Page:United States Statutes at Large Volume 53 Part 1.djvu/614

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SEC. 169. Where a trustee has been appointed the judge shall fix a time within which the trustee shall prepare and file a plan, or a report of his reasons why a plan cannot be effected, and shall fix a subsequent time for a hearing on such plan or report and for the consideration of any objections which may be made or of such amendments or plans as may be proposed by the debtor or by any creditor or stockholder. SEC. 170. Where a debtor is continued in possession, a plan or plans may be filed, within a time fixed by the judge- (1) by the debtor; (2) by any creditor or indenture trustee; (3) by any stockholder, if the debtor is not found to be insolvent; (4) by the examiner, if so directed by the judge. The judge shall fix a sub- sequent time for a hearing on such plans and for the consideration of any ob- jections or amendments thereto. SEa. 171. Notice of the time of any hearing, as provided in section 169 or section 170 of this Act, shall be given to the debtor, the creditors and stock- holders, the indenture trustees, the Secretary of the Treasury, the Securities and Exchange Commission, and such other persons as the court may designate. The judge may, upon the application of the trustee, any creditor, indenture trustee, or stockholder, advance the time of such hearing. SEC. 172. After the hearing, as provided in section 169 or section 170 of this Act, and before the approval of any plan, as provided in section 174 of this Act, the judge may, if the scheduled indebtedness of the debtor does not exceed $3,000,000, and shall, if such indebtedness exceeds $3,000,000, submit to the Securities and Exchange Commission for examination and report the plan or plans which the judge regards as worthy of consideration. Such report shall be advisory only. SEc. 173. The judge shall not enter an order approving a plan submitted to the Securities and Exchange Commission until after the Securities and Ex- change Commission has filed its report thereon or has notified the judge that it will not file a report, or until the expiration of such reasonable time for the fil- ing of such report as the judge has fixed, whichever first occurs. SEC. 174. After the hearing, as provided in section 169 or section 170 of this Act, and, if a plan has been submitted to the Securities and Exchange Commission, as provided in section 172 of this Act, then after the filing of the report or notice that it will not be filed, or after the expiration of the time for its filing, whichever first occurs, the judge shall enter an order approving the plan or plans which in his opinion comply with the provisions of section 216 of this Act, and which are fair and equitable, and feasible, and shall fix a time within which the creditors and stockholders affected thereby may accept the same. SEc. 175. Upon the approval of a plan by the judge, the trustee or the debtor in possession shall transmit, by mail or otherwise, to all creditors and stock- holders who are affected by any such plan- (1) the plan or plans so approved, together with a summary thereof approved by the judge; (2) the opinion of the judge, if any, approving the plan, or plans, or a sum- mary thereof approved by the judge; (3) the report, if any, filed in the proceeding by the Securities and Exchange Commission, as provided in section 172 of this Act, or a summary thereof pre- pared by the Securities and Exchange Commission; and (4) such other matters as the judge may deem necessary or desirable for the information of creditors and stockholders. SaC. 176. No person shall, without the consent of the court, solicit any accept- ance, conditional or unconditional, of any plan, or any authority, conditional or unconditional, to accept any plan, whether by proxy, deposit, power of attorney or otherwise, until after the entry of an order approving such plan and the transmittal thereof to the creditors and stockholders, as provided in section 175 of this Act; and any such authority or acceptance given, procured, or received by reason of a solicitation prior to such approval and transmittal shall be invalid, unless such consent of the court has been so obtained. SC. 177. In case a debtor is a public-utility corporation, subject to the juris- diction of a commission having regulatory jurisdiction over the debtor, a plan shall not be approved, as provided in section 174 of this Act, until- (1) it shall have been submitted to each such commission; (2) an opportunity shall have been afforded each such commission to suggest amendments or offer objections to the plan; and (3) the judge shall have considered such amendments or objections at a hearing at which such commission may be heard. SEc. 178. In case a debtor is a public utility corporation, wholly intrastate, subject to the jurisdiction of a State commission having regulatory jurisdiction over such debtor, a plan shall not be approved, as provided in section 174 of this Act, unless such State commission shall have first certified its approval of such plan as to the public interest therein and the fairness thereof. Upon its failure to certify its approval or disapproval within thirty days, or such further time APPENDIX CIX