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possession of the property shall be restored to the defendant.
§3381. Notice of pendency of action to be filed.— Upon service of the petition, or at any time afterwards before the entry of the final order, the plaintiff may file in the clerk's office of each county where any part of the property is situated, a notice of the pendency of the proceeding, stating the names of the parties and the object of the proceeding, and containing a brief description of the property affected thereby, and from the time of filing, such notice shall be constructive notice to a purchaser, or incumbrancer of the property affected thereby, from or against a defendant with respect to whom the notice is directed to be indexed, as herein prescribed, and a person whose conveyance or incumbrance is subsequently executed or subsequently recorded, is bound by all proceedings taken in the proceeding, after the filing of the notice, to the same extent as if he was a party thereto. The county clerk must immediately record such notice when filed in the book in his office kept for the purpose of recording notices of pendency of actions, and index it to the name of each defendant specified in the direction appended at the foot of the notice, and subscribed by the plaintiff or his attorney.
3382. Power of court to make necessary orders.— In proceedings under this title, where the mode or manner of conducting all or any of the proceedings therein is not expressly provided for by law, the court before whom such proceedings may be pending, shall have the power to make all necessary orders and give necessary directions to carry into effect the object and intent of his title, and the several acts conferring authority to condemn lands for public use, and the practice in such cases shall conform, as near as may be, to the ordinary practice in such court.
§ 3383. Repealing clause; limitations.— So much of all acts and parts of acts as prescribe a method of procedure in proceedings for the condemnation of real property for a public use is repealed, except such acts and parts of acts as prescribe a method of procedure for the condemnation of real property for public use as a highway, or as a street, avenue, or public place in an
incorporated city or village, or as may prescribe methods of procedure for such condemnation for any public use for, by, on behalf, on the part, or in the name of the corporation of the city of New-York, known as the mayor, aldermen, and commonalty of the city of NewYork, or by whatever name known, or by or on the application of any board, department, commissioners or other officers acting for or on behalf or in the name of such corporation or city, or where the title to the real property so to be acquired vests in such corporation or in such city; and all proceedings for the condemnation of real property embraced within the exceptions enumerated in this section are exempted from the operation of this title.
3384. When act takes effect. This title shall take effect on the first day of May, one thousand eight hundred and ninety, and shall not affect any proceeding previously commenced.
Proceedings for the sale of corporate real property.
SEC. 3390. Proceedings by corporations, etc., to be pursuant to the provisions of this title.
3391. Petition and contents.
3392. Hearing of application. Notice; reference to take proofs.
3393. Order; when application for, may be opposed.
3394. Insolvent corporation or association; notice to creditors.
3396. Power of court to make necessary orders.
3397. When act takes effect.
§3390. Proceedings by corporations, etc., to be pursuant to the provisions of this title. Whenever any corporation or joint-stock association is required by law to make application to the court for leave to mortgage, lease or sell its real estate, the proceeding therefor shall be had pursuant to the provisions of this title. S3391. Petition and contents. The proceeding shall be instituted by the presentation to the supreme court of the district or the county court of the county
where the real property, or some part of it, is situated, by the corporation or association, applicant, of a petition setting forth the following facts:
1. The name of the corporation or association, and of its directors, trustees or managers, and of its principal officers, and their places of residence.
2. The business of the corporation or association, or the object or purpose of its incorporation or formation, and a reference to the statute under which it was incor porated or formed.
3. A description of the real property to be sold, mortgaged or leased, by metes and bounds, with reasonable certainty.
4. That the interests of the corporation or association will be promoted by the sale, mortgage or lease, of the real property specified, and a concise statement of the reasons therefor.
5. That such sale, mortgage or lease has been authorized, by a vote of at least two-thirds of the directors, trustees or managers of the corporation or association, at a meeting thereof, duly called and held, and a copy of the resolution granting such authority.
6. The market value of the remaining real property of the corporation or association, and the cash value of its personal assets, and the total amount of its debts and liabilities, and how secured, if at all.
7. The application proposed to be made of the moneys realized from such sale, mortgage or lease.
8. Where the consent of the shareholders, stockholders or members of the corporation or association, is required by law to be first obtained, a statement that such consent has been given, and a copy of the consent, or a certified transcript of the record of the meeting at which it was given, shall be annexed to the petition.
9. A demand for leave to mortgage, lease or sell the real estate described.
The petition shall be verified in the same manner as a verified pleading in an action in a court of record.
3392. Hearing of application; notice; reference to take proofs. Upon presentation of the petition, the court may immediately proceed to hear the application, or it may, in its discretion, direct that notice of the application shall be given to any person interested therein,
as a member, stockholder, officer or creditor of the corporation or association, or otherwise, in which case the application shall be heard at the time and place specified in such notice, and the court may in any case appoint a referee to take the proofs and report the same to the court, with his opinion thereon.
$3393. Order; when application for, may be opposed. Upon the hearing of the application, if it shall appear, to the satisfaction of the court, that the interests of the corporation or association will be promoted thereby, an order may be granted authorizing it to sell, mortgage or lease the real property described in the petition, or any part thereof, for such sum, and upon such terms as the court may prescribe, and directing what disposition shall be made of the proceeds of such sale, mortgage or lease.
Any person, whose interests may be affected by the proceeding, may appear upon the hearing and show cause why the application should not be granted.
$3394. Insolvent corporation or association; notice to creditors. If the corporation or association is insolvent, or its property and assets are insufficient to fully liquidate its debts and liabilities, the application shall not be granted, unless all the creditors of the corporation have been served with a notice of the time and place at which the application will be heard.
3395. Service of notices.- Services of notices, provided for in this title, may be made either personally or, in case of absence, by leaving the same at the place of residence of the person to be served, with some person of mature age and discretion, at least eight days before the hearing of the application, or by mailing the same, duly enveloped and addressed and postage paid, at least sixteen days before such hearing.
3396. Power of court to make necessary orders.— In all applications made under this title, where the mode or manner of conducting any or all of the proceedings thereon are not expressly provided for, the court before whom such application may be pending, shall have the power to make all the necessary orders and give the proper directions to carry into effect the object and intent of this title, or of any act authorizing the sale of corporate real property, and the practice in such