ed to be carried into effect, and also in case of intended application for the imposition of any tax as aforesaid, in the state paper. *

§2. Every association intending to apply to the legislature for an act of incorporation, and every corporation intending to apply for an alteration, amendment, or extension of its charter, shall cause the like notice of such application to be published in the state paper, and also in a newspaper printed in the county in which such corporation is intended to be, or shall have been, established.+

§3. If no newspaper be printed in a county in which any notice is required to be published, such notice shall be published in like manner, in the place nearest thereto in which a newspaper shall be printed.

185. Contents of notice.

§ 4. If the application be for an act of incorporation, the notice shall specify the amount of the capital stock requisite to carry the objects of such incorporation into effect; and if the application be for an alteration in any charter already granted, the notice shall state specifically the alteration intended to be applied for.

*1 R. L. 268. Laws of 1818, p. 121.

† Id. ib.

83

CHAPTER III.

GENERAL AND SPECIAL POWERS AND DUTIES OF A RECEIVER OF CORPORATIONS, JOINT-STOCK COMPANIES, AND ASSOCIATIONS.

*

186. Receiver's general powers and duties.

(Title IV., Article 2, of Ch. 8, of Part III. of N. Y. Revised Statutes of 1830.)

842. [As amended by laws of 1858, ch. 348.†]

Such receiver shall possess all the power and authority conferred, and be subject to all the obligations and duties imposed in article three of this title upon receivers appointed in case of the voluntary dissolution of a corporation. It shall be his duty to keep an account of all moneys received by him, and on the first days of January, April, July and October, in each and every year, to make and file a written statement, verified by his oath, that such statement is correct and true, showing the amount of money received by such receiver, his agents or attorneys, the amount he has a right to retain under the provisions of this title, and the items for which he claims to retain the same, and the distributive share due each person interested therein. He shall pay such distributive share to the person or persons entitled thereto, on demand, at any time after such statement. Such account, statement and all the books and papers of the cor

* As to when a temporary receiver may be appointed, see ante, 145, 146, 167, 168, 169. (Code of 1788, 1789, 1810, 1811, 1812.) As to final judgment granting receiver, see ante, 158, 181. (Code, § 1801, 2429.)

Saved by the repealing act of 1880, which declares this section applicable to a permanent receiver appointed as prescribed in § 1788 of the Code of Civil Procedure.

poration in the hands of such receiver shall, at all reasonable times, be open for the inspection of all persons having an interest therein. And in case of neglect or refusal to comply with either of the above requirements, or any duty imposed upon him by this title, the supreme court, at either a general or special term, shall, on the application of the party aggrieved, unless such neglect or refusal shall be satisfactorily explained to the court, forthwith remove such receiver and appoint some suitable person as receiver in his place. Such removal shall not vitiate or annul any legal proceedings had by such receiver; but such proceedings shall be continued by such successor as if no removal had been made. Such receiver shall also be liable to pay to the party interested interest at the rate of ten per cent per annum on all moneys due to such party and retained by him more than one day after such demand made as aforesaid.

187. Receivers. Security.

(Title 4, Article 3, of Ch. 8, of Part III. of Revised Statutes of 1830.) * § 66. Any of the directors, trustees or other officers of such corporation, or any of its stockholders, may be appointed receivers, who, before entering upon the duties of their appointment, shall give such security to the people of this state, and in such penalty, as the court shall direct, conditioned for the faithful discharge of the duties of their appointment, and for the due accounting for all moneys received by them.

188. Their rights.

$67. Such receivers shall be vested with all the estate, real and personal, of such corporation, from the time of their having filed the security hereinbefore required, and

*Sections 66 to 89, both inclusive, were saved by the repealing act of 1880, which declared them applicable to a receiver appointed as prescribed in 32429 of the Code of Civil Procedure.

shall be trustees of such estate for the benefit of the creditors of such corporation and of its stockholders.

189. Their authority.

§ 68. Such receivers shall have all the power and authority, conferred by law upon trustees to whom an assignment of the estate of insolvent debtors may be made, pursuant to the provisions of the fifth chapter of the second part of the Revised Statutes.

190. To prosecute for arrears of stock.

§ 69. If there shall be any sum remaining due upon any share of stock subscribed in such corporation, the receiver shall immediately proceed and recover the same, unless the person so indebted shall be wholly insolvent; and for that purpose may file their bill in the court of chancery, or may commence and prosecute an action at law, for the recovery of such sum, without the consent of any of the creditors of such corporation.

191. To give notice of appointment, etc.

$ 70. The receivers, immediately on their appointment, shall give notice thereof, which shall contain the same matters required by law in notices of trustees of insolvent debtors; and in addition thereto, shall require all persons holding any open or subsisting contract of such corporation, to present the same in writing and in detail to such receivers, at the time and place in such notice specified; which shall be published for three weeks in the state paper, and in a newspaper printed in the county where the principal place of conducting the business of such corporation shall have been situated.

192. Certain sales, etc., void.

§ 71. All sales, assignments, transfers, mortgages and conveyances of any part of the estate, real or personal, in

cluding things in action, of every such corporation, made after the filing of the petition for a dissolution thereof, in payment of, or as a security for, any existing or prior debt, or for any other consideration, and all judgments confessed by such corporation after that time, shall be absolutely void as against the receivers who may be appointed on such petition, and as against the creditors of such corporation.

193. Debtors to account to receivers.

$72. After the first publication of the notice of the appointment of receivers, every person having possession of any property belonging to such corporation, and every person indebted to such corporation, shall account and answer for the amount of such debt and for the value of such property to the said receivers.

194. Power of receivers.

And all the provisions of law, in respect to trustees of insolvent debtors, the collection and preservation of the property of such debtors, the concealment and discovery thereof, and the means of enforcing such discovery, shall be applicable to the receivers so appointed, and to the property of such corporation.

195. Referring controversies.

§ 73. Such receivers shall have the same power to settle any controversy that shall arise between them and any debtors or creditors of such corporation, by a reference, as is given by law to trustees of insolvent debtors; and the same proceedings for that purpose shall be had, and with the like effect; and application for the appointment of referees may be made to any officer authorized to appoint such referees on the application of trustees of insolvent debtors, who shall proceed therein in the same manner; and the referees shall proceed in like manner, and file their report with the like effect in all respects.