7 GCA § 50301: Corporations.

The provisions of this Chapter shall apply to associations and corpora-tions and upon the petition of any officer of any association or corporation, duly authorized by the vote of the board of directors or trustees, at a meeting specially called for that purpose, or by the assent in writing of a majority of the directors or trustees, as the case may be, or upon a creditor's petition made and presented in the manner provided in respect to debtors, like proceedings shall be had and taken as are provided in the case of debtors; provided, that in case the articles of association or by-laws of any association or corporation provide a method for such proceedings, such method shall be followed. All the provisions of this section which apply to the debtor, or set forth his duties, examination, and liabilities, or prescribe penalties, or relate to fraudulent conveyances, payments and assignments, apply to each and every officer of any association or corporation in relation to the same matters concerning the corporation. Whenever any corporation is declared insolvent, its property and assets shall be distributed to the creditors; but no discharge shall be granted to any corporation. The provi-sions of the section shall not apply to any corporation as to which there is any special provision of law for its liquidation in case of insolvency.