The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24
CHAPTER 331-S. F. NO. 40.
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CHAPTER 331-S. F.. NO. 40.
AN ACT to wind up the affairs OF extinct
corporations, to appoint receivers there
for. and to distribute its property.
Be it enacted by the legislature Of the
State of Minnesota:
Section l. That at any time after
corporation organized under the laws of
the State of Minnesota and which has
property undisposed of. has become ex-
tinct and after the period allowed by
law to close UP the affairs of such cor
poration. upon the petition Of one or more
persons owning or claiming to own, any
interest in the capital stock of such cor
poration, or upon the petition or cred1-
tor of such corporation. made in the
corporation had it's principal place Of
business. which petition shall set out the
name of such corporation. when and I'M
der what laws it was incorporated, the
names and addresses of the holders of
the capital stock of such corporation at
the time that the same became extinct
the amount of Indebtedness owing by
such corporation. the amount and char
acter Of its personal property and the
amount and description Of it's real prop
erty, all to the best information of the
applicant, and praying that the affairs
Of such extinct corporation be wound
up; that a receiver be appointed there
for; and that its property be distributed
to the persons entitled thereto by law:
the district court shall thereupon make
It's order fixing a time and place for hear
ing such petition.
Sec. 2. Such hearing shall be had be-
fore said district court or any Judge
thereof at such place within said county
as the court may determine and notice of
the time and place of said hearing shall
be given to all parties interested by pub
LEGATION Of said order in any newspaper
in said county for three successive weeks
prior to such hearing, and the court in its
discretion may direct that other or fur
Their notice shall be given in such manner
as it shall determine The court may
require of the petitioner bond in such
sum as he may designate with sufficient
surety conditioned that the petitioner will
pay all the costs of such proceeding
above the amount of the assets of such
corporation.
Sec. 8. AT such hearing the court shall
determine the rights of the claimants
or disallow claims of creditors. and shall
appoint a receiver to take charge of all
the assets of such corporation.
Sec iSs+ 4. IN, No claim shall be allowed
presented at said meeting and no stock
holder shall participate in the dividends
thereafter to be declared unless he proves
his right to the capital stock of such
that upon sufficient cause shown the
court may at any time thereafter and
within sixty days, hear. and determine
the claims of other creditors and stock
holders but such other creditors or stock
holders shall give ten days notice to the
receiver of the application therefor.
SSC. D. OuCA receiver Sudtl before en-
tering upon his duties take and subscribe
an oath of office and give bond to the
State of Minnesota for the faithful per-
Torrance of his duties, in such amount as
the court may require, and with surety
or SuretieS approved by the court. Upon
filing 18th the clerk Of the court Of said
county the order of appointment. oath
and bond approved by the court, such re-
ceiver shall be vested with all the pow
ers and authority of a receiver appointed
by court Of equity except as herein
limited.
Sec. 6. The receiver shall convert into
cash all the assets of said corporal ton,
both real and personal, as soon as it con-
veniently may be done Personal property
may be sold at public or private sale
without the order of the court All sales
of real property shall be made upon order
of the court and at public or private sale
and with or without appraisal. as the
court may determine and without notice,
unless the court otherwise direct. Sales
of real property shall! not be valid unless
confirmed by the court.
Sec. Z. When all the assets Of such ex-
tinct corporation have been converted in
to cash, the receiver shall make his re-
port to the court from which he received
his appointment, and shall therein spe-
city in detail the expense of the receiver
ship. No notice of the hearing on such
report shall be given, except that ten
days notice by mail shall be given to
such interested parties who have served
notice upon the receiver that they desire
to appear at the time of hearing such re-
port.
Sec. 6. Upon allowing the report of the
receiver the court shall direct payment in
been allowed. If there are sufficient assets
in the hands of the receiver; otherwise,
such creditors shall be paid pro rata.
After payment of the expenses of the
proceeding and creditors claims, the re-
mainder shall be distributed pro rata