§ 156. — Dissolution of corporation; trustees.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC156]
TITLE 15--COMMERCE AND TRADE
CHAPTER 4--CHINA TRADE
Sec. 156. Dissolution of corporation; trustees
In case of the voluntary dissolution of a China Trade Act
corporation or revocation of its certificate of incorporation, the
directors of the corporation shall be trustees for the creditors and
stockholders of the corporation; except that upon application to the
United States Court for China by any interested party, or upon the
motion of any court of competent jurisdiction in any proceeding pending
before it, the court may in its discretion appoint as the trustees such
persons, other than the directors, as it may determine. The trustees are
invested with the powers, and shall do all acts, necessary to wind up
the affairs of the corporation and divide among the stockholders
according to their respective interests the property of the corporation
remaining after all obligations against it have been settled. For the
purposes of this section the trustees may sue and be sued in the name of
the corporation and shall be jointly and severally liable to the
stockholders and creditors of the corporation to the extent of the
property coming into their hands as trustees.
(Sept. 19, 1922, ch. 346, Sec. 16, 42 Stat. 854.)
References in Text
United States Court for China, referred to in text, has been
abolished. See Codification note set out under section 142 of this
title.
