Chap. 298.—An ACT to provide for winding up abandoned, insolvent, or un-
profitable corporations at the suit of stockholders.

Approved February 16, 1901.

1. Be it enacted by the general assembly of Virginia, That whenever
the principal purpose for which a mining or manufacturing company or
a land and improvement company or a mercantile or commercial com-
pany incorporated in this state has failed, or the management of the
company has been abandoned by its officers or board of directors, or the
company has become insolvent, or its assets are being consumed in ex-
penses, without benefit or probable benefit to the stockholders, or its
affairs are being grossly mismanaged, it shall be lawful for any court
having chancery jurisdiction to wind up such company and make such
disposition of its assets as may be just and equitable in a suit brought
by a stockholder or stockholders holding at least one-tenth of the capital
stock of the company.

2. This act shall not be so construed as to enlarge or alter the power
of courts of chancery jurisdiction to enforce the pavment of subserip-
tions to the capital stock of such corporations, nor to change the forum in
which stockholders of said companies may be sued.

3. This act shall be in force from its passage.