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U.S. Code as of:
01/19/04
Section 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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