Page:United States Statutes at Large Volume 48 Part 1.djvu/940

914 Creditors interest, claims, etc ., protection of. Executory contracts of debtor,unexpired leases ; rejection . If creditor or stock- holder not affected by plan. Specify claims to be paid in cash . Means for execution of plan. General power . Creditor deemed af- fected by reorganiza- tion. Terms defined ; "Se- curity ." 73d C ONGRESS . SESS. II. CH. 424. JUNE 7, 1934. be affected adversely by the plan), adequate protection for the real- ization by them of the value of their equity, if any, in the property of the debtor dealt with by the plan, either, as provided in the plan, (a) by a sale of the property at not less than a fair upset price, or (b) by appraisal and payment in cash of the value either of their stock, or at the objecting stockholders' election, of the securities allotted to such stockholders under the plan, if any shall be so allot ted, or (c) b y such methods as wi ll do s ubstant ial ju stice t o such stockholders under and consistent with the circumstances of the par- ticular case ; (5) shall provide in respect of each class of creditors of which less than two thirds in amount shall accept such plan (unless the claims of such class of creditors will not be affected by the plan, or the plan makes provision for the payment of their claims in cash in full), provide adequate protection for the realization by them of the value of thei r inter ests, claims, or lie ns, if the pr operty affec ted by such i nterest s, clai ms, or liens is deal t with by the plan, either as provided in the plan (a) by the transfer or sale of such property subject to such interests, claims, or liens, or by the retention of such property by the debtor subject to such interests, claims, or liens, or (b) by a sale free of such interests, claims, or liens at not less than a fair upset price and the transfer of such interests, claims, or liens to the proceeds of such sale ; or (c) by appraisal and payment either in cash of the value either of such interests, claims, or liens, or, at the objecting creditors' election, of the securities allotted to such interests, claims, or liens under the plan, if any shall be so allotted ; or (d) by such method as will in the opinion of the judge, under and consistent with the circumstances of the particular case, equitably and fairly provide such protection ; (6) may reject contracts of the debtor which are executory in whole or in part, including unexpired leases except contracts in the public authority ; (7) shall, in case any creditor or stockholder or class thereof shall not be affected by the plan, specify the creditor or stock- holder or cla ss or classes thereo f not affecte d and c ontain such p rovi- sions with r espect theret o as may be a ppropriate, an d in case any controversy shall arise a s to whether any creditor o r stockholder or class thereof shall or shall not be affected, the issue shall be deter- mined by the judge after hearing upon notice to the parties inter- ested ; (8) shall specify what claims, if any, are to be paid in cash in full ; (9) shall provide adequate means for the execution of the plan, which may include the transfer of all or any part of the property of the debtor to another corporation or to other corporations, or the consolidation of the properties of the debtor with those of another corporation, or the merger or consolidation of the debtor into or with another corporation or corporations, or the retention of the prop- erty by the debtor, the distribution of assets among creditors or any class thereof, the satisfaction or modification of liens, indentures, or other similar instruments, the curing or waiver of defaults, exten- sion of maturity dates of outstanding securities, the change in inter- est rates and other terms of such securities, the amendment of the charter of the debtor, and the issuance of securities of either the debtor or any such corporation or corporations, for cash, or in exchange for existing securities, or in satisfaction of claims or rights, or for other appropriate purposes ; (10) may deal with all or any part of the property of the debtor and may include any other appro- priate provisions not inconsistent with this section . No creditor or stockholder shall, for the purposes of this section be deemed to be affected by any plan of reorganization unless the same shall affect his interests materially and adversely . The term `securities' shall include evidences of indebtedness, either secured or unsecured, stock,