---
kind: "section"
citation: "15 U.S.C. § 156"
title: "15"
title_heading: "Commerce and Trade"
number: "156"
heading: "Dissolution of corporation; trustees"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/156"
units:
  - "Chapter 4 — China Trade"
---

# §156. Dissolution of corporation; trustees


In case of the voluntary dissolution of a [China Trade Act corporation](/usc/15/142.md?p=c) or revocation of its certificate of incorporation, the directors of the [corporation](/usc/15/142.md?p=c) shall be trustees for the creditors and stockholders of the [corporation](/usc/15/142.md?p=c); except that upon application to the United States Court for [China](/usc/15/142.md?p=b) 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](/usc/15/142.md?p=a), 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](/usc/15/142.md?p=c) and divide among the stockholders according to their respective interests the property of the [corporation](/usc/15/142.md?p=c) 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](/usc/15/142.md?p=c) and shall be jointly and severally liable to the stockholders and creditors of the [corporation](/usc/15/142.md?p=c) to the extent of the property coming into their hands as trustees.


## Source credit

(Sept. 19, 1922, ch. 346, § 16, 42 Stat. 854.)

## Notes

### 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.