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Title 15, Commerce and TradeRelease 119-102

§156 Dissolution of Corporation; Trustees

Title 15 › CHAPTER 4 — CHINA TRADE › § 156

Last updated Aug 21, 2026|Official source

Summary

When a China Trade Act corporation voluntarily closes or loses its charter, the directors must act as trustees for the company's creditors and shareholders. The United States Court for China can appoint other trustees if an interested person asks or if a court in a pending case requests it. Trustees must close out the business, pay debts, and give any remaining assets to shareholders. They can sue or be sued in the company's name. Each trustee, and all trustees together, can be held responsible to creditors and shareholders, but only for the property they hold as trustees.

Full Legal Text

Title 15, §156

Commerce and Trade, Source: USLM XML via OLRC

In case of the voluntary dissolution of a China Trade Act corporation or revocation of its certificate of incorporation, the directors of the corporation shall be trustees for the creditors and stockholders of the corporation; except that upon application to the United States Court for China by any interested party, or upon the motion of any court of competent jurisdiction in any proceeding pending before it, the court may in its discretion appoint as the trustees such persons, other than the directors, as it may determine. The trustees are invested with the powers, and shall do all acts, necessary to wind up the affairs of the corporation and divide among the stockholders according to their respective interests the property of the corporation remaining after all obligations against it have been settled. For the purposes of this section the trustees may sue and be sued in the name of the corporation and shall be jointly and severally liable to the stockholders and creditors of the corporation to the extent of the property coming into their hands as trustees.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

United States Court for China, referred to in text, has been abolished. See Codification note set out under section 142 of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 156

Title 15, Commerce and Trade

Last Updated

Aug 21, 2026

Release point: 119-102