1. On the filing of said petition with the clerk of said court, it shall be the duty of said clerk to cause a notice to be published in some newspaper published in the county where the cause is pending, and if there is no newspaper published in said county, then in some newspaper published in the next nearest county, addressed to all whom it may concern, and setting forth the filing of said petition and stating briefly the object and general nature of the petition and that a judgment and decree will be entered in said cause at the next term of the said court after due publication of said notice, as prayed in said petition.

2. And at the next term of said court after due publication of said notice, as herein provided, the court shall hear the said petition and the evidence which may be produced by the petitioner and by any person interested in such company as a stockholder, if it be a stock company, or as a policyholder if it be a mutual company, or as a stockholder or a policyholder in its mutual department if it be a stock and mutual company, at the time originally limited by law or its charter for the termination of the corporate existence of such company who has not assented to or ratified such reorganization and extension and continuance of the corporate existence of such company, and shall make and enter its judgment and decree ascertaining and determining the number and names of the persons who were stockholders if it be a stock company, or who were policyholders if it be a mutual company, or who were stockholders or policyholders in its mutual department if it be a stock and mutual company, of said company at the time originally limited by law or its charter for the termination of its corporate existence who have not assented to or ratified such reorganization and extension and continuance of the corporate existence of such company and the value of their respective equitable interests or proportions in its net assets at that time, and authorizing and directing such company to pay to them respectively the value of their equitable interests or proportions in such net assets as thus ascertained and determined in full satisfaction of their respective claims and interests in such net assets; and thereupon payment by said company to such stockholders or policyholders of the value of their respective equitable interests or proportions in such net assets as thus ascertained and determined such stockholders or policyholders shall have no further claims or interests in such assets of said company; provided, that the court may, if it deem it advisable, refer the matter to some suitable person as referee to hear said matter and ascertain and report to the court his findings concerning the same, as in other cases.