Page:United States Statutes at Large Volume 50 Part 1.djvu/682

75rss CONGRESS, 1sT SESSION-CH . 65 7 -AUGUST 16, 1937 pro ceed ing, in clud ing compensation for services ren dered and expenses incurred in obtaining the deposit of securities and the prep- aration of the plan, whether such work may have been done by the petitioner or by committees or other representatives of creditors, and may a llow reasonabl e compensatio n for the att orneys or agen ts of any of the foregoing, and may apportion the amount so deter- mined among the parties to the proceeding as may be just : Provided, however, That no fees, compensation, reimbursement, or other allow- ances for attorneys, agents, committees, or other representatives of creditors shall be assessed against the petitioner or paid from any revenues, property, or funds of the petitioner except in the manner and in such sums, if any, as may be provided for in the plan of composition . An a ppeal may be taken f rom any or der making such determination or award to the United States Circuit Court of Appeals for the circuit in which the proceeding under this chapter is pending, independently of other appeals which may be taken in the proce eding, and suc h appeal shal l be heard su mmarily . "On thirty days' notice by any creditor to petitioner, the judge, if he finds that the proceeding has not been prosecuted with reason- able diligence, or that it is unlikely that the plan will be accepted by said proportion of creditors, may dismiss the proceeding . . (c) Upon entry of the order fixing the time for the hearing, or at any time thereafter, t he judge may upon notice en join or stay, pendi ng the deter minat ion of the m atter, the commencement or continuation of suits against the petitioner, or any officer or inhabi- tant thereof, on account of the securities affected by the plan, or to enforce any lien or to enforce the levy of taxes or assessments for the p ayment of obli gations under any such sec urities, or any suit or process to levy upon or enforce against any property acquired by the petitioner through foreclosure of any such tax lien or special assessment lien, except where rights have become vested, and may enter an interlocutory decree providing that the plan shall be tem- porarily operative with respect to all securities affected thereby and that the payment of the principal or interest, or both, of such securities shall be temporarily postponed or extended or otherwise readjusted in the same manner and upon the same terms as if such plan had been finally c onfirmed and put into effe ct, and upon t he entry of suc h decree the principal or interest, or both, of such securitie s which have o therwise beco me due, or wh ich would othe r- wise become due, shall not be or become due or payable, and the payment of all such securities shall be postponed during the period in which such decree sh all remain in force, but s hall not, by a ny order or decree, in the proceeding or otherwise, interfere with (a) any of th e political or governmental powers of th e petitioner ; or (b) any of the property or revenues of the petitioner necessary for essential governmental purposes ; or (c) an y inco me-pro ducing property, unless the plan of composition so provides . "(d) The plan of composition shall not be confirmed until it has been acce pted in writin g, by or on b ehalf of cred itors holding at least two -thirds of the aggregate am ount of claim s of all class es affected by such plan and which have been admitted by the peti- tioner or al lowed by the judge, but ex cluding claims owned, held, or controlled by the petitioner : Provided, however, That it shall not be requisite to the confirmation of the plan that there be such acceptance by any creditor or class of creditors (a) whose claims are not affected by the plan ; or (b) if the plan makes provision for the payment of their claims in cash in full ; or (c) if provision 125151-37 42 657 Proviso. Assessment of fees, etc . Appeals from orders . Authori ty of judge . Dismissal of pro- ceeding . Stay of suits, etc . Enfor cemen t of assessments, etc. Temporary opera . tion of plan on securi- ties aff ected . Readjustment of se- curitios. Plan of composi- tion. Acceptance by cred- itors b efore c onfirma - tion. Proviso . Classes of cre ditors from whom accept- ance not required .