The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-20

other Superior Court Judge, and when
SO approved and accepted, and the APP
proval and acceptance theron endorsed,
said bond shall be filed i'll the Office of
the Clerk of the Superior Court of
Durham county.
Sec. 4. That it shall be the duty or
said Trustees Immediately after the I'LL
ing Of the aforesaid bond TO enter upon
the discharge of their duties, and take
possession of all the property and assets,
books, paper, and effects of every kind
belonging to said corporation, to adver-
tise their appointment i'll one or more
newspapers. to give notice by newspaper
advertisement to all creditors of said
corporation to present their claims to
them for payment, TO employ and pay
for all necessary help and purchase the
| necessary material, and TO conduct and
carry ON the business of said corporation
as they may deem best for the interest
of the creditors and stockholders. tenn
orarily and until the property of said
corporation can be advantageously sold
and disposed of and converted into mon
ey under the orders and directions, at
chambers or at term time, of the Judge
of the Superior Court residing in the
Fifth judicial district, or of the Superior
Court Judge holding the courts of the
Fifth Judicial district. And in perform
ing their duties under the provisions of
this Act. said Trustees shall be deemed
and. treated III like manner as if they
were Receivers of the Superior Court
of Durham county, with power and jul
risdiction hereby given to the aforesaid
resident Judge and to the Judge hold
ing the courts of the Fifth judicial
district, to exercise a general supervision
over said Trustees, and direct them
from time to time by proper orders in
the performance of their duties
Sec. ). That said Trustees shall have
power and authority to bring suits in
all courts of competent jurisdiction con-
corning any and all matters affecting
the property and property rights of said
corporation and the assets belonging
thereto, and shall have authority to EN-
ploy one or more attorneys to aid and
assist them in the performance of their
duties under this Act, and pay out of
the funds coming into their hands all
reasonable and necessary counsel and at
torneys' fees and expenses, and all other
necessary expenses incident to litigation
and the performance of their duties uu-
der this Act.
Sec g. That as speedily as may be
practicable the assets of said corporation
shall be sold and disposed of and con-
verted into money. and out of the mon
eys coming into their hands. said Trus-
tees shall pay off and discharge all debts
and liabilities of said corporation, and pay
! all expenses necessary and incident to the
| performance of their duties as said
Trustees under this Act. including an
! allowance to said Trustees of their
actual necessary personal expenses, and
| III addition thereto. such commissions as
| may be fixed by the resident Judge of
| the Fifth Judicial district, or by the
Judge holding the courts of the Fifth
| judicial district, not exceeding five 90
! per cent of the amount received and
7disbursed by them, and the surplus shall
! be disbursed and distributed pro rata
| among the stockholders of said corpora
| tion according to their respective hold
ings of the capital stock of said corpora
! ton as shown by the stock book of said
1 corporation at the date of the ratification
of this Act. and by the certificates of
| stock filed by the holders thereof with
| said Trustees
J. Sec {. That upon demand made upon
them by said Trustees, all natural per-
il sons and corporations having in their
/ possession or under their control, any
4 property. books or papers belonging 10
!, said corporation, shall surrender posses
sion thereof to said Trustees and refu-
! sal or failure to comply with such de-
/ mand shall be deemed a misdemeanor, of
which the Superior Court of Durham
county shall have jurisdiction, and any
natural person or corporation on indict-
ment and conviction thereof in the SUI
| perior Court of Durham county Shall be
: punished by fine or imprisonment, or
both, in the discretion of the court, be-
I sides being liable TO attachment and
punishment as for contempt of court by
! interference with persons acting as
l. Court Receivers.
Sec. 8. That this Act Shall be in force
from and after its ratification, and all
| laws and clauses of laws in conflict with