shown, such orders may be renewed from time to time, as the exigencies of the case may require.

SEC. 57. When a receiver is continuing business under the order of a judge or the court, he shall, during the first ten days of each month of such continuance, file an account showing the results of the business during the preceding month, and, if such account shows that the business has been run at a loss, cause such account to be brought to the attention' of the court, or, if it is not in session, of said judge, or, if the latter cannot give it his attention, to that of the court when next in session.

SEC. 58. Every receiver shall, on the first Tuesdays of October and April of each year, file a summary statement of all orders made in said cause during the six months preceding, and the doings thereunder. The clerk shall hand said summaries to the judge holding the term or session then pending, or next thereafter, who shall, upon examination of the same, make such further orders in said cause as are deemed by him necessary, and may direct that the cause be placed on the short calendar, for an order approving the statement.

SEC. 59. Every receiver upon an estate which has been in process of settlement more than four months shall, on the first Tuesdays of October and April of each year, file with the court a full and detailed account of the condition and prospects of the estate, including therein, (a) a full list of all the assets on hand with the appraisal value and the present value as estimated by the receiver in parallel columns, (b) a particular statement of the disposition made of all assets since the last report, together with a statement in parallel columns of the appraisal value and the amount realized therefor, (c) a statement of all receipts with the present balance on hand and of all disbursements since the last semiannual report, together with the cash on hand, the places and terms

of deposit, and cause a motion for the approval of the same to be placed on the short calendar.

In all instances the reasons for delay in converting the assets into cash, and for failure to realize appraised values shall be given in said account.

SEC. 60. Whenever any judge in vacation has appointed a receiver, all applications for orders in said proceeding made out of court shall, except in the case of such judge's absence from the State, disability, or request in writing to the contrary, be made to him.

SEC. 61. The clerks shall see that these rules are enforced and promptly report any violations thereof to the court.

SEC. 62. The course of conduct prescribed by these rules may be altered or varied at any time by an order of the court or judge having jurisdiction of a receivership proceeding.

As to Receivership of Corporations having property upon which its members are dependent for support, it is provided by the Public Acts of 1905, Chap. 206, as follows:

"SECTION 1. Whenever there shall be in any town an association, community, or corporation organized in whole or in part for the support of its members, and having property upon which its members, in whole or in part, are dependent for their support, if, in the opinion of the selectmen of said town, there be danger that such property be lost or expended in any manner so that some of such members shall become an expense to the town, said selectmen may bring an application, in the name of the town, to the superior court in the county in which said town is situated, for the appointment of a receiver of the property of said association, community, or corporation, and for other equitable relief; and said court shall have power, if it shall deem necessary and proper, to appoint a receiver of all the property of said association, community, or

corporation, and vest all said property in such receiver, by decree or otherwise, to provide that said property shall be managed and used for the benefit and support of such members, in such manner as said court shall find to be best for the proper protection of such town and such members, and to grant such other relief as shall be necessary for that purpose and to protect the interests of said town and said members, according to the practice and proceedings of courts of equity.

"SEC. 2. No application shall be brought under the preceding section of this act by the selectmen until the matter has been submitted to the town at a special meeting called for that purpose and until the town has approved of said application by vote at said meeting."

NOTES.

It is only under exceptional circumstances that the principal manager of an insolvent corporation can with propriety be appointed its receiver, and never when his personal interests may conflict with those of the creditors. In re Premier Cycle Co., 70 Conn. 473.

A receiver has no vested right of office but may be removed at any time by the court on due notice. From an order of removal he has no right of appeal either as receiver or in his personal capacity. In re Premier Cycle Co., 70 Conn. 473. He may, however, appeal in his personal capacity from an order which determines that after his discharge from office he will be personally responsible for obligations which he contracted officially. Hinckley vs. Gilman, 94 U. S. 467.

A nonresident must renounce inconsistent rights obtained in another jurisdiction after notice of a receivership in this state before proving his claim in receivership proceedings here, but he does not forfeit

his right to present a balance of his claim here by causing to be sold on execution personal property in another State attached before the receivership here. Ward et al. vs. The Connecticut Pipe Mfg. Co., 71 Conn. 345.

Gen. St., Rev. of 1902, § 1053, providing for dissolution of all attachments made within sixty days next preceding a receivership, does not apply to attachments made in another State. Ward et al. vs. The Connecticut Pipe Mfg. Co., 71 Conn. 345.

The mere fact that the business of a trading corporation has been run at a loss since its organization three or four years before does not necessarily, as matter of law, call for its dissolution and the appointment of a receiver, the court having a large measure of judicial discretion as to what is the best course, on the whole, to pursue. Ray vs. The Robert Price Coal Company et als., 80 Conn. 558.

Bankruptcy proceedings in the Federal Court do not prevent the dissolution of a corporation by a State court, and the State court can dissolve a corporation here though it also holds a franchise from other states, since the decree of dissolution here affects only the franchise conferred by this State. Hart vs. Boston, H. & E. R. R., 40 Conn. 524.

The appointment of a receiver under § 26 may constitute an act of bankruptcy under the Federal bankruptcy laws where the record and findings in the state court show that the appointment was in fact, though not in name, made "because of insolvency." In re Belfast Mesh Underwear Co., 153 Fed. 224.

Property in the hands of a receiver is so far under the direction and control of the court that the court may even direct the receiver what wages shall be paid to employees. Guarantee Trust and Safe Deposit Co. vs. P., R. & N. E. Railroad Co., 69 Conn. 709.

The appointment of a receiver does not ipso facto dissolve the corporation. The shares of stock may still be transferred freely, and the stockholders may meet and take any action not inconsistent with the

relations incident to the existence of the receivership. Butler, Receiver, vs. Beach, 82 Conn. 417.

A judgment dissolving a corporation upon proceedings instituted by certain of its stockholders is final as to all persons interested who have notice and an opportunity to appear and object; and therefore an appeal from such a judgment must be taken within the time prescribed by statute, and cannot be deferred. until after the rendition of an order distributing the assets and discharging the receiver. Ensworth et als. vs. National Life Association, 81 Conn. 592.

Sec. 27. Sale of property and franchises. Said court may, in its discretion, in lieu of decreeing the dissolution of such corporation, order the receiver to sell its property and franchises; and the purchaser thereof shall succeed to all of the rights and privileges of such corporation, and may reorganize the same under the direction of said court. At any sale of such property at public auction, the court may, in its discretion, authorize the receiver to accept in payment duly allowed claims against such corporation, at a proper valuation.

Sec. 28. Appraisal and purchase of minority stock interest. Whenever a stockholder or stockholders holding not less than one-tenth of the whole amount of the capital stock of any corporation shall petition for its dissolution and the appointment of a receiver, pursuant to section 26 of this act, any other stockholder or stockholders may apply to said court for a