Public Law 819. to establish a uniform system of bankruptcy throughout the United States”, as amended, be, and is hereby, amended to read as follows: " “(e) Upon the certification of a plan by the Commission to the Notice to parties in interest of time within which to file objections to plan.court, the court shall
2,117 words·~10 min read·
/statutes-at-large/vol-49/public-law-819·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(/us/pl/74/818).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That subsection Bankruptcy Act of 1898, amendments.*Ante*, pp. 918, 965.Corporate reorganizations.(e) of section 77 of the Act of July 1, 1898, entitled “An Act to establish a uniform system of bankruptcy throughout the United States”, as amended, be, and is hereby, amended to read as follows: " “(e) Upon the certification of a plan by the Commission to the Notice to parties in interest of time within which to file objections to plan.court, the court shall give due notice to all parties in interest of the time within which such parties may file with the court their objections to such plan, and such parties shall file, within such time as may be fixed in said notice, detailed and specific objections in writing to the plan and their claims for equitable treatment.
The judge shall, Hearings.after notice in such manner as he may determine to the debtor, its trustee or trustees, stockholders, creditors, and the Commission, hear all parties in interest in support of, and in opposition to, such objections to the plan and such claims for equitable treatment. After Approval by court: requirements.such hearing, and without any hearing if no objections are filed, the judge shall approve the plan if satisfied that:
(1)It complies with Rights of creditors, stockholders, etc.the provisions of subsection
(b)of this section, is fair and equitable, affords due recognition to the rights of each class of creditors and stockholders, does not discriminate unfairly in favor of any class of creditors or stockholders, and will conform to the requirements of the law of the land regarding the participation of the various classes of creditors and stockholders;
(2)the approximate amounts to be Amounts to be paid.paid by the debtor, or by any corporation or corporations acquiring 1970the debtor’s assets, for expenses and fees incident to the reorganization, have been fully disclosed so far as they can be ascertained at the date of such hearing, are reasonable, are within such maximumlimits as are fixed by the Commission, and are within such maximum Administration costs, etc.limits to be subject to the approval of the judge;
(3)the plan provides for the payment of all costs of administration and all other allowances made or to be made by the judge, except that allowances Payment in securities.provided for in subsection (c), paragraph
(12)of this section, may be paid in securities provided for in the plan if those entitled thereto will accept such payment, and the judge is hereby given power to approve the same. Disapproval by court; dismissal or reference back to Commission. “If the judge shall not approve the plan, he shall file an opinion, stating his conclusions and the reason therefor, and he shall enter an order in which he may either dismiss the proceedings, or in his discretion and on motion of any party in interest refer the proceedings back to the Commission for further action, in which event he shall transmit to the Commission a copy of any evidence received. Reconsideration by Commission.If the proceedings are referred back to the Commission, it shall proceed to a reconsideration of the proceedings under the provisions Approval by court; order to be entered; copy to Commission.of subsection
(d)hereof. If the judge shall approve the plan, he shall file an opinion, stating his conclusions and the reasonstherefor, and enter an order to that elfect, and shall send a certified copy of Submission of plan to creditors.such opinion and order to the Commission. The plan shall then be submitted by the Commission to the creditors of each class whose claims have been filed and allowed in accordance with the requirements To stockholders, etc.of subsection
(c)hereof, and to the stockholders of each class, and/or to the committees or other representatives thereof, for acceptance or rejection, within such time as the Commission shall specify, together with the report or reports of the Commission thereon or such a summarization thereof as the Commission may *Proviso.*Submission to any class of stockholders not necessary; when.approve, and the opinion and order of the judge: *Provided*, That submission to any class of stockholders shall not be necessary if the Commission shall have found, and the judge shall have affirmed the finding,
(a)that at the time of the finding the corporation is insolvent, or that at the time of the finding the equity of such class of stockholders has no value, or that the plan provides for the payment in cash to such class of stockholders of an amount not less than the value of their equity, if any, or
(b)that the interests of such class of stockholders will not be adversely and materially affected by the plan, or
(c)that the debtor has pursuant to authorized corporate action accepted the plan and its stockholders are bound by such Submission to any class of creditors not necessary; when.acceptance: *Provided further*, That submission to any class of creditors shall not be necessary if the Commission shall have found, and the judge shall have affirmed the finding, that the interests of such class of creditors will not be adversely and materially affected by the plan, or that at the time of the finding the interests of such class of creditors have no value, or that the plan provides for the payment in cash to such class of creditors of an amount not less than Acceptance or rejection by creditor or stockholder; form.the value of their interests. For the purpose of this section the acceptance or rejection by any creditor or stockholder shall be in writing, executed by him or by his duly authorized attorney, United States as a creditor or stockholder.committee, or representative. If the United States of America, or any agency thereof, or any corporation (other than the Reconstruction Finance Corporation) the majority of the stock of which is owned by the United States of America, is a creditor or stockholder, the interests or claims thereof shall be deemed to be affected by the plan, and the President of the United States, or any officer or agency he may designate, is hereby authorized to act in respect of the interests or claims of the United States or of such agency or other corporation. 