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by whatever name they may be known in law, shall be trustees of the creditors and stockholders of such corporation, with full power to settle the affairs, collect the outstanding debts, and divide the moneys and other property among the stockholders, after paying the debts due and owing by such corporation at the time of its dissolution, as far as such money and property will enable them; and for this purpose they may maintain or defend any judicial proceeding. * [Id., $ 1312.]
Liability of Trustees.- Sec. 86. The trustees mentioned in the last section shall be severally responsible to the creditors and stockholders of such corporation, to the extent of its property and effects that shall have come into their hands. [Id., $ 1313.]
* This section precludes the reversion of real estate to the original grantor upon dissolution of the corporation. It remains the property of the corporation, to be distributed among the stockholders after the payment of the corporation debts. (Sword v. Wickersham, 29 Kan. 746–749.) But a bridge which is an immovable part of a public highway becomes part of the public highway on the dissolution of the corporation which built it. (State v. Lawrence Bridge Co., 22 Kan. 438.)
Winding-up trustees cannot secure preferences for debts due themselves, but must sharp ratably with other general creditors. (Hays v. Citizens' Bank, 51 Kan. 535.)
CONTENTS OF PART II.
II. Bridge Companies.
V. Cemetery Corporations.
X. Insurance Companies.