§ 1506. If the judge be satisfied, that the application and schedule are in conformity with this chapter, and if there appear sufficient ground for the application, but not otherwise, he must order notice to be given to all the stockholders, creditors and others interested, to show cause, if they have any, at a specified time and place, why the corporation should not be dissolved. He may also, if the nature of the case require it, restrain, by injunction, the sale or transfer of any property, or the transaction of any business, by or on behalf of such corporation, until the further order of the court, and may also, then, or afterwards, appoint a receiver, if, in his opinion, it be necessary.

§ 1507. A copy of the order must be served personally on all the members of the corporation residing and to be found, in the same county, at least ten days before the time appointed, in the same manner as a summons in an action. It must be served on all other persons interested, either personally or by publication thereof, for three weeks successively, next before the time of appearance, in a newspaper printed in the county. The judge may also require its publication in one or more other newspapers, if he deem it necessary, in order to give notice to the persons interested.

§ 1508. At the time and place specified, or at another time and place to which the hearing may be then. adjourned, the court must hear the allegations and evidence of the applicant, and of any other party interes

ted. The original application and schedules may be used on the hearing, adjournments may be had, and testimony taken, from time to time, in the discretion of the court, and if it become necessary to take an account, a reference for that purpose may be ordered.

§ 1509. If the court be satisfied that the corporation is insolvent, or that for any other reason, the dissolution thereof will be beneficial to the stockholders, and not injurious to the public, an order of dissolution may be made, and a receiver appointed Such corporation shall thereby cease to exist, and its property shall be applied in satisfaction of its debts, and in discharge of its liabilities, and the residue distributed among the stockholders, according to their respective interests therein. No action or special proceeding shall abate by such dissolution, but the receiver may, on motion, be substituted therein, for the corporation.

§ 1510. All conveyances, sales, transfers, and mortgages of real or personal property of such corporation, in payment of, or security for, an antecedent debt, or otherwise, in violation of the injunction are void against the receiver and the creditors.

§ 1511. The receiver must, by public notice, appoint a general meeting of all the creditors, and others interested in the corporation, at a time within three months after his appointment, when all accounts and demands for and against the corporation, and all open and subsisting contracts, must be liquidated and classified as

far as practicable. A statement showing the condition. of the funds, and of the affairs generally in the hands of the receiver, must be then prepared and exhibited by the receiver. All books and papers in the hands of the receiver, are also at all timessubject to the examination of the creditors and stockholders.

§ 1512. After such meeting, and within four months from the time of his appointment, the receiver must pay all outstanding just claims against the corporation, to the extent of the funds in his hands, (except such as he is by law authorized to reserve,) or if the funds are insufficient, must make payment and distribution in equal proportions, according to their priority.

§ 1513. If any money remain in the hands of the receiver, or be received by him, after the first dividend, he must within a year thereafter, and as much sooner as the condition of the assets will permit, after giving due notice thereof, make a second, and, if possible, final payment to the creditors, and distribution of the residue to stockholders, or others entitled, of the remaining assets in his hands. If after the second distribution, there still remain any part of the estate not collected or distributed, a third distribution must be made in like manner, and so on, as often as may be necessary; but no distribution among the stockholders can be made within one year after the appointment of the receiver, nor until after all the known debts are paid and

liabilities discharged, or a sufficient fund set apart for

that purpose.

§ 1514. Notice of every distribution must be published at least once a week, for three weeks next before the time appointed therefor, in a newspaper printed in the county, where the principal place of business of the corporation was situated, and also in the state paper.

§ 1515. Any person having a just claim, who has not been included in the list of creditors, or of persons entitled to distribution, or has not had his just share of the assets at any former distribution, may appear and establish his claim, before the final dividend, and shall thereupon be entitled to his full share out of the remaining assets, if sufficient remain to make his payment or distributive share, equal, in proportion to its amount, to that of other claims of the same class at all former dividends, and may thereafter receive with others his just proportion.

§ 1516. Immediately after all the funds in the hands of the receiver have been paid out and applied, he must make a report to the court, containing a full and accurate account of his proceedings; which report must be filed with the clerk of the court in the county where the principal place of business of the corporation was situated.

§ 1517. Previous notice, of the time and place of filing the account, must be published once a week for three weeks, in a newspaper printed in the county, and also in the state paper, and a copy of such notice must also be served on every party, who has previously, in writing, requested notice of the final account. Such notice must also state, that the account will remain on file for the examination of all persons interested, for two weeks from the time of filing the same, and if no objection be made to it by the service of notice, in writing, on the receiver, within that time, that an order closing the account and discharging the receiver, will be entered.

§ 1518. Upon satisfactory proof, produced to the court, showing that such account has been filed after due notice thereof, in the manner for the time prescribed in the last section, and that no objection has been made thereto, by notice served on the receiver, an order may be made that the account of the receiver be confirmed, and he be thereupon discharged.

§ 1519. An objection taken to such account, must state generally in what respect it is erroneous or defective, and the parties objecting are thereupon entitled to five days notice of the time and place of presenting the account, with the objection, to the court for decis ion.