Page:United States Statutes at Large Volume 18 Part 3.djvu/213

FORTYTHIRD CONGRESS. Sess. I. Ch. 390. 187 4. 183 wise, as the court may direct, resolve that a, composition proposed by Cr<>di¢<>r¤ may the debtor shall be accepted in satisfaction of the debts due to them Pm. *°*‘°1““°“‘“°‘ from the debtor. And such resolution shall, to be operative, have been 3Q23E1g ° ° m P ° ` passed by a majority in number and three-iourths in value of the cred— Must bepassed oy itors of the debtor assembled at such meeting either in person or by majority i¤ ¤¤¤¤b9r‘ proxy, and shall be connrmed by the signatures thereto of the debtor ““f ““°°‘f°"*`“*‘*"“ and two-thirds in number and onehalf in value of all the creditors of v”S?°,,l::iQ°IQ°gs of `the debtor. And in calculating at majority for the purposes of a, compo- debgtor and twosition under this section, creditors whose debts amount to sums not thirds in Dumber exceeding fifty dollars shall be reckoned in the majority in value, but au? °“f if ”*l(;t ‘F‘ not in the majority innumber; and the value of the debts of secured :gqE?r;d&t0°;§¤Qf;$ creditors above the amount of such security, to be determined by the Majority, h0wca1— court, shall, als nearly as circumstances admit, be estimated in the same ¢¤]¤¤<><i· way. And creditors whose debts are fully secured shall not be entitled d 3;°d‘*°" wh"? to vote upon or to sign such resolution without first relinquishingsuch ugh 20 320 z?:;?;, security for the beneiit of the estate. resoiuuous. ° The debtor, unless prevented by sickness or other cause satisfactory Debtor to be presto such meeting, shall be present at the same, and shall answer any in- 0*** M ¤?°°*i}*$** *1**1 quiries made of him; and he, or, if he is so prevented from being at ““fg"°;l:’§;1l;‘€"‘;8B&11 such meeting, some one in his behalf, shall produce to the meeting a makc mmm0n_ statement showing the whole of his assets and debts, and the names and addresses of the creditors to whom such debts respectively are due. _ Such resolution, together with the statement-of the debtor as to his R¤¤¢>]¤¤i<>¤ M d assets and debts, shall be presented to the court; and the court shall, Qf,“‘l;’;“‘°"“ °f upon notice to all the creditors of the debtor of not less than five days, Wm_ P”°S°°° ° and upon hearing, inquire whether such resolution has been passed in the manner directed by this section; and if satistied that it has been so passed, it Shall, subject to the provisions hereinafter contained, and upon being satisfied that the same —is for the best interest of allcon- Resolution to be cerned, cause such resolution to be recorded and statement of assets and d“Qv‘L;E"*°‘ debts to be filed; and until such record and Bling shall have taken Cmdimgs ma);m_ place, such resolution shall be of no validity. And any creditor of the sp eo u record and debtor may inspect such record and statement at all reasonable times. ¤i¤¤•¤¤¤<>¤*- __ The creditors may, by resolution passed in the manner and under the i0£h(;‘;‘§§£££QQ;J;` _ circumstances aforesaid, add to, or vary the provisions of, any oomposi- ' tion previously accepted by them, without prejudice to any persons taking interests under such provisions who do not assent to such addition or variation. And any such additional resolution shall be presented to the court in the same manner and proceeded with in the some way and with the same consequences as the resolution by which the composition was accepted in the nrst instance. The provisions of a._ Provisions bindcomposition accepted by such resolution in pursuance of this section ’“€» “P°“ Wh°’“· shall be binding on all the creditors whose names and addresses and the amounts of the debts due to whom are shown in the statement of the debtor produced at the meeting at which the resolution shall have 1 been passed, but shall not affect or prejudice the rights of any other Rights of others creditors. - not uftected. Wherea debt arises on a. bill of exchange or promissory note, if the Debts on bills or debtor shall be ignorant of the holder of any such bill of exchange or °X°h**¤S°» &°· promissory note, he shell be required to state the amount of such bill or note, the date on which it falls due, the name of the acceptor and of the person to whom, it is payable, and any other particulars within his knowledge respecting the same ; and the insertion of such particulars shall be deemed a sufficient description bg, the debtor in respect tosuch debt. _ Avy mistake made inadvertently bye debtor in the statement of his Corr 0 C t 1 0 u 0 { debts may be corrected upon reasonable notice, and with the consent of debtor’s statement. s general meeting of his creditors. _ _ Every Such composition shall, subject to priorities declared in said pnymmt in mon. act, provide for a. pro~reta. payment or satisfaction, in money, to the ey. creditorsof such debtor in proportion to the amount of their unsecured debts. or their debts in respect to which any such security shall have been duly surrendered and given up.