Public Law 60. to authorize the incorporated town of Ketchikan, Alaska, to issue bonds in any sum not to exceed $1,000,000 for the purpose of acquiring public-utility properties, and for other purposes”, approved July 3, 1930 (46 Stat. 1011), in which Act the said city of Ketchikan, Alaska,Vol. 46, p. 1011. was er

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(/us/74/pl/59).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That the city ofKetchikan, Alaska.Bond issue authorized; purpose. Ketchikan, Alaska, is hereby authorized to issue and sell its bonds in any sum not to exceed $1,000,000 for the purpose of acquiring for the said city of Ketchikan, electric light, power, water, and telephone properties of the Citizens’ Light, Power and Water Company, Incorporated, and to finance and operate the same by the said city of Ketchikan.

The bonds herein authorized to be issued and soldPrevious authority. are the bonds referred to in the Act entitled “An Act to authorize the incorporated town of Ketchikan, Alaska, to issue bonds in any sum not to exceed $1,000,000 for the purpose of acquiring public-utility properties, and for other purposes”, approved July 3, 1930 (46 Stat. 1011), in which Act the said city of Ketchikan, Alaska,Vol. 46, p. 1011. was erroneously referred to as the “incorporated town of Ketchikan, Alaska.

” Such bonds when issued shall be legal and valid inBonds deemed municipal obligations. all respects as general obligations of the said city of Ketchikan, Alaska, notwithstanding any defects or irregularities in the submission to a vote of the people of said city of the question with respect to the issuance or sale of said bonds, in the ordinance calling the election, in the notice of election, in the form of ballot, in taking the vote, or in any of the proceedings had or taken in connection with the issuance or sale of such bonds, and all such proceedings are hereby declared to be legal and valid, and the city is alsoTax levy authorized. authorized to levy any taxes which may be necessary for the payment of said bonds for which the full faith and credit of the city shall be pledged.

The revenues derived from said electric light,Revenues pledged. power, water, and telephone properties, over and above the expense of maintenance, operation, and depreciation reserve thereof, shall be pledged to the payment of principal and interest of said bonds. Sec. 2. The bonds herein referred to and authorized to be issuedBonds; form, maturities, etc. and sold shall be issued in such form and detail and with such maturities as have been or hereafter shall be determined by resolution of the Common Council of the City of Ketchikan.

Such bonds shall be issued in coupon form, registerable as to principal, or as to principal and interest. In case any of the officers whoseSignatures. signatures or countersignatures appear on the bonds or coupons shall cease to be such officers before the delivery of such bonds to the purchaser, such signatures or countersignatures shall, nevertheless, be valid and sufficient for all purposes, the same as if they had remained in office until delivery of the bonds. The proceeds of theDisbursement of proceeds of sale. sale of such bonds shall be disbursed only for the purposes hereinbefore mentioned, and for which such bonds were authorized to be issued under the provisions of such Act of July 3, 1930.

Sec. 3. The bonds herein authorized, when issued, are herebyBonds declared obligations. declared to be valid and legally binding obligations of said city of Ketchikan, Alaska. Approved, May 15, 1935. To amend an Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, approved July 1, 1898, and Acts amendatory and supplementary thereto. 1935-05-15 49 Stat. 246 114 Chapter 74 1 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

Digitization Vendor 2025-01-07 public 246 [CHAPTER 114.] AN ACT To amend an Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, approved July 1, 1898, and Acts amendatory and supplementary thereto. May 15, 1935.[[S. 1616](/us/bill/74/s/1616).][[Public, No. 60](/us/74/pl/60).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Bankruptcy Act of 1898 amendments.Vol. 30, p. 547;

Vol. 47, p. 47.[U. S. C., p. 321](/us/usc/p321).Involuntary bankruptcy; who may be adjudged. That subsection (b), as amended and supplemented, of section 4 of the Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, approved July 1,1898, is amended to read as follows: " “(b) Any natural person, except a wage earner or a farmer, any unincorporated company, and any moneyed, business, or commercial corporation (except a municipal, railroad, insurance or banking corporation, or a building and loan association) owing debts to the amount of $1,000 or over, may be adjudged an involuntary bankrupt upon default or an impartial trial, and shall be subject to the provisions and entitled to the benefits of this Act.

Liability of officers, etc., of corporation.“The bankruptcy of a corporation or association shall not release its officers, directors, or stockholders, as such, from any liability under the laws of a State or Territory or of the United States.” " Sec. 2. Vol. 47, p. 1469.[U. S. C., p. 333](/us/usc/p333). That subsection

(l)of section 74 of the Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, approved July 1, 1898, as amended and supplemented, is amended to read as follows: "

(l)Trustee; when may be appointed. If

(1)the debtor shall fail to comply with any of the terms required of him for the protection of and indemnity against loss by the estate ; or

(2)the debtor has failed to make the required deposit in case of a composition; or

(3)the debtor’s proposal has not been accepted by the creditors; or

(4)confirmation has been denied; or

(5)without sufficient reason the debtor defaults in any payment required to be made under the terms of an extension proposal when Nomination by creditors.the court has retained jurisdiction of the debtor or his property, the court may appoint the trustee nominated by the creditors at the first meeting, and if the creditors shall have failed to so nominate, may appoint any other qualified person as trustee to liquidate the estate. The court shall in addition adjudge the debtor a bankrupt if satisfied that he commenced or prolonged the proceeding for the purpose of delaying creditors and avoiding an adjudication in bankruptcy, or if the confirmation of his proposal has been denied. No order of liquidation or adjudication shall be entered in any proceeding under this section instituted by or against a wage earner or a farmer unless the wage earner or farmer consents.” " Sec. 3. Vol. 47, p. 1473.[U. S. C., p. 336](/us/usc/p336). That subsection

(r)of section 75 of the Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, approved July 1, 1898, as amended and supplemented, is amended to read as follows: " “(r) Term “farmer” construed. For the purposes of this section, section 4 (b), and section 74, the term ‘farmer’ includes not only an individual who is primarily bona fide personally engaged in producing products of the soil, but also any individual who is primarily bona fide personally engaged in dairy farming, the production of poultry or livestock, or the production of poultry products or livestock products in their unmanufactured state, or the principal part of whose income is derived from any one or more of the foregoing operations, and includes the personal representative of a deceased farmer; and a farmer shall be deemed a resident of any county in which such operations occur,” " Approved, May 15, 1935. To give proper recognition to the distinguished services of Colonel William L. Keller. 1935-05-15 49 Stat. 247 115 Chapter 74 1 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-07 public 247 [CHAPTER 115.] AN ACT To give proper recognition to the distinguished services of Colonel William L. Keller. May 15, 1935.[[S. 2024](/us/bill/74/s/2024).][

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49 Stat. 246

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Public Law 60

to authorize the incorporated town of Ketchikan, Alaska, to issue bonds in any sum not to exceed $1,000,000 for the purpose of acquiring public-utility properties, and for other purposes”, approved July 3, 1930 (46 Stat. 1011), in which Act the said city of Ketchikan, Alaska,Vol. 46, p. 1011. was er

Stat.×3

Stat.Public Law 60

Stat.Public Law 61

Stat.49 Stat. 246

Cites 3Cited by 3 across 1 source