upon consideration and determination of the case by the court, the court shall be of opinion that legal cause of forfeiture has been shown and the public interests require that said forfeiture shall be declared, a decree of forfeiture shall be entered and the charter of said corporation shall thereby be annulled and vacated and its corporate franchises and powers shall cease and be void; and the court shall thereupon appoint a receiver or receivers of the assets and estate of said corporation, who shall proceed to wind up the affairs of said corporation, for the benefit of its creditors and stockholders, under the direction of the court. SEC. 790. If any corporation upon which a petition and rule to show cause shall have been served as aforesaid, shall neglect to file an answer thereto at the time appointed by the court, the court shall proceed to hear the application ex parte within five days thereafter, and if it shall be of opinion that good cause of forfeiture is shown it shall proceed to decree as provided in the preceding section. Act Mar. 3, Stat. L., 1320. 1901, sec. 790; 31 3. 1901, sec. 791; 31 Sec. 791. JUDGMENT.-If the court, either а upon hear- Act Mar. ing ex parte or after answer, shall be of opinion that no stat. L., 1320. cause of forfeiture is shown or that the public interests do not demand that such forfeiture be decreed, though legal cause therefor has been shown, it shall dismiss the petition. And if the court shall determine that legal cause of forfeiture has been shown, it may, in its discretion, before passing a final decree of forfeiture, pass orders requiring the said corporation, within a time to be therein fixed, to remedy the grievance complained of, and may suspend the passage of the final decree of forfeiture until the time so fixed, and may afterwards refuse to pass such decree if the grievance shall have been remedied by the time so fixed. Mar. 3. 1901, sec. 793; 31 Act June 30, SEC. 792. APPEAL.-Repealed by act of June 30, 1902. SEC. 793. INJUNCTION. The district attorney may file Act a bill in the name of the United States in said supreme stat. L., 1320. court for the purpose of restraining by injunction any 1902, sec. 793; 32 corporation organized under the laws of The District from Stat. L., 534. assuming or exercising any franchise, liberty, or privilege or transacting any business not allowed by its charter or certificate of incorporation or not by law allowed to be assumed or exercised by said corporation, and said district attorney may file a bill to enjoin any foreign corporation from transacting in the District of Columbia any business not allowed by its charter or certificate of incorporation, or from transacting any business in said District when it has not complied with any provision of this code relating to foreign corporations; and in the same manner may file a bill to restrain any individuals from exercising any corporate rights, privileges, or franchises not granted to them by law; and on the filing of any such bill the said supreme court shall have power to issue an Act Mar. 1901, sec. 794; Stat. L., 1320. injunction as prayed and to exercise all the powers of a court of equity over the subject matter of such bill. 3, SEC. 794. INVOLUNTARY DISSOLUTION AT THE SUIT OF 31 CREDITORS.-When any corporation in the District has remained insolvent for a year, or has neglected or refused for that period to pay and discharge its notes or other evidences of debt, or has, for that period, suspended its ordinary and lawful business, a bill may be filed by the district attorney, as aforesaid, for the dissolution of said corporation, or, if he shall decline to do so, on the application of any judgment creditor of said corporation, the said judgment creditor, if an execution upon his judgment shall be returned unsatisfied, in whole or in part, may file such bill. 3, Act Mar. 1901, sec. 795; 31 Stat. L., 1320. Act Mar. Stat. L., 1321. SEC. 795. Upon prima facie proof of the facts necessary to sustain such suit the court may issue an injunction restraining the corporation, its trustees, directors, and officers from collecting or receiving any debt or demand and from paying out or transferring or delivering to any person any of its property or effects and from exercising any of its corporate rights and franchises during the pendency of the suit, unless by permission of the court. And at any stage of the proceeding the court may appoint a receiver to collect and preserve the property of the corporation and dispose of and manage the same, under the direction of the court, until final decree in the cause. 3, SEC. 796. PARTIES.-Where the action is brought by a 1901, sec. 796; 31 creditor, the stockholders, directors, trustees, or other officers, or any of them who may be made liable by law for the payment of the complainant's debt, may be made parties defendant by the original or a supplemental bill, and their liability may be declared and enforced by the decree; but nothing herein shall prevent any creditor from enforcing such liability in a separate suit against such parties. Act Mar. Stat. L., 1321. 3, SEC. 797. ACCOUNT AND DISTRIBUTION.-In such suit, 1901, sec. 797; 31 if the court shall be of opinion that the complainant is entitled to the relief prayed, and that such corporation ought to be dissolved, the court shall cause an account to be taken of the assets and debts of the corporation and shall decree an equal distribution of the assets among the creditors, subject to existing liens; but if said corporation has no property to satisfy its creditors, or to the extent to which its property is insufficient therefor, the court may require the stockholders, who are parties defendant to the suit, to pay into court the amounts due and unpaid on the shares of stock held by them, and shall ascertain the amounts properly chargeable, in favor of creditors, to said stockholders and the trustees, directors, or other officers who are parties to the suit, and in the final decree for the dissolution shall adjudge and decree that said amounts shall be paid into court by the parties respectively liable therefor, to be applied to the payment of the debts of the corporation. INDEX. A. Acknowledgment of certificate of incorporation... Annual election of trustees.... Annual reports. B. Banking institutions in District of Columbia, subject to supervision of the Paragraph. 605 608 617-619 Comptroller of the Currency, when.... Bonds, official... Bond, may be required of trust companies.. Comptroller of the Currency to take possession of, when. Expenses of examination shall be paid by. Incorporation certificate, how executed.. Incorporation certificate shall be recorded. Objects defined.. Payment of installments enforcible by fines. Penalty for violation of provisions... Shall deposit at least one-tenth of its capital as security with the comptroller.. By-laws... Loan, trust, etc., companies. 713 611 746 631, 632 692 692 697 691 691 691 687 688, 691 691 689 691 689, 690 700 695, 696 689 691 691 738 Commissioners' power to grant to loan, trust, etc., companies.... Duration of loan, trust, etc., companies... Commissioners, District of Columbia, authority to grant charters to loan, 606 616 640 633-639 717 727 719 717 35 Supervision by, of building associations. Supervision by, of banking institutions in the District of Columbia.. Corporations, formation of, under code.. Body corporate, when... Books, inspection of... Books to be kept, prescribed by. Business, kinds of, prohibited. Business in which, may engage. Vote necessary to change capital or business. Courts, power to appoint trust companies as trustees, etc. D. Directors, or trustees, loan, trust, etc., companies.... Paragraph. 691 728 691 714 720 720, 730 713 691 713 719 748 605 607 631 627, 628 605 605 612 606 613-619 633 606 622, 623 624 619 605 607 621 606 611 621 606 617, 619 619 617 617 627-630 620 613, 616 626 606, 608-610 639 722 736 Application to the Supreme Court of District of Columbia. 769 Who to be trustees for creditors and stockholders... District of Columbia, taxes payable by loan, trust, etc., companies Loan, trust, etc., companies. 768 782 730 622, 623 739, 740 Elections.. E. Examinations of trust companies by Comptroller of Currency. Corporations not personally liable... Corporations, may vote.. Holding stock in loan, trust, etc., companies... Loan, trust, etc., companies as. 609, 610 720 624 625 742 722 610 618 619 713 633-639 743 631, 632 |