Page:United States Statutes at Large Volume 18 Part 1.djvu/1054

 982 TITLE Lxr.——BANKRUPTC1'.—Ch. 4. and such creditors shall be paid by the assignee in such manner as the court may direct. Settlement of Sm. 5103. If at the first meeting of creditors, or at any meeting of b¤¤k¤¤r>t estates creditors specially called for that purpose, and of yvhich previous notice by *T"Et£_ ( shall have been given for such length of time and m spch manner as the Iéi;<li.¤-43}£238- court may direct, three-fourths in velne of the eredihors vyhose claims 390 $_'a';'·l__ 18;; have been proved shall resolve that it is for the interest of the general 182fi ’body of the creditors that the estate of the_ bankrupt shall he settled —— —e——-·+ by trustees, under the mspectxou and direction of a committee of the In ". A"‘°"°"“ creditors, the creditors may certify and report such resolution to thegg;l},€$g’_yl,,?,;?§ court, and may nominate one or more trustees to take and hold and Bank.Reg.,20; In distribute the estate, under the direction of such committee. lf it ap- ·‘¢S¢iUW<=l .2B¤·¤k- Fears, after hearing the bankrupt and such creditors as desire to he xfgv 16:; égnf ieard, that the resolution was duly passed, and that the interests of the Reg; *98; In rg creditors will befromoted thereby, the court shall confirm it; and u n Zinn,4Bamk. Reg. the execution an filing, by or on behalf of three-fourths in value 0})::11 N5: IM M B¤k€· the creditors whose claims have been proved. of a consent that the es- been appointed, the assignee, shall, under the direction of the court. and under oath. convey, transfer, and deliver all the property and estate of the bankrupt to the trustees, who shall. upon such. convevenee and transfer, have and hold the same lll the same manner, and with the same powers and rights, in all respects, as the hankru t would have had or held the same if no proeeedin in bankruptcy hadp been taken., or as the assignee in bankruptcy woulld have done. had such resolution not been passed. Such consent and the proceedings under it shall be as binding in all respects on any creditor whose debt is provable, who has not signed the same, as if he had sivned it. and on any creditor whose debt, 1f provahle, is not proved. as il! he had {aroved it. The court, by order, shall direct all acts and things needfu to be done to carry into eifeat such gesoliitiog of the cregitor;. aéid the trustlees shall proceed to win up an sett et e estate un er the irection an ins ection of suéh committee of the creditors, for the equal henetit of ulllhueh creditors; and the winding ui) and settlement of any estate under the provisions of this section shnl be deemed to be proceedings in bankruptcy; and the trustees shall have all the rights and powers of assignees in bankruptcy. The court, on the application of such trustees, shall have power to summon and examine, on oath or otherwise, the bankrupt. or any creditor, or any person indebted to the estate, or known or suspected of having any of the estate in his possession. or any other person whose examination may be material or necessary to aid the trustees in the execution of their trust, and to compel the attendance of such persons and the dnrodnction of books and papers in the same manner as in other proeee mgsm bankruptcy: and the bankrupt shall have the like right to apply for and obtain a discharge after the passage of such resolution and the apsointment of such trustees aw if such resolution had not been piissed: an as if s.ll_tbe proceedings had continued in the manner prov1ded in the frecedxng sections of this Title. lf the resolution is not duly yeporte, or the consent of the creditors is not duly filed, or if, upo;1 1tsgil;{1g, the eéourtgloes not think hit tlc iagprove thereog the bankru c · s 0, rocee ansi no reso ution a en passe an thecourt msg rliake all)necessary orders for resuming the proceexngs. And the period of time which shall have elapsed between the date of the resolution and the date of the Ol'd8l‘ for resuming proceedings shall not be reckoned ID calculating periods of time prescribed by this Title.
 * ‘£l·4 B““k·  tate of the bankrupt shall be wound up and settled by trustees, according to the terms of such resolution, the bankrupt, or. 1f an assignee has