Act Oct. 1, 1890, sec. 33; 26 Stát. L., 631. of the estate of a lunatic or idiot, or fiduciary were a natural person. And said court, or any justice thereof, at any time, on application of any person interested, may appoint some suitable person to examine into the affairs and standing of such companies, who shall make a full report thereof to the court, and said court, or any justice thereof, may at any time, in its discretion, require of said company a bond with sureties or other security for the faithful performance of its obligations, and such sureties or other security shall be liable to the same extent and in the same manner as if given or pledged by a natural person. SEC. 747. CORPORATIONS ORGANIZED UNDER STATE LAWS.-No corporation or company organized by virtue Act Mar. 3, 1901, of the laws of any of the States of this Union and having its principal place of business within the District of Columbia shall carry on in the District of Columbia any of the kinds of business named in this subchapter without strict compliance in all particulars with the provisions of this subchapter for the government of such corporations formed under it, and each one of the officers of the corporation or company so offending shall be punished by a fine not exceeding one thousand dollars or imprisonment not exceeding one year, or by both fine and imprisonment, in the discretion of the court. sec. 747; 31 Stat. L., 1309. sec. 34; 26 Stat. L., 632. Act Mar.3, 1901, L., 1309. Act Oct.1, 1890, SEC. 748. RIGHT TO AMEND OR REPEAL RESERVED TO 'CONGRESS.-Congress may at any time alter, amend, or sec. 748; 31 'stat' repeal this subchapter, but any such amendment or repeal shall not, nor shall the dissolution of any company formed under this subchapter, take away or impair any remedy given against such corporation, its stockholders, or officers for any liability or penalty which shall have been previously incurred. Act Mar. 3,1901, sec. 768; 31 Stat. L., 1316. Secs. 783-784. Actions not to abate. Sec. 787. Answer of corporation. Sec. 788. Pleading. Secs. 789-790. Trial. Sec. 791. Judgment. Sec. 792. Appeal. Repealed June 30, 1902. Sec. 793. Injunction. Secs. 794-795. Involuntary dissolution at SEC. 768. VOLUNTARY, WHEN.-When a majority of the trustees, directors, or other officers having the management of the concerns of any corporation in the District, or stockholders representing not less than one-third of the capital stock of any such corporation, discover that First. A full, just, and true inventory of all the estate, real and personal, of the corporation, and of all the books, vouchers, and securities relating thereto. Second. A full, just, and true account of the capital stock of the corporation, specifying the names of the stockholders, their residences, when known, the number of shares belonging to each, the amounts paid in upon said shares, respectively, and the amounts still due thereon. Third. A statement of all the incumbrances on the property of the corporation and of all the engagements entered into by it which have not been fully satisfied or canceled, specifying the place of residence of each creditor and of every person to whom such engagements were made, if known, the sum owing to each creditor and the nature and consideration of the indebtedness, and such application shall be verified by affidavit. Act Mar. 3,1901, sec. 769; 31 Stat. sec. 770; 31 Stat. SEC. 770. PUBLICATION. On the filing of such appli- Act Mar. 3,1901, cation, accounts, inventories, and affidavit, an order shall L., 1317. be passed requiring all persons interested in said corporation to appear in said court and show cause by a day named, if any they have, why it should not be dissolved, and a notice of said order shall be published in some newspaper of general circulation weekly for three successive weeks, the first insertion to be not less than one month before the day fixed for showing cause as aforesaid. sec. 771; 31 Stat. SEC. 771. REFERENCE TO TAKE TESTIMONY.-Whether Act Mar. 3,1901, answer be made or not, the cause shall be referred to the L., 1317. auditor, who shall take testimony in relation to the allegations of the petition, and report to the court, with all convenient speed, with a statement of the property and effects, debts, credits, and engagements of the corporation and all other matters relative to the issues in said cause. Act Mar. 3,1901, sec. 772; 31 Stat. SEC. 772. DECREE OF DISSOLUTION.