66
STAT.]
taxes legally due and owing to the United States or any State or any subdivision thereof at the time of the filing of the original petition under this Act and such claims as are provable under section 63 of this Act shall be allowed, and claims not already filed may be filed in accordance with the provisions of subdivision n of section 57 of this Act." SEC. 43. Section 472 of such Act, as amended, is amended to read as follows: "SEC. 472. The court shall confirm an arrangement if satisfied that— " (1) the provisions of this chapter have been complied with; "(2) it is for the best interests of creditors and is feasible; "(3) the debtor has not been guilty of any of the acts or failed to perform any of the duties which would be a bar to the discharge of a bankrupt; " (4) the proposal and its acceptance are in good faith and have not been made or procured by any means, promises, or acts forbidden by this Act; and " (5) all payments made or promised by the debtor, by any person issuing securities or acquiring property under the arrangement or by any other person, for services and for costs and expenses in, or in connection with, the proceeding or in connection with and incident to the arrangement, have been fully disclosed to the court and are reasonable, or, if to be fixed after confirmation of the arrangement, will be subject to the approval of the court. "Confirmation of an arrangement shall not be refused solely because the interest of a debtor will be preserved under the arrangement." SEC. 44. Paragraph (3) of section 473 of such Act, as amended, is amended to read as follows: "(3) distribution shall be made, in accordance with the provisions of the arrangement, to the creditors, proofs of whose claims have been filed prior to the date fixed by the court and are allowed, or, if not so filed, whose claims have been scheduled by the debtor and are not contingent, unliquidated, or disputed: Provided, however, That where such debts are objected to by any party in interest, the objections shall be heard and summarily determined by the court." SEC. 45. The introductory clauses of section 481 of such Act, as amended, are amended to read as follows: "SEC. 481. If the statement of the executory contracts and the schedules and statement of affairs, as provided by paragraph (1) of section 424 of this Act, are not duly filed, or if an arrangement is withdrawn or abandoned prior to its acceptance and no other arrangement is pending, or if no arrangement is accepted at the meeting of creditors or within such further time as the court may fix, or if the money or other consideration required to be deposited is not deposited or the application for confirmation is not filed within the time fixed by the court, or if confirmation of the arrangement is refused, the court shall—". SEC. 46. Chapter X II of such Act, as amended, is amended by inserting in its numerical order the following section: "SEC. 486. Where, after the confirmation of an arrangement, the court shall enter an order directing that bankruptcy be proceeded with— "(1) the trustee shall, upon his appointment and qualification, be vested with the title to all the property of the debtor as of the date of the entry of the order directing that bankruptcy be proceeded with; "(2) the unsecured debts incurred by the debtor after the confirmation of the arrangement and before the date of the entry of 93300 O - 53 - 31
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PUBLIC LAW 4 5 6 - J U L Y 7, 1952
11 USC 103. 11 USC 93. 11 USC 872. eonfirmation o f arrangement.
11 USC 873. Distribution to creditors.
11 USC 881. W i t h d r a w a l of arrangement, etc. 11 USC 824.
11 USC ch. 12. eonf irmation of arrangement.
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