§ 221. Dissolution of educational institution by stockholders. 1.\nMeeting to consider application for dissolution, when to be called. The\ntrustees of any educational corporation chartered by regents or subject\nto their visitation and having capital stock, may, and upon the written\napplication of any person owning or lawfully holding one-third of the\nsaid capital stock, must call a general meeting of the stockholders of\nthe said corporation as hereinafter provided, for the purpose of\ndetermining whether or not such corporation shall surrender its charter\nand be dissolved and its property distributed among the stockholders\nthereof.\n 2. Notice thereof, how published. The notice for such general meeting\nmust state the object thereof and be subscribed by the chairman or other\nacting presiding officer and the secretary or acting secretary of the\nsaid corporation or board of trustees; it shall be published once a week\nfor three successive weeks prior to such meeting in a daily or weekly\nnewspaper circulated in the place where the principal office of such\ncorporation is located; or if there be no such paper, then in a daily or\nweekly paper circulated within the county, if there be one, or, if not,\nin an adjoining county to that in which such corporation is located.\n 3. Vote requisite for surrender of charter and dissolution. Whenever,\nat a meeting of the stockholders called as hereinbefore provided, any\nperson or persons holding or qualified to vote upon a majority of the\ncapital stock of such educational corporation shall vote to surrender\nthe charter thereof and to dissolve the corporation, the trustees of\nsuch corporation, or a majority of them, must make and sign a\ncertificate of such action, cause the same to be properly attested by\nthe officers of the corporation and file the same, together with a copy\nof the published notice for the meeting at which such action was taken,\nand due proof of the publication thereof, in the office of the board of\nregents of the university of the state of New York and thereupon, if the\nsaid proceedings shall have been regularly conducted as above\nprescribed, the charter of said corporation shall be deemed to be\nsurrendered and the said corporation dissolved.\n 4. Powers of trustees of educational corporations upon dissolution.\nUpon the dissolution of such educational corporation as herein provided,\nor upon the revocation by the regents, pursuant to section two hundred\nnineteen of this chapter, of the charter of an educational corporation\nhaving outstanding shares of stock, the trustees thereof shall forthwith\nbecome and be trustees of the creditors and stockholders of the\ncorporation dissolved. They shall have full power to settle the affairs\nof the said corporation; to collect and pay the outstanding debts; to\nsue for and recover debts and property thereof by the name of the\ntrustees of such corporation; to sell and dispose of the property\nthereof, at public or private sale, and to divide among the stockholders\nthe moneys or other property that shall remain after the payment of\ndebts and necessary expenses.\n 5. Notice to creditors to present claims, how published. The said\ntrustees shall, after the dissolution of the said corporation, insert in\na newspaper circulated in the place where the principal office of said\ncorporation is located, or if there be none such then in a newspaper\ncirculated within the county, if there be one, or, if not, in an\nadjoining county, a notice once in each week for three successive\nmonths, requiring all persons having claims against the said corporation\ndissolved to present the same with proof thereof to the said trustees at\nthe place designated in such notice, on or before a day therein named\nwhich shall be not less than three months from the first publication\nthereof. In case any action shall be brought upon any claim which shall\nnot have been presented to the said trustees within three months from\nthe fi
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