Commissions of To retain certain moneys. To retain moneys to meet demands in suit. of debts. such corporation, or so much thereof as shall be in the same proportion to the time which shall remain of any risk assumed by such engagement, as the whole premium bore to the whole term of such risk; and upon such amount being paid by such Receivers to the person holding or being the legal owner of such engagement, it shall be deemed canceled and discharged as against such Receivers. (4891.) SEC. 19. Such Receivers shall, in addition to their actual disbursements, be entitled to such commissions as the Court shall allow, not exceeding the sum allowed by law to executors and Administrators. (4892.) SEC. 20. The Receivers shall retain out of the moneys in their hands, a sufficient amount to pay the sums which they are hereinbefore authorized to pay for the purpose of canceling and discharging any open or subsisting engagements. (4893.) SEC. 21. If any suit be pending against the corpora tion, or against the Receivers, for any demand, the Receivers may retain the proportion which would belong to such demand, if established, and the necessary costs in their hands, to be applied according to the event of such suit, or to be distributed in a second or other dividend. Order of payment (4894.) SEC. 22. The Receivers shall distribute the residue of the moneys in their hands among all those who have exhibited their claims as creditors, and whose debts have been ascertained, as follows: Ecccnd dividend. 1. All debts entitled to a preference under the laws of the United States; 2. Executions actually levied against such corporations to the extent of the property on which they shall respectively be levied, and according to their legal priority; 3. Creditors having made special deposits, if such deposits remain in kind; 4. All other creditors of such corporation, in proportion to their respective demands, without giving any preference to debts due on specialities. (4895.) SEC. 23. If the whole of the estate of such corporation be not distributed on the first dividend, the Receivers shall, within one year thereafter, and within sixteen months after their appointment, make a second dividend of all the moneys in their hands among the creditors entitled thereto; of which, and that the same will be a final dividend, notice shall be published once in each week for three weeks succes sively, in such paper as the Court may direct, and in a newspaper printed in the county where the principal place of business of such corporation was situated, if there be such newspaper. thereon. (4896.) SEC. 24. Such second dividend shall be made in Proceedings all respects in the same manner as herein prescribed in relation to the first dividend, and no other shall be made thereafter among the creditors of such corporation, unless ordered by the Court, except to the creditors having suits against it, or against the Receivers, pending at the time of such second dividend, and except of the moneys which may be retained to pay such creditors; but every creditor who shall have neglected to exhibit his demand before the first dividend, and who shall deliver his account to the Receivers before such second dividend, shall receive the sum he would have been entitled to on the first dividend, before any distribution be made to the other creditors. ted. (4897.) SEc. 25. After such second dividend shall have Debts not exhibibeen made, the Receivers shall not be answerable to any creditor of such corporation, or to any person having claims against such corporation, by virtue of any open or subsisting engagement, unless the demand of such creditor shall have been exhibited, and the engagements upon which such claims are founded, shall have been presented to the said Receivers, in detail and in writing, before or at the time specified by them in their notice of a second dividend. surplus to Stock. (4898.) SEC. 26. After a final dividend is made, and the Distribution of debts of any such corporation are paid, if there shall remain holders. any surplus in the hands of the Receivers, they shall distribute the same among the stockholders of such corporation, in proportion to the respective amounts paid by them, severally, on their shares of stock. moneys retained. (4899.) SEC. 27. When any suit pending at the time of the Disposition of final dividend, shall be terminated, they shall apply the moneys retained in their hands for that purpose, to the payment of the amount recovered, and their necessary costs and expenses; and if nothing shall have been recovered, they shall distribute such moneys, after deducting their expenses and costs, among the creditors and stockholders of the corporation, in the same manner as herein directed in respect to a second dividend. to control of (4900.) SEC. 28. The Receivers shall be subject to the Receivers subject control of the Court, and may be compelled to account at any Court, etc. time; they may be removed by the Court, and any vacancy Account by Receivers. Previous notice thereof. Duty of Master on reference to him. Settlement of account; its effect. Further accounts to be rendered. Corporations ex cepted from pro Chapter. created by such removal, or by death or otherwise, may be supplied by the Court. (4901.) SEC. 29. Within three months after the time herein prescribed for making a second dividend, the Receivers shall render a full and accurate account of their proceedings to the Court, which shall be referred to a Master to examine and report thereon. (4902.) SEC. 30. Previous to rendering such account, the Receivers shall insert a notice of their intention to present the same, once in each week for three weeks successively, in such paper as the Court may direct, and in a newspaper of the county in which notices of dividends are herein required to be published, if there be one, specifying the time and place at which such account will be rendered. (4903.) SEC. 