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LAWS OF NEW YORK.-CHAP. 151.
AN ACT to regulate proceedings against corporations by injunction and otherwise.
PASSED April 7, 1870.
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
SECTION. 1. An injunction to suspend the general and ordinary business of a corporation or a joint-stock association, or to suspend from office any director, trustee or manager of a corporation or joint-stock association, or to restrain or prohibit any director, trustee or manager of a corporation or joint-stock association from the performance of his duties as such, shall not be granted, except by the court, and upon a notice of at least eight days of the application therefor to the proper officers of the corporation, or the director, trustee or manager to be enjoined or restrained; and an injunction granted for any of the said purposes, except by the court and upon the notice in this section prescribed, shall be void.
§ 2. No officer or director of a corporation shall be suspended or removed from office, otherwise than by the judgment of the supreme court in a civil action, in the cases prescribed by the revised statutes, and all actions and proceedings against a corporation, when the relief sought or which can be granted therein, shall be the dissolution of such corporation, or the removal or suspension of any officer or director thereof, shall be brought by the attorney general in the name of the people of the State.
§ 3. A receiver of the property of a corporation can be appointed only by the supreme court in a civil action, and in one of the following cases, upon at least eight days' notice of the application therefor, to the proper officers of such corporation :
1. In a civil action brought by a judgment creditor of the corporation, or his representatives, after execution has been issued upon such judgment and returned unsatisfied in whole or in part. 2. In a civil action brought by a creditor of the corporation for the foreclosure of a mortgage, upon the property over which the receiver is appointed, and when the mortgage debt, or interest thereon, has remained unpaid at least thirty days after it be came due, and was duly demanded from the proper officers of the corporation, and when either the income of such property is specif ically mortgaged, or the property itself is probably insufficient to pay the amount of the mortgage debt.
3. In a civil action brought by the attorney general for a dissolution of the corporation when it appears to the court that such dissolution ought to be adjudged.
4. In a civil action brought by the attorney general or by the stockholders to preserve the assets of a corporation, having no officer empowered to hold the same.
5. In the cases specifically mentioned in title four, chapter eight, part three, of the revised statutes.
4. Any director or other officer of a corporation or jointstock association, upon whom shall be served any notice of an application for an injunction restraining or affecting the business of such corporation or joint-stock association, or for a receiver of its property and effects, or any part thereof, who shall conceal from or omit to disclose to the other directors, trustees, managers and officers thereof the fact of such service, and the time and place at which such application is to be made, shall be deemed guilty of a misdemeanor, and, upon conviction thereof, shall be punished by fine or imprisonment, or both such fine and impris onment, and shall be liable, in a civil action, to the corporation or joint-stock association for all damages which shall be sustained by it by reason of such proceedings.
§ 5. The provisions of this act shall extend and apply to all corporations and joint-stock associations, created or existing by the laws of this or of any other State or government, doing busines swithin this State, or having a business or fiscal agency, or an agency for the transfer of its stock therein, and to the directors, trustees, managers and other officers of such foreign corporations or joint-stock associations, and to all proceedings by the attorney general, in the name of the people of this State, under the laws regulating proceedings against corporations: except that it shall not apply to corporations or associations having banking powers or power to make insurances, or to such as shall be organized under the general manufacturing laws of this State.
§ 6. This act shall take effect immediately.
Law 1870, ch. 539f increases the fees of jurors, and requires $6 for jury fees to be paid on filing note of issue, and if a trial is had, a further sum of $6 before recording the verdict.
[The reference is to the page. The letters following the figures refer to cor-
Abate, when action not to, 109, 110, | Act-continued.
Abatement, and in bar distinction be-
Absconding debtors, attachment
Absence from State, effect of, on time
rules and practice consistent with,
all statutes inconsistent with, re-
cases not provided for in, 678.
Action, defined, 10.
what is, and what is not, 10 a, b.
grantor, when allowed, 88.
provisions of revised statutes ap-
abatement of, 109.
discontinuing in justices' court, on
answer of title, 53.
on judgment, 71.
on judgment against joint-stock
on undertaking, 195 f, 325 g, 336
how commenced, 124.
cause of action has accrued,
title of, not changed on appeal,
for discovery abolished, 607.