Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1846-03-17
AN ACT authorizing proceed ngs in chan.

AN ACT authorizing proceed ngs in chan.
cery against corporations.
Be il enacted by the Council and H.use
oil Representatives Of tbs Territory of Wis
Consin.
Sec l. That hereafter proceedings bv
bill IN courts of equity may lie instituted an
maintained by the Attorney Gcuera, A.
ga'nst any corporation; and such courts shall
have power TO restrain by injunction any
corporation from assuming or eyercisins
(dny) franchise, liberty, Or privilege, or
}iransscting any business not allowed by the
chatter of such corporation. And if anv
corporation shall have directly or indirectly
exercised any franchise or privilege, or done
any act or thing not authorized by its Char.
Ter, or snail nave become insolvent, or shall
have violated lis charter, Or any law of this
Territory, by misuse or nonuses. il shall ha
competent Tor such courts, and thew arc
hereby empowered to declare the charter IF
any such corporation forfeited. and decree
its final dissolution and order generally con.
corning the settlement and closing up ofall
lis business and affairs.
Sec. 2. Whenever any court of eou;,v
shall have decrecd that any corporation has
forfeited its charter ,sUch court is authorized
TO decree that safeh corporation, be ousted
and altogether excluded from its corporate
rights, privileges and franchises, and that
the said corporation be dissolved. and NAV
grant perpetual injunction against its there
after exercising the same except SO far as
may he necessary, in case no receiver is
appointed TO settle and close up its busi-
ness and affairs; and such court NAV an
point one or more receivers, according to tho
usages OF courts of chanccry, requiring Of
them such security as it shall think proper
to take charge of lis books, papers, proper-
~ and effects, and 10 take an account, col.
ect and make distribution among its credi-
i'ors, and said court may enforce its orders
and DEGREES. by such process and proceed
ings as is authorized by law, and the prac-
tice of courts of chancery: Provided. That
nothing in this act contained, shall be SO
construed as TO cause discon,nuance Of
any suit pending for or against snch corpra-
ton at the time fthe decree for its dissolu
on, nor to prevent, in case no receiver is
appointed, such CO, poration from sucino and
being sued TO iud gment and execution in
fthc uidHiiCI dS IL SuCU ucCTec n0u moi been
made.
Sec. 3. In any suit hereafter common.
ced against any corporation, il shall be COM
petent TO join as defendants, in suit, with
any corporation, one or more of the stock
holdeIs, officers, agents or clerks of such
corporation, and compel their answer on oaih
to the bill fled in such suit, and all such an
swers shall be evidence against such corr
poratlon in the same manner and to tho
same extent as if such answers had been
given upon an examination of such persons
as witnesses in the cause; and all such per-
sons may be subsequently examined as wit
nesses by either party, under The order of
the court, or Il Judge at chambers, or upon
the consent OF req les, of Attorney General:
Propidei, hoarcrcr, Tina: every person 50
answering or teslifyiag slrll be wholly ox-
empt and cXoheralcd from any ind cimens
or other criminal prosecution and from ev.
cry action for and penalty or forfeiture for
any act done or omitted, TO which he may
have been required 10 answer, the doing or
omission OF which shall have been so conics.
sed by him in such answer or tes,imo.
ny.
Appoved Feb. =. 1916.