Evening journal., 1899-03-20

such creditors shall produce such books
and papers relating to their claims as
shall be required: and the receiver or
trustee shall have power to examine. un-
der oath or affirmation, all witnesses pro-
duced before him touching the claims and
shall pass upon and allow or disallow the
claims, or any part thereof, and notify
the claimants Of his determlnat ation.
Provided, however. that every creditor
or claimant. when he shall have received
notice from said receiver or trustee, that
he is not satisfied with the said claim
as filed In the office Of the Register in
Chancery, shall have the right, within
ten days thereafter, to demand that the
said receiver OF trustee shall certify the
said claim to the Court OF Chancery,
which Co"rt shall have Jurisdiction to
pass upon the said claim as presented.
and to determine the rights Of the claim
ant, and TO make such order or decree
touching the seme as shall be equitable
and just; and provided further that when
any creditor or claimant shall submit
himself to an examination in relation TO
his claim, as the receiver or trustee shall
direct, and the receiver or trustee shall
pass upon and allow or disallow such
claim. the creditor or claimant 50 sub
mittng himself, or any other creditor or
claimant, shall have the right OF appeal
to the Court OF Chancery, which Court
shall hear and determine the rights OF the
claimant. and shall make such order or
decree touching the same as shall ba
equitable and just.
RECEIVER.
SECTION so. A receiver shall. upon ap-
plication by him in the Court in which
any suit Is pending, be substituted as
party plaintiff or complainant in the place
and stead OF the corporation In any suit
or proceeding at law or In equity which
was so pending at the time OF his appoint
ment; and no action against a receiver Of
corporation shall abate by reason OF his
death. but upon suggestion of the facts
on the record, shall be continued against
his successor or against the corporation
in case no new receiver is appointed.
SALE PENDING SUIT.
SECTION 81. Whenever the property
Of an insolvent corporation Is at the time
OF the appointment of a receiver or trus-
tee encumbered with liens Of any char
aeter. and the validity. extent or legality
OF any such lien Is disputed or brought
In question, and the property OF the cor
poration Is OF such a character which
will deteriorate IN value pending the It'll
CATION respecting such lien, the Court OF
! Chancery may order the receiver or trus-
tee to sell the property OF the CORPORA
tion, clear Of all Membranes. at public
] or private sale for the best price that can
be obtained therefor. and pay the net
proceeds arising from the sale thereof
after deducting the costs OF such sale into
the Court, there to remain subject to the
| order OF the said Court. and TO be dis
posed Of as the Court shall direct.
EMPLOYEES LIENS.
SECTION 50. Whenever any corpora
/ ttcn, formed under the provisions OF this
Act, shall become lnsolvent, the employees
doing labor or services Of whatever char
acter In the regular employ Of such cor
| poration, shall have Len upon the as
sets thereof for the amount OF the wages
| due to them, not exceeding two months
| wages respectively, which shall be paid
| corporation. but the word employees"
shall not be construed to include any OF
the officers Of such corporation.
TRUSTEES EXPENSES.
SECTION g. The Court OF Chancery.
shall, before making distribution OF the
assets Of an dnsolvent corporation, among
the creditors or stockholders thereof al
low a reasonable compensation 10 tho re-
ceiver or trustee for his services. and
the cost and expenses Incurred In and
about the execution OF his trust. and the
costs Of the proceedings In said Court, to
be first paid out OF said assets.
CONSOLIDATION OF CORPORATIONS.
SECTION 54. Any two or more cor
porations organized under the provisions
Of this Act, or existing under the laws OF
this State. for the purpose OF carrying on
any kind Of business of the same or a
similnr nature, may consolidate into a
single corporation which may be either
one OF said consolidating corporations, or
a now corporation to be formed by means
Of such consolidation; the directors or a
majority of them, OF such corporations, as
desire to consolidate, may enter into an
| agreement signed by them. and under the
corporate seals Of the respective CORPORA
tlons, prescribing the terms and condl-
tions Of consolidation, the mode OF carry
ing the same into effect. and stating such
other facts as are necessary to be set out
In Articles OF Incorporation as provided
IN this Act. as well as the manner OF con-
vertlng the shares OF each Of the old cor
poratons into the new. with such other
details and provisions as are deemed
necessary.
Written notice of the time and place OF
a meeting to consider the purpose or en-
tering into such an agreement shall be
mailed to the last known post office ad-
dress Of each stockholder Of each corpor-
alton, at least twenty days prior to the
time OF such meeting. and such notice
shall be published at least two weeks In
Z some newspaper printed and circulated In
2 the county Of the principal place OF bust
ness OF each corporation, and the written
consent OF the owners OF at least two
I thirds OF the capital stock OF each corpor-
2 alton shall be necessary to the validity
and adoption Of such an agreement; thai
Y fact shall be certified thereon by the sec
retary OF each Of the respective corpora.
tIons under the seal thereof. and ths
= agreement so adopted and 80 certified
and Acknowledged as herein provided FOL
original certificates OF Incorporation. and
filed and a certified copy thereof record
ed IN the same manner as certificates ol
Z Incorporation are required TO be; said GER
7 tihcate, or a copy thereof duly certified by
= the Secretary OF State. shall be evidences
7 In all courts OF law and equity In thil
I State.
r SECTION IS. When the agreement q
= signed. acknowledged, filed and recorded
- as In the preceding section Is required
n the separate existence OF the constituent
corporations shall cease. and the consoli
dated corporations shall become a singh
corporation in accordance with the sal,
s | agreement. possessing all the rights
e privileges, powers and franchises. as vel
e OF a public as Of a private nature ant
/ being subject to all the restrictions. disa
l. bmities and duties OF each OF such corpor
j. ations so consolidated, and all and singu
3 lar. the rights. privileges. powers ant
franchises of each Of said corpOratione