Valdez daily prospector., 1913-12-06

Sec. 26. Whenever any corpora tion shall become insolvent or shall suspend it's ordinary business for want of funds to carry on the same, any creditor or stockholder may by petition or bill of complaint setting forth the facts and circumstances of the case, apply to the District Court for the Territory of Alaska for a writ Of injunction and the appoint ment of a receiver or receivers or trustees, and the court being satis- fled by affidavit O. otherwise of the sufficiency of said application, and of the truth of the allegations contain ed in the petition or bill, and up on such notice, if any, as the court by order may dhect, may proceed in a summary way to hear the af- fidavits, proofs and allegations which may be offered on behalf of the par
 ties, and if upon such inquiry it shall appear to the court that the corporation has become insolvent and is not about to resume it's business in short time thereafter with safe ty to the public and advantage to the stockholders, il may issue an injunc-
 tion to restrain the corporation and its officers and agents from exercis- ing any of it's privileges or franchises
 and from collecting or receiving any debts,' or paying out, selling, assign ing or transferring any of it's estate, 1 moneys, funds. lands, tenements or | effects, except to a receiver oppoint- ed by the court, until the court shall
 order otherwise.
 | Sec. 27. Such court at the time
 of ordering said injunction, or at any time afterwards, may appoint a. re- ceiver or receivers or trustees for the creditors and stockholders of the
 corporation. with lull power and au- thority to demand, sue for. collect,
 receive and take into their posses SiSll OH lLV s@oOuS stIu (Itlt ltiS, llSIlS
 and credits, moneys and effects, lands
 and tenements, books, papers, choses ill action, bills, notes and property of every description of the corpora
 tion, and to institute suits at law or in equity for the recovery of any estate, property, damages or demands existing in favor of the corporation, and in his or their discretion to con-
 pound and settle with any debtor or
 creditor of the corporation, or with
 persons having possession of it's
 property or ill any way responsible
 at law or in equity to the corpora
 tion at the time of it's insolvency or
 suspension of business, or afterwards,
 upon such terms and in such man.
 ner as he or they shall deem just J and beneficial to the corporation, and in case of mutual dealings between the corporation and any person to al- low just set-offs in favor of such per son in all cases in which the same ought to be allowed according to law
 and equity; g debtor who shall have in good faith paid his debt to the corporation without notice of it's in- solvency or suspension of business shall not be liable ther for, and the receiver or receivers or trustees shall have power to sell. convey and
 assign all the said estate, rights and
 interests, and shall hold and dispose of the proceeds thereof under the di-
 rections of the court: the word re-
 ceiver as used in this act shall be construed to include receivers and
 trustees appointed as provided in
 this act.
 Sec. 28. Every receiver shall be- fore acting enter into such bond and comply with such terms as the court
 may prescribe, and take and sub. scribe the following oath or affirma. tion: q, ---------, do swear (or affirm) that l will faithfully, hon estly and impartially execute the power and trusts reposed in me as receiver, for the creditors and stock holders of the ------------- and that
 without favor or affection" which oath or affirmation shall be filed in fthe office Of the clerk of the court within ten days after the taking thereof. ,''s
 Sec. go. Altreal and personal prop: erty Of an .insolvent corporation,
 iContinied or; page AZ