1971 The expense of such submission shall be certified by the Commission Burden of expense of submission.and shall be brne by the debtor’s estate. The Commission shall certify to the judge the results of such submission. “Upon receipt of such certification, the judge shall confirm the Confirmation of plan by court; findings.plan if satisfied that it has been accepted by or on behalf of creditors of each class to which submission is required under this subsection holding more than two-thirds in amount of the total of the allowed claims of such class which have been reported in said submission as voting on said plan, and by or on behalf of stockholders of each class to which submission is required under this subsection holding more than two-thirds of the stock of such class which has been reported in said submission as voting on said plan; and that such acceptances have not been made or procured by any means forbidden by law: *Provided*, That, if the plan has not been so accepted by the creditors *Provisos.*Confirmation of plan when not accepted by creditors, etc.and stockholders, the judge may nevertheless confirm the plan if he is satisfied and finds, after hearing, that it makes adequate provision for fair and equitable treatment for the interests or claims of those rejecting it; that such rejection is not reasonably justified in the light of the respective rights and interests of those rejecting it and all the relevant facts; and that the plan conforms to the requirements of clauses
(1)to (3), inclusive, of the first paragraph of this subsection (e):*Provided further*, That if, in any reorganization Provision for payment of taxes or customs duties.proceeding under this section, the United States is a creditor on claims for taxes or customs duties (whether or not the United States has any other interest in? or claim against, the debtor, as creditor or stockholder), no plan which does not provide for the payment thereof Acceptance of lessor amount.shall be confirmed by the judge except upon the acceptance, certified to the court, of a lesser amount by the President of the United States or the officer or agency designated by him pursuant to the provisions of the preceding paragraph hereof:*Provided further*, That if the Presumption of consent to lesser amount.President of the United States or such officer or agency shall fail to accept or reject such lesser amount for more than ninety days after receipt of written notice so to do from the court, accompanied by a certified copy of the plan, the consent of the United States insofar as its claims for taxes or customs duties are concerned shall be conclusively presumed. If the judge shall confirm the plan, he shall Order confirming or disapproving plan.enter an order and file an opinion with a statement of his conclusions and his reasons therefor. If the judge shall not confirm the plan, Dismissal or reference back to Commission.he shall file an opinion, with a statement of his conclusions and his reasons therefor, and enter an order in which he shall either dismiss the proceedings, or, in his discretion and on the motion of any party in interest, refer the case back to the Commission for further proceedings, including the consideration of modifications of the plan or the proposal of new plans. In the event of such a reference back to the Commission, the proceedings with respect to any modified or new plan shall be governed by the provisions of this section in like manner as in an original proceeding hereunder. “If it shall be necessary to determine the value of any property Appraisal of property.for any purpose under this section, the Commission shall determine such value and certify the same to the court in its report on the plan. The value of any property used in railroad operation shall be determined Property used in railroad operation.on a basis which will give due consideration to the earning power of the property, past, present, and prospective, and all other relevant facts. In determining such value only such effect shall be given to the present cost of reproduction new and less depreciation and original cost of the property, and the actual investment therein, as may be required under the law of the land, in light of its earning power and all other relevant facts.” " Approved, June 26, 1936. To provide for the sale of a certain isolated tract of the public domain in the State of Oregon. 1936-06-26 834 Chapter 49 Stat. 1972 74 2 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 1972 [CHAPTER 834.] AN ACT To provide for the sale of a certain isolated tract of the public domain in the State of Oregon. June 26, 1936.[[S. 4241](/us/bill/74/s/4241).][[Public, No. 819](/us/pl/74/819).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Oregon.Sale of certain public land in, authorized. That notwithstanding any other provision of law or any Executive order, the Secretary of the Interior is authorized upon application filed within six months from the date of this Act to order into the market and Description.sell at public auction for not less than the appraised value, lot 5, section 21, township 2 south, range 3 east, Willamette meridian, Reservations, etc., under Federal Power Act.Vol. 41, p. 1063; *Ante*, p. 846.*Proviso.*Deposit of receipts from sale.Oregon, subject to the provisions and reservations of section 24 of the Federal Power Act of June 10, 1920 (41 Stat. 1063), as amended by the Act of August 26, 1935 (49 Stat. 846): *Provided*, That any money paid in connection with such sale shall be deposited in the Oregon and California land-grant fund in the United States Treasury. Approved, June 26, 1936. To authorize the coinage of 50-cent pieces in celebration of the opening of the San Francisco-Oakland Bay Bridge. 1936-06-26 835 Chapter 49 Stat. 1972 74 2 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 [CHAPTER 835.] AN ACT To authorize the coinage of 50-cent pieces in celebration of the opening of the San Francisco-Oakland Bay Bridge. June 26, 1936.[[S. 4464](/us/bill/74/s/4464).][
Connectionstraces to 1
Traces to 1 document
statutes-at-large
2 references not yet in our index
- 49 Stat. 1972
- 49 Stat. 846
Citation graph
cites case law
Public Law 819
to establish a uniform system of bankruptcy throughout the United States”, as amended, be, and is hereby, amended to read as follows: " “(e) Upon the certification of a plan by the Commission to the Notice to parties in interest of time within which to file objections to plan.court, the court shall
Stat.49 Stat. 1972
Stat.49 Stat. 846
Cites 3Cited by 0 across 0 sources