The Montgomery advertiser., 1903-10-09
GENERAL LAWS
UlrAcTED BY THE LEGISLATURE
 OF ALABAMA.
] Coontinued from Page Rlsvsn.)

i. 1i VE AxA0AAAs
 0oont1nued from Page Eleven.)
 arnended. or the corporate existence so
 Renewed or extended; Provided. that sucp
 oertincafe of change. alteration, amend
 MoEt renewal, or extension. shan con
 eain only such provisions as would De
 hwfnl and proper to insert in an orieinai
 corf1ncate of incorporation. made at the
 1lme of making such amendment ,,
 Dec- G. Whenever the holders Of all
 he capital stock of any corporation or
 nAnised under this act shall desire to as
 oolvs the corporation they may do so oy
 n agreement to that end signed py all
 khe Stockholders. and acknowledged or
 pfoved by the president of the corpora
 ton as in case of deed of real estate
 and filed and recorded in the office or tae
 Probate Judge of the county where the
 corporation was organized, which snaii
 Ds published. together with the ceruncate
 of such Probate Judge that such agree
 uent has been filed, in a newspaper pup
 ushed In the principal place Of pusiness
 Of the corporation for four consecutive
 weeks; and upon the filing of an affidavit
 ln the once of such Probate Judge that
 such publication has been made, the cor
 Dorafion shall be dissolved. and the boaro { oe directors shall proceed to settle up ana
 ndjust It's business and affairs.
 Sec. @. Whenever the stocknoioeIs
 holding two-thirds in value or the cap 1tn1 stock of a corporation. wish to dis-
 oolve the corporation, and cannot obtain
 the consent of all the stockholders there
 e. eo that dissolution may be had as pro
 v1{led fn the next preceding secuon. they
 u,a.v He d petition in the Chancery Court of the division where the principal place
 of business of the corporation is located, or in any court i
 r,,rh nlace having the Jurisdiction or S,l-. ,,rerv court. setting forth the names ef all the stockholders and thear resi- A&necs. the amount of stock owned oy each. and as nearly as practicable all the property. real and personal, owned oy f1,e corporation, and that 1t Is the wisn ok petitioners to dissolve the corporauon. |15pon the filing of such petition the register or clerk of such court shall issue slbpoenas to all the resident stockholders not joining in the petition and 1T any Stockholders not joining the petinon re- eide out of the State they shall De made rarties by publication in the manner non reeident defendants in chancery are made pnrties. and all such stockholders have thirty days after the perfecting of ser vice by subpoena or publication to hie their answers to such petition. 1T at rexular term of such court, the cause be- ing at issue it be made to appear to che court upon proof taken as in cnancery cases, that the holders of two-thirds Tn value of the capital stock still desire dis solution the court shall dissolve the cor poratfon by decree, and the chancellor ,r i,.dre of inc court or in his absence. the clerk or register. shall appoint a re- cefvcr of all the books, property and as- sets of the corporation, who shall De the person nominated for such purpose by majority of the stockholders if they can agree within ten days after the decree Of dissolution. Such receiver snail give bond in an amount to be prescribed by the chancellor or judge or register or clerk of such court. with proper sure 4aes, and payable to the register or clerk for the faithful performance of his duties. and shali under the direction of the court, collect all debts due the corporation. and sell all the property, real and per- sonaI of the corporation. pay the debts thereof rafably or in full as the funds realized may admit, and divide the residue after the debts and costs are paid. among the several classes of stockholders &C., cording to the amount of stock owned by each. and according to the preferences, If any, of the several classes as provided against the corporation may be contested and determined as in other chancery cases.
 Sec. 5o Whenever any incorporation shall become inSolvent. or shall suspend its ordinary business for the lack of funds to carry on the same. any creditor or sbockholder, or any number of creditors or stockholders, may by bill or petition apply to the chancery court of the division in which the cor poration has it's principal place of busi- ness. or to any court in any such place possessing chancery Jurisdiction, for writ of injunction and appointment of a re- ceiver, and the dissolution of the corpo- ration. and may file affidavits in support of such bill or petition. and the court be- ing satisfied from affidavits submitted, or other proof. of the sufficiency of the ap- plication and the truth of the allega- tions in the bill or petition contained. and after such notice to the corporation. if any. as the court may prescribe. may pro- ceed to hear the proof which may be of- fered by the parties, and If. upon such hearing, it appear to the court that the corporation has become insolvent. and is not about to resume its business in a short time thereafter with safety to the public and advantage to the stockholders, tt may issue an injunction to restrain the corporation its officers and agents from exercising any of it's privileges or fran chises and from collecting and receiving any debts or paying out, assigning or transferring any of its monies. funds, es- tate, lands, tenements. or effects, except to a receiver appointed by the court, un- Ill the court shall otherwise order The court at the time of ordering the iniunc- lion, or any time thereafter may appoint receiver of all the property and assets of the corporation, who shall qualify, and, under the direction of the court, must exercise the same powers and perform the same duties as are required of re- eeivers in the next preceding section, and otherwise manage the affairs of the cor poration pending the final settlement there of as the court shall direct. Upon the final settlement of the affairs of the cor poration the court must dissolve the cor poration by decree, unless prior thereto, the debts having been paid or provided for, and sufficient funds provided for the resumption of its business with safety to The public and advantage to the stock holders, on motion of the persons holding the larger amount in value of the capi- taI stock, the court shall have dismissed The bill or petition and restored the cor poration It's property, rights and fran ehises.
 Sec. 61. Whenever any corpora hon operating or maintaining any public utility and having enjoyed eity, town or other municipal public service to such city, or other sub fail. after reasonable notice of default ln the performance of such contract. to comply with and perform the same in the aA in