Every evening, Wilmington daily commercial., 1921-11-07

discretion make the appointment
"'rhv purpose W the statute In to-
protect the rights NJ stockholders and
re'eiver N not appointed In the In
tcre~t ~ the corporation; nor does the
proceeding look forward to its drso.
lutiun.
n would. therefore, appear that th'
object ~ ih. ~tatut. ~ Co protect and
von~erNe the property rinhts ~ stock
holders IN. ana the claims of creditors
against. the assets NJ corporation
created hy the laws ~ this state, Az
the remedies given To stockholders and
creditors are against the corporate
assets, and the relief that may he
afforded Is to be applied through their
mnnagcment and administration by "A
receiver. when there are no assets
To he had. then, as practical prop
osition, there can be no remedy afford
cd.
Unless something can be accom-
pllshcd. a court OF equity ought not
to employ Its extraordinary powers.
Tor Ia do NJ In such case would be
AN'f'NN w ll'kf Nf~lNiRN anu llNhtN'
IN show of nourishes. These con-
sideretions ought TO apply In a re-
ccivership cause such as is now be-
fore the court.
when a corporation has no asscts
no useful purpose can be suhserved
by naming receiver-an officer of
the court whose function under the
statute is 90 take. hold manage and
administer assets: and in such case,
the receiver ought not TO be appoint
ed. Collins V. Myers. ct AL. 6S Ga,
5so will be found. on examination OF
the statute there involved. to contain
an expression OF view 20 this effect.
"If IL appears that there are no as
sets available 20 receiver. nothing
for him to take and. therefore, nothing
for him TO do i'm the event OF his
appointment. l shall decline 10 make
the appointment.
"Such is the case as II is presented
on the present motion. | must take
all the averments Of the answer as
true for the purposes OF the motion
Looking thus TO the answer for the
facts. Il appears that every asset OF
every description has been transferred
TO a receiver u courts in other juris-
dictions and duly sold under authority
of those courts. II the funds realized
therefrom have not as yet been dis.
trioutcd and the receiver discharged
| CAS- 90 which there are no averments)
ne rthelcss they are I'm process OF
I hnal distribution. and l see no neces.
sity for the appointment Of receiver
/ by this court whose only activity, II
he is appointed. can be 20 seek 20 in.
duce the courts in those Jurisdictions
90 resign their control In its very las
STAGE 20 an officer of this court.
"if u were otherwise SO that ther,
would appear 60 be a surplus after
debts available for stockholders. ther
Il would be advisable for this court
iu whose jurisdiction the corporation
II domiciicd 60 appoint receiver fol
thc purpose ~ receiving such surplui
from tho foreign jurisdictions and dis
ulhuting n among the stockholders
nui such ls not the case.
hut u ls urged by the complainant
that the jurisdiction ~ this cour
antedatcs that ~ the Federal courti
~ tho districts referred TO- hecaus,
the original hlll was filed here on Dc.
rrmhor az 1890 whereas the action,
ir the other Jurisdictions were not in.
s,iiutod until January "a. 1881. that
therefore this court has a prior rirh'
a. administer the assets OF the de.
trudant. and upon a representation I,
This effect made 90 the Federal court,
V ~ n receiver % be nppoinfcd in thf,