The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-24
ANXIOUS IRON HALLERs.
A Plan by Which the Members May
Again Get Control of the Order.

The members of the defunct order of
Iron Hall are interested in a circular re-
Gently issued by its attorney, which con-
tains suggestions relative to the final dis
position of the funds, 81, 900, 600 or more,
in the receivers hands. The circular
says:
I'm response to many recent inquiries we
submit this statement as to the recent
supreme court decision in the Iron Hall
case and its effect on the order. The APP
peal was taken from what is termed an
interlOCutory order appointing a re-
ceiver temporarily to act until the
final hearing or further order of the
court. In an opinion delivered on April
26, 1898, the supreme court of Indiana
affirmed the order of the trial court upon
the ground, and only upon the ground
that such appointment upon the fact
alleged in the complaint was necessary as
temporary measure to preserve the
funds of the order for the members until
they could take such steps as were neces-
sary to protect their interest.
''All the other legal questions in the case
were decided in favor of the order. If
the receivership had been set aside alto
gether we should have been obliged to at
once apply for one ourselves to protect the
order from other threatened suits, so that
III so far as the result of the appeal in
wolves the continuance of the temporary
receiver, the order has lost nothing. On
the other hand it has gained definite de-
cisiOn of several vital points to its future
reorganization. The following portions
Of the opinion are especially worthy of
attention as bearing upon the rights of
the members in the event Of an effort to
reorganize.
There is no statute in this state author
ling court of equity to dissolve a COR
poration in such proceeding as the one
at the bar, brought on behalf of the indi
vidual stockholders or shareholders, such
as the appelleCs in this case; hence the
action cannot be sustained or regarded as
one having for its object the dissolution
of the corporation on the ground of insol-
vency, or being in imminent danger of
insolvency, the court having the power at
any time In its discretion, when it will
subserve the interest of the parties to
discharge the receiver and restore the
property and affairs of the corporation to
its duly constituted management.
"WheneVer such a state of affairs exists
that the corporation has proper officers
duly qualified and the funds of the cor
pOration and their proper application Sc
cured, it will be the duty of the court to
restore the property and affairs of the
corporation to its duly constituted man
agement, for it is remedy given only as
an expediency to parties who are other
wise without a remedy
The original case, still pending, is not
yet fixed for final hearing 1t is plain that
the only hope of a successful reorganiza-
ton of the order is in following the sug-
gestions in the above quotations from the
opinions of the supreme court. This will
require first, new supreme sitting and
new officers throughout; second, some
provision for the preservation and proper
application of the funds of the order;
third, some plan for the payment of ma
tured Certificates