Chap. 0055 An act for the Voluntary Closing of Corporations.

Be it enacted by the Senate and House of Reprcse?ita-tives, in General Court assembled, and by the authority of the same, as follows :

Sect. 1. Whenever a majority in number or interest of the members of any corporation shall desire to close their concerns, they may apply by petition to the supreme judicial court, setting forth in substance the grounds of their application, and said court, after due notice to all parties interested, may proceed to hear the matter, and for reasonable cause, decree a dissolution of such corporation.

Sect. 2. Upon such decree being made, said court may, at their discretion, appoint one or more persons to be receivers or trustees, of and for such corporation, in like manner and with the like powers and duties as provided in sections eight and ten of chapter forty-four of the Revised Statutes ; and said court shall have like jurisdiction of, and powers in, such application, and all questions arising in the proceedings thereon, as provided in section nine of said chapter forty-four.

Sect. 3. All corporations so dissolved by decree, as aforesaid, shall be deemed and held extinct in like manner,

to the same extent, and with like effect, as if their charters had expired by their own limitation.

Sect. 4. All acts or parts of acts inconsistent with the provisions of this act are hereby repealed. [Approved by the Governor, March 27, 1852.]