
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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.
