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 corporation to the extent of the property com- ing into their hands as trustees. (Sept. 19, 1922, ch. 346, § 16, 42 Stat. 854.) Editorial Notes REFERENCES IN TEXT United States Court for China, referred to in text, has been abolished. See Codification note set out under sec- tion 142 of this title. § 157. Regulations and fees; disposition of fees and penalties (a) The Secretary is authorized to make such regulations as may be necessary to carry into effect the functions vested in him or in the reg- istrar by this chapter. (b) The Secretary is authorized to prescribe and fix the amount of such fees (other than the incorporation fee) to be paid him or the reg- istrar for services rendered by the Secretary or the registrar to any person in the administra- tion of the provisions of this chapter. All fees and penalties paid under this chapter shall be covered into the Treasury of the United States as miscellaneous receipts. (Sept. 19, 1922, ch. 346, § 17, 42 Stat. 854.) § 158. False or fraudulent statements prohibited; penalties No stockholder, director, officer, employee, or agent of a China Trade Act corporation shall make, issue, or publish any statement, written or oral, or advertisement in any form, as to the value or as to the facts affecting the value of stocks, bonds, or other evidences of debt, or as to the financial condition or transactions, or facts affecting such condition or transactions, of such corporation if it has issued or is to issue stocks, bonds, or other evidences of debt, when- ever he knows or has reason to believe that any material representation in such statement or advertisement is false. No stockholder, director, officer, employee, or agent of a China Trade Act corporation shall, if all the authorized capital stock thereof has not been paid in, make, issue, or publish any written statement or advertise- ment, in any form, stating the amount of the authorized capital stock without also stating as the amount actually paid in, a sum not greater than the amount paid in. Any person violating any provisions of this section shall, upon convic- tion thereof, be fined not more than $5,000 or im- prisoned not more than ten years, or both. (Sept. 19, 1922, ch. 346, § 18, 42 Stat. 855.) § 159. Unauthorized use of legend; penalty No individual, partnership, or association, or corporation not incorporated under this chapter or under a law of the United States, shall engage in business within China under a name in con- nection with which the legend ‘‘Federal Inc. U.S.A.’’ is used. Any person violating this sec- tion shall, upon conviction thereof, be fined not more than $1,000 for each violation. (Sept. 19, 1922, ch. 346, § 19, 42 Stat. 855.) § 160. Maintenance of agent for service Every China Trade Act corporation shall maintain in the District of Columbia a person as its accredited agent, upon whom legal process may be served, in any suit to be brought in the United States District Court for the District of Columbia, and who is authorized to enter an ap- pearance in its behalf. In the event of the death or inability to serve, or the resignation or re- moval, of such person, such corporation shall, within such time as the Secretary by regulation prescribes, appoint a successor. Such corpora- tion shall file with the Secretary a certified copy of each power of attorney appointing a per- son under this section, and a certified copy of the written consent of each person so appointed. (Sept. 19, 1922, ch. 346, § 20(b), as added Feb. 26, 1925, ch. 345, § 10, 43 Stat. 996; June 25, 1936, ch. 804, 49 Stat. 1921; June 25, 1948, ch. 646, § 32(a), 62 Stat. 991; May 24, 1949, ch. 139, § 127, 63 Stat. 107.) Editorial Notes CODIFICATION Section comprises subsec. (b) of section 20 of act Sept. 19, 1922, as added by act Feb. 26, 1925. Subsec. (a) of section 20 is classified to section 146a of this title. Statutory Notes and Related Subsidiaries CHANGE OF NAME Act June 25, 1948, eff. Sept. 1, 1948, as amended by act May 24, 1949, substituted ‘‘United States District Court for the District of Columbia’’ for ‘‘district court of the United States for the District of Columbia.’’