shall, for
the purpose of determining the validity of preferences and for
all other purposes, be treated as the date of the filing of the
petition in insolvency by or against a natural person.

(c) If any real or personal property of such corporation
has been decreed to be sold by 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 is 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 made by such corporation, then, unless
with the written consent of the other parties in interest, the
receiver of such corporation shall be authorized to sell only
the equity of redemption in the property mentioned in such
decree, mortgage, deed of trust or deed of trust in the nature
of a mortgage; and, unless such consent is given, such decree
and the powers of sale contained in such mortgage, deed of
trust or deed of trust in the nature of a mortgage may be
executed as if proceedings for the dissolution of the corpora-
tion had not been instituted.

78. (Effect of Dissolution. ) (a) The dissolution of a corpo-
ration shall not relieve its stockholders, directors or officers
from any obligations and liability imposed on them by law;
nor shall such dissolution abate any pending suit or proceed-
ing by or against the corporation, and all such suits may be
continued with such substitution of parties, if any, as the
court directs. No receiver shall institute suit except by order
of the court appointing him; and such suit may be brought
in his own name as receiver or, notwithstanding its dissolu-
tion, in the name of the corporation, to his use.

(b) Any stockholder of a corporation dissolved by decree
of a court of this State, may plead, on behalf of such corpo-
ration, all defenses, including limitations or laches, as effect-
ually as the corporation or its receiver, at any time before
final ratification of the auditor's account distributing the
assets of the corporation among its creditors and stockholders,

79. (Distributions to Stockholders upon Dissolution. ) (a)
When any corporation of this State is voluntarily dissolved,
and there are assets available for distribution to stockholders,
the trustees or receivers may give notice to the stockholders
to prove their interests within a specified time not less than
sixty days after the date of such notice. Such notice shall be