The Republican journal., 1905-03-30

3LIC LAWS Of THE STATE o.
pcaled.
Section 5. This act shall take effec
on the first day Of July one THOUSAND
nine hundred and five.
[Approved March II, 1905.
Chapter IS.
An Act to provide for the appointment
of Receivers of Corporations.
Section 1. Whenever any corporation
shall become insolvent, Or be in immi
nent danger of insolvency. or whenever
through fraud, neglect or gross mis-
management of it's affairs, or through
attachment, litigation or otherwise, it:
estate and effects are in danger Of being
wasted or lost, OF whenever it has ceased
to do business, or it's charter has ex
pired or been forfeited, upon application
of any creditor or stakeholder by bill
in equity filed in the supreme judicia
court in the county in which it has ar
established place Of business, or ir
which it held it's last stockholders. meet
ing, upon which bill such notice shall
be given as may be ordered by any jus
tice of such court, in term time or va
cation. such court may, if it finds thai
sufficient cause exists, issue an injunc-
ton. both temporary and permanent, re-
straining said corporation, it's officers
and agents, from receiving any moneys
paying any debts, selling or transferring
any assets of the corporation, or exer-
cising any of it's privileges or franchises
until further order, and may at any time
make a decree dissolving said corpora
ton
Section 2. At the time of ordering
any such injunction or at any time after
wards during it's continuance, such court
may also appoint one or more receivers
to wind up the affairs of the company
1,,,1l ho xl,x1rr
in such sum and upon such conditions
as such court shall determine, and shall
at all times be subject to the direction
and control of the court, which may at
any time remove said receiver and APP
point another in his place. All attach
ments made within thirty days before
the filing of any such bill in equity
wherein receiver is so appointed, shall
thereupon be dissolved.
Section j. Such receiver shall have
power to institute or defend suits at
law or in equity, in his own name as
receiver, to demand, collect and receive
all property and assets of said corpO-
ration, to sell. transfer, or otherwise
convert the same into cash. and to con-
duct and carry on the business of said
corporation, as ordered by the court, it
1t appears for the best interests of all
concerned He shall report to the court
statement of all the assets and liabili-
ties of said corporation, and from time
to time shall distribute the assets OF
said corporation as provided in section
seVenty-nine of chapter forty-seven.
Section 4. Whenever receiver is
appointed as above, the court shall limit
Il time, not less than four months, of
which decree notice shall be given, with
in which all claims against said cor
poration shall be presented, and make
such order for the manner of hearing
and proving same as may be just and
proper, and all claims not SO presented
shall be forever barred.
Section D.. Said court may in its dis
erection. in lieu of decreeng the DISCO
luton of such corporation, order the
receiver to sell it's property and fran
chises: and the purchaser thereof shall
succeed to all of the rights and privi-
ganiZe the same under the direction of
said court. AT any sale of such prop
erty at public auction, the court may, in
it's discretion, authorize the receiver to
accept in payment, du1y allowed claims
against such corporation, at a proper
valuation
Section 6. The court shall have iuris-
diction in equity of all proceedings
and DEGREES as equity may require.
Section Z, Section seventy-eig of
chapter forty-seven of the revised stat
utes is he1Ay repealed.
[Apl wed March II, 1861
Chapter Sc.
An Act to amend Chapter ten of the Re
vised Statutes, relating to the Collection
OF lakes on organized plantations taxed
as wild lands.
ter ten of the revised statutes is hereby
amended, so as to read as follows:
Section IS. Warrants for state taxes
on organized plantations taxed by the
state as wild lands shall be sent by the
treasurer of state to the assessors of each
plantation in which such lands are stu
ated in the month of April OF eacn year.
In the month of April of each year the
county commissioners OF each county
shall issue to the assessors of each or
sanlzed plantation taxed by the state as
wild land their warrant for the amount
of county taxes apportioned to said plan
tatiOn.'
Section ?. Section eighty nine of said
chapter of the revised statutes is hereby
Section 80. The assessors of such
plantation shall add the amounts of sale
state and county taxes certified to them
by the treasurer of the state and the coun-
ty commissioners to their assessment fol-
plantation purposes and assess the sam,
on the real and personal property in such
plantation to the owner or person in pos
session in accordance with their valuation
ceeding five per cent thereof, IL frac-
tional division renders convenient
Section 5. Section ninety of said chap.
ter ten is hereby amended. so as to read
as follows:
Section 80. In July of each year said
assessors shall commit the same with Il
warrant in the usual form to a collector
OF taxes, to be elected by said plantation
at its annual meeting, or in default
thereof to be appointed by said assessors
directing him to collect and transmit the
said state taxes to the treasurer of the
state by December first next after the
date of commitment, and also directing
him to collect and transmit the said coun-
ty taxes to the county treasurer by De
cember first next after the date of com.
mitment.'
Section 4. Section ninety-one of said
chapter is hereby amended, SO as to read
as follows:
Section 81. Said collector shall give
bond to the plantation in such sum and
with such suretieS as the assessors there
Of require, and said assessors shall agree
with him as to his compensation, which
shall he paid by the plantation
Section 5. Section ninety-two of said
chapter is hereby amended, SO as to read
as follows:
Section 90. Said collector shall settle
with the assessors by the tenth day OF
December of each year. and return to
them his collection list, showing the
amounts received or unpaid on each tax
in his list. On all such taxes then unpaid
interest shall be added from the first day
of December preceding at twenty per
cent until paid. The clerk of the planta
ton shall record in a book kept for that
purpose such returned collectors list
with the collectors return thereon
showing the amounts received or unpaid
on each tax in the list, which record shall