Page:United States Statutes at Large Volume 47 Part 1.djvu/1498

 1474 72d CONGRESS. SESS. II. CH. 204. MARCH 3, 1933. O bligatio ns of per- " SEC . 76. Extensions made pursuant to the foregoing provisions sons secondarily liable . of this chapter shall extend the obligation of any person who is secondarily liable to any person for the prompt payment of such debt or debts, or any part thereof, and a copy of the order confirming such extension, certified as required by the provisions of law with Evidence of eenflr- mation of ext ensi on . re fere nce to j udgm ents and pro ceed ings in cour ts of the United . States, shall be sufficient evidence that such extension has been con- firmed in any su it or proceeding brought against any su ch Person so liable . Reorganization of cs SEC. 77. REORGANIZATION OF RAIL ROA DS EN GAGED IN INTERSTA TE railroads engaged in interstate commerce . COMMERCE.- (a) Any r ailroad corporat ion may file a p etition stating Pe tition for . that the railroad corporation is insolvent or unable to meet its debts as the y mature and tha t it des ires to effect a plan of reorgani zation. Filing. The petition shall be filed with the court in whose territorial juris- diction the railroad corporation, during the preceding six months or the greater portion thereof, has had its principal executive or operating office, and a copy of the petition shall at the same time Cop y to Int erstate be filed with the Interstate Commerce Commission hereinafter called Co mmerce commis- sion. the commission : Pro vid ed That when any railroad, although Whe n rai lroad engaged in interstate commerce, lies wholly within one State, such wholly in one sta te. proceedings shall be brought in the Federal district court within Fi ling fee. the State in which the railroad is located. 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 order of approval, under other sections of this Act. Upon the filing of such a petition, etc .' the judge shall enter an order either approving it as properly filed under this section, if satisfied that such petition complies with this section and has been filed in good faith or dismissing it if not so Jurisdiction over satisfied. If the petition is so approved, the court in which such debtor, etc. order approving the petition is entered shall, during the pendeney of the proceedings under this section and for the purposes thereof, have exclusive jurisdiction of the debtor and its property wherever "Debtor," construed. located. The railroad corporation shall be referred to in the pro- Petition by corpora- ceedings as a `debtor .' Any corporation, the majority of the capi- ti on ow ned by railroad corporation as e. tal stock of which having p ower. to vote for the election of directors is owned, either directly or indirectly thr ough an inte rven ing medium, by any railroad corporation filing a petition as a debtor under this section, or substantially all of wKose properties are oper- ated by such a debtor under lease or operating agreement may file, with the court in which such other debtor had filed such a petition, and in the proceeding upon such petition under this section, a peti- tion st ating th at it is insolven t or una ble to m eet its debts as they mature and that it desires to effect a plan of reorganization in connection with, or as a part of, the plan of reorganization of such Jurisdiction over . other debtor ; and thereupon such court shall have the same juris- diction with re spect to it, its property and its credito rs and s tock- Creditors- petition. holders as the court has 'with respect to such other debtor. Creditors of any railroad corporation having claims or interests aggregating not less than 5 per centum of all the indebtedness of such railroad corporation as shown in the latest annual report which it has filed with the commission at the time when the petition is filed, may, if the rai lroad co rporation has no, filed a petitio n under this sec tion, Approv al of In ter- but subject to first having obtained the approval of the Interstate omm erc e Co m- mission. Commerce Commission, after hearing, upon notice to such railroad He ari ng and notice. corporation, file with the court in which such railroad corporation might f ile a pe tition un der the provisio ns of th is secti on a pet ition stating that su ch railro ad corpo ration i s insolv ent or u nable to meet Copies of petition. its debts as they mature and th at su ch creditors propose that it shall effect a reorganization ; upon such filing of such a petition