-If it appear to the court that the corporation is insolvent, or that a dissolu- L., 1317. Act Mar. 3,1901, sec. 773; 31 Stat. L., 1317. Act Mar. 3,1901, sec. 774; 31 Stat. L., 1317. Act Mar. 3,1901, sec. 775; 31 Stat. L., 1317. Act Mar. 3,1901, sec. 776; 31 Stat. L., 1318. Act Mar. 1901, sec. 777; 31 Stat. L., 1318. tion thereof will be beneficial to the stockholders and not injurious to the public interests, or that the objects of the corporation have wholly failed or been abandoned or are impracticable, a decree shall be entered dissolving the corporation and appointing one or more receivers of its estate and effects; and the corporation shall thereupon be dissolved and cease to exist. SEC. 773. RECEIVER. A director, trustee, or other officer of the corporation, or any of its stockholders, may be appointed a receiver, and any receiver so appointed shall give bond in such penalty, and with such surety or sureties, as may be approved by the court, conditioned for the due discharge of his duties as receiver. SEC. 774. Upon his giving surety as aforesaid the receiver shall be vested with all the estate, real or personal, of the corporation, for the benefit of its creditors and stockholders. SEC. 775. The said receiver shall proceed to collect and take into his possession all the assets and effects of the corporation, including any sums due and unpaid upon the subscriptions to the capital stock of the corporation, and shall have authority to institute all needful actions for that object. He shall give public notice of his appointment and require all creditors of the corporation to present their claims to him. SEC. 776. VOID ASSIGNMENTS.-All sales, assignments, transfers, mortgages, and conveyances of any part of the estate, real or personal, of said corporation, including choses in action of every description, made after the filing of the petition for dissolution, in payment of or as security for any existing or prior debt, or for any other consideration, and all judgments confessed by said corporation after that time, shall be void as against the receiver appointed on said petition and as against the creditors of the corporation. 3, SEC. 777. CONTROVERSIES WITH DEBTORS AND CREDITORS.—The receiver may settle controversies that arise between him and the debtors or creditors of the corporation by arbitration. If there be any open and subsisting engagements or contracts of the corporation in the nature of insurance, or contingent engagements of any kind, the receiver may, with the consent of the party holding such engagements, cancel and discharge the same by refunding to such party the premium or consideration paid thereon to the corporation, or so much thereof as shall be in the same proportion to the time which remains of any risk assumed by such engagements as the whole premium bears to the whole term of such risk; and upon such amount being paid by the receiver to the person holding such engagement it shall be deemed canceled and discharged as against the receiver. Act Mar. 3. 1901, sec. 778; 31 Stat. L., 1318. SEC. 778. DISTRIBUTION.-The receiver may retain out of the money in his hands the amounts necessary for the purpose of canceling and discharging any open and sub sisting engagements and of satisfying any demands for which a suit may be pending against the corporation and the costs of the proceeding, and distribute the residue among the creditors of the corporation, giving preference to debts which are liens on the property of the corporation, and shall make dividends from time to time among the creditors until their debts are paid in full. 3, SEC. 779. DIVIDENDS TO STOCKHOLDERS.-No divi- Act Mar. 1901, sec. 779; 31 dends shall be paid to stockholders until after the final Stat. L., 1318. dividend to the creditors, and if, after such final dividend is made, there remain any surplus in the receiver's hands, he shall distribute the same among the stockholders in proportion to the respective amounts paid in by them severally on their shares of stock. 3. SEC. 780. RECEIVER UNDER COURT'S DIRECTION.-The Act Mar. 1901, sec. 780; 31 receiver shall be subject to the direction of the court Stat. L., 1318. as to making dividends and rendering his accounts and shall receive such commission as the court shall allow, not exceeding the rate allowed to executors and administrators, and reasonable counsel fees for services rendered to him. 1901, sec. 781; 31 SEC. 781. DISSOLUTION BY STOCKHOLDERS.-When a Act Mar. majority of the directors, trustees, or other officers of a Stat. L., 1318. corporation become satisfied that the objects of the corporation can not be accomplished, and no installment of the capital stock has been paid, and no investments have been made and no debts incurred which are unpaid, they may call a meeting of the stockholders, by a notice published in some newspaper of general circulation, and if a majority, in amount, of the stockholders present at such meeting, in person or by proxy, shall decide that the objects of the corporation can not be accomplished, the corporation shall thereupon be dissolved and cease. Act Mar. SEC. 782. WHO TO BE TRUSTEES FOR CREDITORS AND 1901, sec. 782; 31 STOCKHOLDERS.