1. Whenever the director shall have paid to each creditor of any stock corporation
whose claim has been duly proved the full amount of such claim, and shall have made
proper provision for claims in litigation and not finally determined, and shall have
paid all the expenses of liquidation, he shall call a meeting of the stockholders
of such corporation by causing notice of the time and place of such meeting to be
published at least once a week for three successive weeks in one or more newspapers
selected by him and published in the county or city where the principal office of
such corporation is located.
2. At such meeting, the stockholders shall determine whether the director shall continue
as liquidator to wind up the affairs of such corporation, or whether the stockholders
themselves shall elect an agent or agents for that purpose.
3. In determining these matters, the stockholders shall vote by ballot in person or
by proxy. Each share of stock shall be entitled to one vote and the vote of a majority of
the issued stock shall be necessary to a determination.
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