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15 U.S.C. § 156 — Dissolution of corporation; trustees

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 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.

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Stable record: federal_law:legal_authorities:record_usc_3589b0b0aff44114ceb42360
Source file: Laws/federal/codes/united-states-code/title-15/section-156-dissolution-of-corporation-trustees--c0dae2bd0f.md
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Source location: Title 15, Chapter 4, § 156; chapter-004-china-trade.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 142 — Definitions

When used in this chapter, unless the context otherwise indicates— **(a)** The term “person” includes individual, partnership, corporation, and association; **(b)** The term “China” means (1) China including Manchuria, Tibet, Mongolia, and any territory leased by China to any foreign government, (2) the Crown Colony of Hong Kong, and (3) the Province of Macao; **(c)** The terms “China Trade Act corporation” and “corporation” mean a corporation chartered under the provisions of this chapter; **(d)** The term “Federal district court” means any Federal district court, and the United States District Court for the District of Columbia; **(e)** The term “Secretary” means the Secretary of Commerce; and **(f)** The term “registrar” means the China Trade Act registrar appointed under [section 143 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section143&num=0&edition=prelim).

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 156 — Dissolution of corporation; trustees

Page 626 TITLE 15—COMMERCE AND TRADE § 156 Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91–452 effective on sixtieth day following Oct. 15, 1970, see section 260 of Pub. L. 91–452, set out as an Effective Date; Savings Provision note under section 6001 of Title 18, Crimes and Criminal Procedure. SAVINGS PROVISION Amendment by Pub. L. 91–452 not to affect any immu- nity to which any individual is entitled under this sec- tion by reason of any testimony given before the six- tieth day following Oct. 15, 1970, see section 260 of Pub. L. 91–452, set out as an Effective Date; Savings Provi- sion note under section 6001 of Title 18, Crimes and Criminal Procedure. § 156. Dissolution of corporation; trustees In case of the voluntary dissolution of a China Trade Act corporation or revocation of its cer- tificate 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 mo- tion 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 de- termine. The trustees are invested with the pow- ers, 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 re- maining 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 corpor

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