The American Lawyer Volume 15
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 Excerpt: ...assignee or receiver to proceed to collect the amount so assessed, unless It be paid within the time specified in the order, and in default of payment the receiver is to bring suit. Section 5...
Paperback: 588 pages
Publisher: RareBooksClub.com (May 16, 2012)
Product Dimensions: 7.4 x 1.2 x 9.7 inches
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provides that the assessment levied shall be conclusive upon and against all parties liable upon or on account of any shares of said stock of such corporation, whether appearing or having notice thereof or not, as to all matters relating to the amount of and the necessity for said assessment, which provision shall also apply to any subsequent assessment levied by order of the court. Section ti makes it the duty of the assignee or receiver, upon failure to pay as required by the order, to institute and maintain an action against any party liable upon or on account of any such shares of stock, and that actions may be maintained against each stockholder in Minnesota or in any other State or county where such stockholder or any property subject to attachment, garnishment or other process may be found, and provides that if the assignee or receiver shall believe any such stockholder to be insolvent, or that the expense of prosecuting such action will work to the disadvantage of the estate, he shall not be required to prosecute the same unless specifically directed to do so by the court. Section 7 provides for further assessments in case the first proves Inadequate. Section 8 extends the provisions of the act to such subsequent assessments. Section 9 provides where two or more assessments are levied or directed the assignee or receiver may join the causes of action against any stockholder on two or more such assessments. Section 10 provides that if the assignee or receiver falls to institute or prosecute the action the creditors may petition the court to compel him to proceed...