The Saint Paul globe., 1899-04-27

ration has heretofore been or shall here
after be appointed by any district Court
of this state whether under or nurs,l.
ant to any of the provisions of chapter
seventy-six (76) Of the general statutes of
eighteen hundred and ninety-four QS94)
of Minnesota and the acts amendatory
thereof, or under or pursuant to any
other statute Of this state or under the
general equity powers and practice of
such court; the district court annointino
such receiver or having Jurisdiction Of
the matter of said assignment NAV pro
ceed as in this act provided.
Sec. O. Upon the petition of the as
signee or receiver OF any such CORPORA
ton, or of any creditor of such CORPORA
ton who has filed his claim In such as
signment or recetTership proceedings the
said district court shall by order appoint
time for hearing not less than thirty
(S0 nor more than sixty (G0) DAYS from
tho time of fling said petition with the
clerk of said court, and shall direct such
notice of such hearing to be given by
publication or otherwise, as the court
m its discretion may deem proper; but
II said petition be filed by creditor, 9TH
er than the assignee or receiver of said
corporation, the court shall direct that
notice of such hearing be personally
served on such assignee or receiver.
Sec 3. At such hearing the court
shall consider such proofs, by affidavit or
otherwise, as may then be offered by the
assignee or receiver, or by any creditor
or officer or stockholder of said corpora
attorney, as to the probable Indebted
ness of said corporation and the ex-
penSeS of said assignment or receiver
ship, and the probable amount Of assets
available for the payment of such in
deotedness and expenses; and also as to
what Parties are or may be liable as
stockholders of said corporation end the
nature and extent. of such liability. And
1t 1T appear to the satisfaction of the
court that the ordinary assets of said
corporation, or such amount as may be
roo ltzA1 l.
time will probably be insufficient to pay
and discharge in full and without de-
lay Its indebtedness and the expenses of
such assignment or receivership, and
be had to such liability of Its stockhold-
ers; the said court shall thereupon by
order direct and levy a ratable assess
ment upon all parties liable as stock
holders, or upon or on account of any
stock or shares OF said corporation, for
such amount, proportion or percentage
OF the liability upon or on account of
each share of said stock as the court
In Its discretion may deem proper (taking
into account the probable solyency or
insolvency of stockholders and the prob
able expenses of collecting the assess
menO; and shall direct the payment Of
the amount SO assessed against each
share of said stock to the assignee or
receiver within such time thereafter as
said court may specify in said order.
Sec. A. Said order shall direct the as
signee or receiver to proceed to collect
the amount so assessed against each
share of said stock from the parties Ii
able therefor; and shall direct and auth
or1ze- said assignee or receiver, in case of
the failure Of any party liable upon or
on account OF any share or shares OF
said stock to so pay the amount SO as
seSSed against the same within the time
specified In said order, to prosecute ac-
tlons against each and every such party
so falling to pay the same, wherever
such party may be found. whether in
this state or elsewhere.
Sec. .. Said order and the assessment
thereby levied shall be conclusive upon
account of any stock or shares of said
corporation, whether appearing or rep
resented at said hearing or having no
tice thereof or not, as to all matters re-
lating to the amount of and the pro-
priety of and necessity FOR the said as
sessnent. This provision shall also ap-
ply to any subsequent assessment levied
by. said court as hereinafter provided.
Sec. G. 1t shall be the duty of such
assignee or receiver to, and he may, i'm
mediately after the expiration Of the
parties liable therefor, institute and
maintain an action or actions against
any and every party liable upon or on
stock who has failed to pay the amount
so assessed against The same, for the
amount for which such party IS so liable
Said actions may be maintained against
each stockholder, severally, in this state
or in any other states or country where
such stockholder, or any property sub
process in an action against such stock
holder, may be found. But If said as
>signee or receiver shall in good faith
believe any stockholder so liable to be
cutting such action against such stock
holder will be so great that 1t will be of
disadvantage to the estate and the in
terest of creditors to prosecute the same,
to said court; and shall not be required
to institute or prosecute any such action
unless specifically directed so to do by
said court. And in such case said court
shall not require said receiver to fnsti-
tute or maintain such action unless said
court shall have reasonable cause to be-
lieVe that the result Of such action will
be of advantage to the estate and credit
ors of said corporations; except as here
matter provided.
Sec. Z. In any case where the court
stockholders as in this act provided, for
a less amount or proportion than the full
amount of the liability upon or on ac-
count of the stock of said corporation,
and it shall thereafter be made to ap-
pear to the satisfaction of said court, by
petition or otherwise, and upon hearing
as hereinbefore provided, that by reason
Of the insolvency of stockholders, or for
any other cause, 1t is necessary or deSir-
able or for the interest of creditors that
another and further assessment upon or
shall by order direct and levy a further
and additional assessment for such
amount proportion or percentage of the
liability upon or on account OF each share
of said stock, as said court in Its diScre-
ton may deem proper; and In the same
manner may levy further and additional
assessments upon said stockholders and
against said stock, not exceeding in the
aggregate the maximum amount of la
bility upon or on account of the stock Of
said corporation.
Sec. s. All the provisions of this act
shall apply to any such assessment lev
led by said court after the first, and to
the proceedings preliminary to levying
and directing the same, to the same ex-
tent and~with the same force and effect
as to the first assessment 50 levied under
the provisions of this act.
Sec. 9. Where two {2) OF. more such
assessments are levied or directed, the
assignee or receiver may join the causes
OF action accruing against any stock
holder upon any two or more such assess
ments in a single action against such
stockholder, or he may, at his discretion,
unless otherwise directed by the court,
maintain a separate action against each
stockholder for each successive assess
rnent levied or directed.
Sec TO- If said assignee or receiver
shall fail to institute and prosecute an
action against any stockholder who has
failed to pay any such assessment or
ton with diligence after instituting the
same any stockholder or stockholders
who have paid in full the amount of any
such assessments, or any creditor or
creditors Of said corporation, may petition
said court to require said essignee or re-
ceiver to prosecute such action against
such stockholders SO falling to pay as
aforesaid or to permit the party or par
ties so petitioning to institute and main
tain or to continue the prosecution of
such action In the name of said assignee
or receiver and for the benefit Of said
estate, and If said party or parties so
petitioning shall furnish security or in
dennitY for costs and EXPENSES as the