Page:United States Statutes at Large Volume 53 Part 2.djvu/660

This page needs to be proofread.

PUBLIC LAWS-CH. 393-JULY 28, 1939 n 1i a t< to si P p in 0 "(v) is consistent with adequate maintenance of the property; and "(vi) is consistent with the proper performance by such rail- road corporation of service to the public as a common carrier, will not impair its ability to perform such service: Scruty of facts. Provided,That in making the foregoing specific findings the Com- mission shall scrutinize the facts independently of the extent of acceptances of such plan and of any lack of opposition thereto: Pro- Designated orders vided further, That an order of the Commission (or of a division 939e ontainingfaSvor thereof) under section 20a of the Interstate Commerce Act, made ble findings, prior to April 1, 1939, authorizing the issuance or modification of securities as proposed by a plan of adjustment (other than securi- ties held by, or to be issued to, Reconstruction Finance Corpora- tion), shall be effective for the purpose of this subparagraph (2) of the first sentence of section 710, notwithstanding failure to include therein the foregoing specific findings, if such order did include the specific findings that such proposed issuance or modi- fication of securities is compatible with the public interest, is con- sistent with the proper performance by the railroad corporation of service to the public as a common carrier, and will not impair its ability to perform such service, and Assents by credi- "(3) Secured assents to such plan of adjustment by creditors holding more than two-thirds of the aggregate amount of the claims affected by said plan, which two-thirds shall include at least a majority of the aggregate amount of the claims of each affected class, Pmettion of inabity may file in the United States district court in whose territorial juris- diction such railroad corporation has had its principal executive or principal operating office during the preceding six months or a greater period thereof, its petition averring that it is unable to meet its debts, matured or about to mature, and desires to carry out the plan of adjustment. Copy of Commis- ion'sor toacom- "A copy of theorder obtained from the Commission, as above pro- any. vided, shall be filed with the petition and made a part thereof. Consoidation of "SEC. 711. Any corporation which has complied with subpara- graphs (1), (2), and (3) of the first sentence of section 710, and in which corporation the majority of the capital stock having power to vote for the election of directors is owned, directly or indirectly through an intervening medium by any railroad corporation which has filed a petition hereunder, or any corporation which is a lessor of the petitioning corporation and which has complied with the afore- said subparagraphs (1), (2), and (3) of section 710, may file its peti- tion in the same court in which the petition first aforesaid shall have been filed, and such petitions shall be heard and disposed of in a single proceeding. Filing ee. "SEC. 712. The petition shall be accompanied by payment to the clerk of a filing fee of $100, which shall be in addition to the fees required to be collected by the clerk under other sections of this Act, or any other Act. ngSbeforethree-judge "SEC. 713. Immediately following the filing of the petition, there o urt . shall be convened a special court of three judges in the manner pro- 2sv. .c. 380. vided by section 266, as amended, of the Judicial Code, and thereafter all proceedings relative to such plan or any modification thereof shall Powers of court be conducted before such court. Such three-judge court shall be vested with and shall exercise all the powers of a district court sitting in equity and all the powers as a court of bankruptcy necessary to carry out the intent and provisions of this chapter, including the classification of claims at such time and in such manner as the court may direct. 1136 [53 STAT.