, 1877-09-12

sl,uwh the Court that trust o1ttelt tlle cxist-
ence Of that trust necessarily implied the e1-
{stencc Of lieu In hehall OF tho ,lcrositors.
What he desired was that tue Court shonla tako
po.seaklon OF the miserable remnant OF these
asscts and administer them for the l'encat Of
the dcpositors, and In order that this might he
done they asked for Tho appointment 81 a he.
ccivcr aud the granting Of an Injunction TINT
The estate might be administered rs economical
" a possible. and the miserable remnant OF
these aseets dtridcd among the deposi'ors.
Hero Afr. High concluded ht: argument. aud
tho proceedings we're suspended half an hour
for lunch. ...-
On rcsumtng after lunch, Mr. Krc,ztnEe!,
for the stockholders, said hc hal been very sud-
denly saltcd into the case and felt Tint he Gould
Iiic,,. i Yet he desired to speak OF tho chaeae-
ter Of corporation, The relation to thnt cotpoF-
alton of tue Board Of Directors, ms! the relation
OF that Board, anil Of the officers OF That Boards
power. gruntcd in the charter Of q corporation
could only be exercised hy the agents Of that
corporatton; and outside of tic acts pre-
yldc,l br that charter crcry act vas void.
Tic charter hy which the board .ot Directors
could sustain their acts; mil had there beet,
any such powcr conferred on them by the eur
purntioni In assigning the rroperty ot thc n.
stitullo,. 10 n man almost unknown, had pot
TIL. l'oar. Of Directors exceeded tho limited
scope o[ their --
AUTHORITY AS AokKTs9
In recent railroad case In PENNSYLVANIA. u
had been uccltcA ttiat noasu u NafGetoIs ~
corporation, could tlo no net That In my ktnsc
or III my way Wou!u 4"ptye egilo'at.o" ta. VI 10
property q tnat "onM o,, ehss' f-nI, s eHs 49,.
cnse or Hie, . anu pSt'Ias - q. .t,,t,nm Ftr"n
TIM corporations could not surrcn.lcr the iran,
ehssc. Only tile Legislature WHICH has granted
Il could lake 1t away, because there was COR
..aes mni ~ ~ ,,cre Win nr consent of ur,r
gahceice. y! LUZ t,f t,, n,srcr rhics, granted
70 caneel " ns Ine.s IT, ~ ~ rI,.nor,.tsnn aui
nc atte.mpten4 y. u. rr,r"rtr thrnnri, wItrh
n . H. r,sct. ~ ~ .Eat eoryrnsio1, coul be-
a"ns nnn.,,..I ~ ~ that nnn1icntinn had been
exe1e''cil. a haf,In smncc1 nn @pPh leiI there would
n!auo ueaoes s,t,i,icmt te' prn,.n1. In tho d.
nave oeeo .H sun'e,gs te,,', tnr the ce,,st TO
'nIsa'u nara a,,nssi tel I,cIiser Therc had been so
n"tb u'I nbe exctts,ent over Ills matter, public
,as II ~ ,Eas sissG ~, 1ntr If ts conrt 10 appout
1nat !. va a. eue ono ~ arshai thc a,ects IN tho
Meesafss W. ~. s.,nrt n. n,,bic tnsnectnn. Tie
S Assignee q had no personal intcrcat n this matter.
tiout Csfany % no. 'hT r,o oisS fsc,. n ,I,c XII
wete amny ou. q ~ and shc Nsstrnce could
ro' not rceoycr tho assets transferred Or stoltr,
lIat !a"es 'Iss''k ~ konrt ~ RI, ,tnckhnltl.
