AN ACT for the Benefit of Creditors and Stockholders of Insolvent Corporations.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, (two thirds of each branch of the Legislature concurring therein):

SECTION 1. That whenever a corporation shall be insolvent, the Chancellor, on the application and for the benefit of any creditor or stockholder thereof, may, at any time, in his discretion, appoint one or more persons to be receivers of and for such corporation, to take charge of the estate, effects, business and affairs thereof, and to collect the outstanding debts, claims, and property due and belonging to the company, with power to prosecute and defend, in the name of the corporation or otherwise, all claims or suits, to appoint an agent or agents under them, and to do all other acts which might be done by such corporation and may be necessary and proper; the powers of such receivers to be such and continued so long as the Chancellor shall think necessary; provided, however, that the provisions of this act shall not apply to corporations for public improvement.

Passed at Dover, March 25, 1891.