Page:United States Statutes at Large Volume 47 Part 1.djvu/1364

 1340 Insolvency defined. 72d C ONGRESS. SESS. IL CH. ,128. F EBRUARY 27, 1933 . immediately, by mail, notify the creditors named in the assignment, Creditors' meeting, at their places of residence as given therein, to meet at his office on a day and hour to be appointed by him, not less than eight or more than ten days from the date of the delivery of the assign- ment to him, for the purpose of electing one or more assignees, as they may determine, in the place and stead of the said marshal in the premises. Not ice. He shall a lso publ ish a no tice of such mee ting, an d the pu rpose thereof, at least once before such meeting, in some newspaper of general circulation in the Canal Zone. The notice sotobe mailed shall also contain a statement of the amount of the demand of the creditor, and the amount and nature of any security therefor, as set forth in the assignment ; and if any creditor shall not find the amount of his claim to be corr ectly so stated, lie may file wi th said marshal, at or before such meeting, a statement, under oath, of his demand, and such statement shall, for the purpose of voting as here- inafter provided, be accepted by said marshal as correct ; and w hen no such statement is filed, the statement of amount as set forth in the assignment shall be accepted by the marshal as correct. No cr editor having a mortgage or pledge of property of the debtor, or lien thereon, for securing the payment of a debt owing to him from the debtor, shall be allowed to vote any part of his claim at such meeting of creditors, unless he shall have first con- veyed, released, or delivered up his said security to said marshal for the benefit of all creditors of said assignor. At such meet ing t he mar shal shall preside, and a majori ty in amount of de man ds pr es ent or represented by proxy shall control all questions and decisions. The creditors may adjourn such meeting from time to time, and may vo te on all questions either in person or by proxy signed and acknowledged before any officer authorized to take acknowledgments, and filed with the marshal. E n as At such a meeting, or any adjournment thereof, the creditors may elect one or more assignees froth their own number, in the place and stead of the marshal, and the person or persons so elected shall after- wards be the assignee or assignees under the provisions of this sub- chapter ; and the marshal, by transfer in writing, acknowledged as Past, p. 1341- required by section 1671, shall at once assign to such elected assignee or assignees, upon the trusts in this subchapter provided, all the property so assigned to him, and deliver possession thereof. All recitals in such assignment by said marshal of notices of such meeting, and the holding thereof, and of the due election of such assignee or assignees, shall be prima facie proof of the facts recited. Marshal's fees. SEC. 1665. MARSHAL'S FEES.-The marshal shall, before the delivery of such assignment, be paid the expenses incurred by him, and fees in such amount as would by law be collectible if the property assigned had been levied upon and safely kept under attachment. Po wers and d uties of SEC. 1666. POWER S AND D UTIES OF ELEC TED ASSIGNEE.-Thereupon, elected assignee. and after the record of such last-named assignment, as in this sub- chapter provided, such elected assignee or assignees shall take, and hold, and dispose of all such property and its proceeds, upon the trusts and conditions and for the purposes in this subchapter pro- vided. CROSS REFERENCES Post, p. 1343. Assignee can not act until bond and inventory filed, see section 1679. Feat, p. 1344. Commissions and expenses of assignee, see section 1682. SEC. 1667. INSOLVENCY, WHAT .-A debtor is insolvent, within the meaning of this subchapter, when he is unable to pay his debts from his ow n means as they become d une.