Valdez daily prospector., 1913-12-06
TERRITORIAL LAWS PASSED
 TERRITORIAL LEGISLATURE
BE YOUR OWN LAWYER AND CORPORATE MINING coMPANEs-1F CAN'T UNDERSTAND IT CONSULT AN
 ATTORNEY AND HE WILL EXPLAIN TO YOU.

Sec. "A. An action for any one or more of the following causes, to pro- cure judgment dissolvipg corpor- ation created by or under this act, and forfeiting it's corporate rights and franchises; or it's license to do sbusi- ness within the Territory, if it be a foreign corporation, may be maiHtain- ed by any U s. District Attorney or l by the Attorney-General in the name and in behalf of the people, or by a creditor or stockholder upon proof to the court that such U. $. District At torney or Attorne, General omits for thirty days after the submission of a verified statement Of facts to main l tain such an action: l I. Where the corporation is in- solvent as evidenced by a return of no property found on execution, or by judgment or decree in insolvency proceedings. ts l ?. Where it has suspended it's or dinary and lawful business for, at least one year.
 1 8. Where it is :. party to an illegal combination in restraint of trade. 4. Where the law imposes the penalty of dissolution.
 Sec 25: 1. A corporation dissolved under this act shall be held to be ex- tinct in all respects as if it's corpor- ate existence had expired by the limi- tation of it's charter.
 2. All corporations, whether they expire by their own limitation or be annulled by the legislature or other wise dissolved, shall be continued bo- dies corporate for the purpose of prosecuting and defending suits by or 'aga1fist them, and of enabling them to settle and close their affairs, to disroses of and convey their proper for the purpose of continuing the busi- ness for which they were established. i 8. Upon the dissolution in any manner of any corporation the direct ors shall be trustees thereof, with full power to settle the affairs, collect the outstanding debts, sell and convey the property and divide the moneys and other property among the stockhold- CTS, after paying it's debts, as far as such moneys and property shall en- able them; they shall have power to meet and act under the bylaws of the corporation and, under regula- tions to be made by st majority of said trustees, to prescribe the terms and conditions Of the sale of such proper ty, and may sell all or any part for cash or partly oh credit. or take mortgages and bonds for part of the purchase price for all or any part of said property.
 4. The directors. constituted trus- tees as aforesaid, shall have authori- ty to sue for and recover the afOre- said debts and property, by the name Of the corporation, and shall be sue able hy the same name, or in their own names or individual capacities for debts owing by such corpora tion, and shall be jointly and several ly responsible for such debts. to the amount of the moneys and property of the corporation which shall come to their hands or possession as such trustees. .-.. .....,........
 5. When any corporation shall be dissolved in any manner Y whatever, the district court for the Territory of Alaska, on application of any credit. or or stockholder at any time, may either continue the directors trust ees as aforesaid, ''Ut appoint one or more persons to, be receivers of such corporation to take charge of the es- tate and effects thereof and to collect the debts and property due and be- longing to the corporation, with pow CT to prosecute and defend, in the name of the corporation or otherwise, all suits neSS ry 1or proper for the purposes aforesaid, and to-, appoint an agent or agents under them,, and to do all other acts which might be done by such corporatioen. if in be-. ing, that may be, necessary for the final. settlement of its unfinished bus mess; and the powers of such trus- tees or receivers may. be'sEontinued as long as the court shall think nec,; essary for such purposes.