-Upon the dissolution of a corporation by Stat. L., 1318. the expiration of its charter, or otherwise, unless other persons be appointed by the stockholders, directors, or trustees of the corporation, or by a decree of the supreme court of the District, the directors or trustees acting last before the dissolution, and their survivors, shall be the trustees for the creditors and stockholders of the dissolved corporation, and shall have full power to settle the affairs of the same, to collect its assets and pay its outstanding debts, and divide among its stockholders the money or other property remaining, in proportion to the stock of each stockholder paid up; and in case of the refusal of said trustees or directors, or a majority of them, to act, the said court may, upon the application of any person interested, appoint trustees in their place. Mar. SEC. 783. ACTIONS NOT TO ABATE.-No action pending 1901, sec. 783; 31 in favor of or against any corporation shall be discontin- Stat. L., 1319. ued or abate by the dissolution of the corporation, whether such dissolution occur by the expiration of its charter or otherwise, but all such actions may be prose Mar. Stat. L., 1319. cuted to final judgment in its corporate name; and on all judgments so obtained, whether before or after its dissolution, execution may be had and satisfaction enforced in such corporate name. 1901, sec. 784; 31 SEC. 784. A corporation may, after its dissolution, prosecute any action in and by its corporate name, for the use of the person or persons entitled to receive the proceeds of such action, upon any cause of action accrued, or which, but for such dissolution, would have accrued in favor of the corporation, in the same manner and with the like effect as if it had not been dissolved. Act Mar. 1901, sec. 785; Stat. L., 1319. Act Mar. 1901, sec. 786; Stat. L., 1319. Act Mar. 1901, sec. 787; Stat. L., 1319. 3, 31 3. 31 31 SEC. 785. SUITS AFTER DISSOLUTION.-Any such dissolved corporation may be sued by its corporate name for or upon any cause of action accrued or which, but for such dissolution, would have accrued against it in the same manner and with the like effect as if it were not dissolved; and process in such action may be served upon any one of the assignees, trustees, or receivers having the management of the assets of the corporation. SEC. 786. INVOLUNTARY DISSOLUTION AT THE SUIT OF THE UNITED STATES.-Whenever the district attorney of the United States for the District of Columbia shall become satisfied that any corporation organized under the laws of said District has been guilty of such misuse, abuse, or nonuser of its corporate powers and franchises, or such violation of law as would authorize and make proper the forfeiture of its charter, corporate powers, and franchises, the said district attorney shall file in the supreme court of the District a petition in the name of the United States, setting forth, fully and in detail, the alleged abuse, misuse, or nonuser by reason whereof such forfeiture is sought, which petition shall be supported by affidavits of credible persons; and upon the filing of such petition the said court shall lay a rule requiring such defendant corporation to show cause, within such time as the court may deem proper, why a decree should not issue as prayed in said petition, a copy of which rule and petition shall be served on said corporation by a day therein. limited. 3, SEC. 787. ANSWER OF CORPORATION. The said corporation, by the day named in said order, unless further time be granted by the court, shall file an answer to said petition, fully setting forth all the defenses upon which it intends to rely in resisting the application, which shall be verified by affidavit of some officer of the corporation. SEC. 788. PLEADING. The petitioners may thereupon L., 1319, plead to or traverse all or any of the material averments set forth in the answer and the defendant shall join issue with or demur to said plea or traverse within five days thereafter. Act Mar. 3, 1901, sec. 788; 31 Stat. Act Mar. 1901, sec. 789; Stat. L., 1319. 31 3, SEC. 789. TRIAL.-If issue or issues be joined on such proceedings, the same shall stand for trial at such time as the court shall direct and shall be tried by a jury if either party desire it; otherwise, they shall be heard and determined by the court. If, from the findings of the jury or |