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remain, a ft e r the payment o f a l l i t s debts, upon the disso lu tio n o f the corp ora tion or the e x p ira tio n of i t s c h a rte r; p rovid ed , also th at th is sectio n s h a ll not prevent the retirem en t or conversion of e ith e r stock or bonds or the d is tr ib u tio n o f the earnings or accumu­la tio n s o f the corp oration as provided fo r in the a r t ic le s or c e r t i f i c a t e o f in co rp o ra tio n , o r ig in a l or amended." The f i r s t p a rt o f th is s e ctio n , except fo r the p a rt i t a l i c i s e d , is p r a c t ic a lly a re-sd op tio n of S ection 878 o f the Laws o f Nevada, as contained in the Compiled Laws. This la s t section is a lso id e n tic a l w ith S ection 309 o f the C iv i l Code of C a lifo r n ia . I t is , of course, in e f f e c t a sta tu to ry d ecla ra tio n o f the ru le that a corp oration s h a ll not d eclare dividends from the p r o fit s o f i t s business. In C a lifo r n ia a breach o f th is law is made a misde­meanor. See Sec. 559 Penal Code. There have been several decision s d e fin in g and d eclar ing ru les fo r the determ ination o f the question as to when dividends may be dealared by the d ir e c to r s o f a co rp o ra tio n . But a l l o f the d e c is io n s , so f a r as I have been able to ascer­ta in , except as to mining co rp o ra tio n s, are a p p lied to manu­fa c tu r in g , r a ilr o a d , te le g ra p h , or s im ila r o rg a n iza tio n s. Clark & M arshall on C orporations, V o l. I I , Sec. 519, s a y s: " I t is a w e ll s e ttle d p r in c ip le th at as between stockholders o f a co rp o ra tio n , and i t s c r e d ito r s , the assets of the corp ora tion are in a sense a tru st fund fo r (2)