§127. Idle manufacturing plants; presumption of violation; receivership; sale or lease
Whenever in any suit on behalf of the state it appears to the court, by affidavit or otherwise, either in limine or upon trial, that any manufacturing plant has been closed and kept idle for more than one year, it shall be presumed that such manufacturing plant was closed and kept idle for the purpose of violating this Part. The court shall receive and consider any and all evidence, whether by affidavit or otherwise, which may rebut this presumption. In computing the one year period, any plant is idle which has not been operating bona fide.
If the court finds that the facts do not fairly rebut the presumption, it shall issue an order to the owner to sell the plant to bona fide third parties, within a delay fixed by the court, not to exceed six months from the date of the order. If, at the expiration of that time, the plant is not sold, the court shall appoint a receiver to take possession, under bond, and the receiver may sell, lease, or dispose of the plant under the directions of the court, within twelve months of the order appointing him.
No sale or lease shall be made to any individual who has been connected with the management of the plant, or to any corporation or firm composed in whole or in part of such individuals. No corporation shall buy or lease the plant if more than thirty per cent of its stock is held by former stockholders of the offending corporation.
All sales by receivers under this Part shall be made according to the law governing sheriff's sales.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.