31. The Master to whom such account shall be referred, shall hear and examine the proofs, vouchers and documents offered for or against such account, and shall report thereon fully to the Court. (4904.) SEC. 32. Upon the coming in of such report, the Court shall hear the allegations of all concerned therein, and shall allow or disallow such account, and decree the same to be final and conclusive upon all the creditors of such corporation, upon all persons who have claims against it upon any open or subsisting engagements, and upon all the stockholders of such corporation. (4905.) SEC. 33. Such Receivers shall also account from time to time in the same manner, and with the like effect, for all moneys which shall come to their hands after the rendering of such account as hereinbefore provided, and for all moneys which shall have been retained by them for any of the purposes hereinbefore specified, and shall pay into Court all unclaimed dividends. (4906.) SEC. 34. The provisions of this chapter shall not visions of this extend to any incorporated Library or Lyceum Society; to any Religious Corporation, or any incorporated Academy or select school; nor to the proprietors of any Burying Ground incorporated under the laws of this State. Dissolution of Corporation not (4907.) SEC. 35. The dissolution of a corporation by a decree to abate suit, etc. of the Court, or by the expiration of its charter, or otherwise, shall not abate any suit or proceedings in favor of such corporation which shall have been pending at the time of such dissolution; but all such suits or proceedings may be continued by the Receivers who shall have been appointed for such cor poration by the Court, or by the Trustees on whom the estate and effects of such corporation shall have devolved, in the name of such corporation, or in the names of such Receivers or Trustees, who may be substituted as plaintiffs under the direction of the Court in which the suit shall be pending, and subject to such order as the Court may deem expedient, in relation to the payment or security of costs. ceivers. (4908.) SEC. 36. Whenever a Receiver of the property and New suits by Reeffects of a corporation has been appointed before its dissolution, or afterwards, new suits may be brought and carried on by any such Receivers, either in their own names, or in the name of the corporation for which they shall have been appointed. death, etc. (4909.) SEC. 37. No suit commenced in the name of any such Suit commenced by Receivers, not Receiver, shall be abated by his removal or death; but the to abate by same may be continued in the name of the remaining Receiver, if there be one, or in the name of the successor of the Receiver so removed or deceased, or of the corporation, as may be directed by the Court in which the suit may be pending. (4910.) SEC. 38. The Court in which any suit or proceeding Suits against Coragainst a corporation which shall have been dissolved by a solved, how condecree in Chancery or otherwise, shall be pending at the time of such dissolution, shall have power, on the application of either party thereto, to make an order for the continuance of such suit or proceeding, and the same may thereafter be continued until a final judgment or decree shall be had therein. porations dis tinued. CHAPTER CXLVII. OF PROCEEDINGS BY AND AGAINST PUBLIC BODIES HAVING OFFICERS REPRESENTING THEM. 49. Actions by certain Public officers, etc. SECTION 4915. On contracts of predecessors. Actions by certain public offi cers. In what names to be actions brought. On contracts with predecessors. Actions against certain officers and bodies. Chapter One Hundred and Nineteen of Revised Statutes of 1846. (a) (4911.) SECTION 1. In all cases not otherwise provided by law, action may be brought by the Board of Supervisors of a County; by County Superintendents of the Poor; by Supervisors of Townships; by Directors of the Poor of the several Townships; by Inspectors of Primary Schools, and Commissioners of Highways of the several townships, and by Assessors of School Districts, upon any contract lawfully made with them or their predecessors in their official character, or to enforce any liability, or any duty enjoined by law, to such officers or the body which they represent, and to recover damages for any injuries done to the property or rights of such officers, or of the bodies represented by them. (4912.) SEC. 2. Such actions, when brought by any Board of Supervisors, shall be in the name of such board as provided by law; when brought by any Supervisor in behalf of his township, they shall be brought in the name of such township; when brought by Superintendents of the Poor, Inspectors of Primary Schools, Commissioners of Highways, or Directors of the Poor, or by any other officers authorized to sue in their name of office, they shall be brought in the name of their respective offices, without naming the persons holding the same, and when brought by the Assessor or other person representing a school district, they shall be brought in the name of such district. (4913.) SEC. 3. Such actions may be brought by such officers, notwithstanding the contract or obligation on which the same is founded may have been made with or to any predecessors of such officers, and notwithstanding any right of action may have accrued previous to the time when the officers commencing such suit entered upon the execution of the duties of their office. (4914.) SEC. 4. Actions against any of the officers or bodies named in the second section of this chapter, shall be brought against them by the same name in which such officers or bodies are respectively authorized to sue, and such actions may be commenced and prosecuted to final judgment, in the same manner, as near as may be, as actions against individuals, • except as otherwise is or shall be provided by law. (a) This Chapter took effect Feb. 5, 1847. See Laws of 1847, p. 26. |