anp'inauu -! VIE ~ n,oi,.b,v 1iabio tor tho fro
e. esu sw3 IL c,,cut tr rrnrcsst,ted was
really md willing to ISSUING ss ta thnf .'aO .ty 10
asiio ai a. nn."ih'c hr Eccn;me dowt, The dejlejt
smaa - T1sslihe x @svn osa"ts ~ he snManIerci
nna i1os ~, 1ha nort af ,hc Asti,1ie in
r. H. = nttcmnt 70 recover re- iLose transfrrred OF
stol1n'
-, ron TIN ASSIGNEE. ,. ~,
M Smith then oegan hs atgunien1 w, "s y;
Taylor, he said, was acf!nE IN tho interests y
tho dcpositors,, and l;a.l been 20 aetsnE ~ ali
| nlunE. It hatl been askeu why ne opLsrt9 w
motion, u ho was aetlnE III ~ s r;,s ~. ~
dcpositors. All the interest Vol. Ihyior @ lc,s III
the itist!tut!on was Tug n,tefest csgty ctazua
should feel to .cc to t. th1t . ane Is as'f,s ~
did not urlit into iHsp!opss t nnaust . ~ 1,,r ~
administered n tne tntsIes. vi n ~. ho.,a "
instead o. EeinE admss.stc1Sa 10 .ne oo.a nas
| thtelcbt o! tue uepoa'tols. wv a.Is II +
rad bcen held. cointn1tee o. psoept ah haan ss.,
zens naa nccn appoi",G'' hna tnIy as T., ."in
at'ofhed every tachy s"S .aa.s 1s1ss' :ih".s
serving tue interest. OF tne asposaosh nese
he Gonrnittee a cs, Taylor aa4 q tho last
ulceting Of tho creditors, Icanlullon va
aAuptcd asking ths comt. To- t, u naH' THY % ny
Shssc "ai n,i,r cGu ~ .,ny pe witS I thu % viii Of
thc tcposltoFs antl Tug eomntteGi ,is ne it S.sn'
danger was that ING aAacts "onls us!.. ~.
into thu minus e. so!s," .,,.,r p'tH ,syt w ~
wnEi mos r,Gn'ty yat ,'',tcs wsrn s,c a. Wo
prevent hls glvlnf tno neeesJ ~ 'e pec.ix.s ~ u
Mouhu n.tu n!.t t,ss. t.o"a .nnrn,ortci ~ ~.
snln ~ ~ Xii wa I'll nj IL This lrgt1inr
pa.tMs p,st1.. ~ a' ~ H. r",n., wn,ff, M dnuht he
,,;! y; ,I", ~ ~" h.
spia. tu nu arn,,H.i ~ for th,t otrc'-and yct hi
Eus .oUhR ~ w. ,enI w"s mt S1t.T. lie M
MststeSt ~ ma ara m 1v.,f ,,nI1sua fncttira r.
g.t ~ ~ II. .tt,a,,1v1fartics not uoescssc,
~, .as ~ u1 nnnr Ierostnrs IN the ist q
ths 1,a ~ puur mn. * III II and or tba 11ti
v9n ~. w. .a.,n.h narA>n !, ~. & lta ~
lnat sh".,nar r"1,Itl l.s nat r,cDcd In Jutr
,...i.h MI .1l ~. ~, tsIno sntn fSo Tavjori
.,,as .as.ta, j.. "nU nr",t avtnut: '@ saw
hau.' W. y s,ni;hIThI. Fame, was a friend o
~; aitt,,nnt H. rsrt' nna nm .rr,li
unae ,at ~, !. .n' ca,,sin If t;nt1l
" 91 at,.S,,,amNYnn ma cTrlhiv informed
,,,.. .s' 50 9.si .st,"t ;s,,,t IN.
'aea. q MItt tv,i .;. mn, n h,omc for hetn
~. ns, .,,s;, snv,var "rrcnt m tl,e Gnctrne d
. as ~ 1una.t. ~ a"{ .;l,,,,tNr WV
Tha. sam s' ith ,..,,,t IN to s,v th.t ramr
h,a q. 49," @ tnn .i,awn mi Al oiNin Al nnnth.
a u5 IL s' ". .',i wsrIa,,s rnI,nts a. nih
LINE t.,e si'.;' ',.;' III III Imism,r was vorEc
iIa,aeo' sa' an''. e,c aMa nj. was im,
nomn ~ ~, @, ,v,,n, nv" ,hs s" tt1,srs war
I, III u a.. -, u ~, ,nr ,ions;tor. fcw doltn.
nonlx .f,, uA = .,oa e m,,,v s,, wasn;t rnniirc
~ t.uo. + ''sH;,.s,rn-s NJ. hs ennvs
10 e. ~ tnv ins,:s. Lst the thers wot MT n