Page:United States Statutes at Large Volume 47 Part 1.djvu/1502

 1478 Submission of plan to creditors, etc. Acceptance in writ- ing before final ap- pro val . Pcedsos. Interests of certain classes of creditors to be protected. Post, p. 1479. When accep tance of plan by stockholders not requisi te to con- firmation. What constitutes ac- ceptance. Issue of securities, etc ., when plan ac- cepted. When United States a cr edit or. Certification to court. Maximum compen- sation. 72d C ONGRESS. SESS. II. CH. 204. MARCH 3, 1933 . after the p lan o f reor ganiz ation recom mende d by the co mmiss ion shall be submitted in such manner as the commission may direct to the creditors an d stockholders o f the debtor for acceptance or re jec- tion, together with the report or reports of the commission thereon and the commission may at the same time afford an opportunity to accept or reject any other plan of reorganization filed as in this sub- division (d) provided. f 44 (e) A plan of reorganization shall not be finally approved by .th e commission until it has been accepted in writing and such acceptance has been filed i n the proceeding by or on behalf of creditors hol ding two-thirds in amount of the claims of each class whose claims or interests would be affected by the plan, and by or on behalf of stock- holders of the debtor holding two-thirds of the stock of each class : Provided, however, Th at if ad equate p rovision is made in the plan for the protection of the interests, claims, and liens of any class of creditors or stockholders in the manner provided in clauses (5) and (6) of subdivision (g), of this section, then the acceptance of the plan by such class of creditor or stockholders shall not be requisite to the approval of the plan : And provided further, That the accept- ance of stockholders shall not be requisite to the confirmation of the plan if (1) the judge shall have determined (a) that the corporation is insolvent, or (b) that the interests of stockholders will not be adversely affected by the plan, or (c) that the debtor has pursuant to authorized corporate action accepted the plan, and its stockholders are bound by suc h acceptance. For the purposes of this section acceptance by a creditor or stockholder shall include acceptance in writing executed by him ; or acceptance by his duly authorized attor- ney or c ommittee acting under au thority executed by him s ubsequen t to the recommendation of the plan by the commission. Upon acce pt- ance of the plan in accordance with the provisions of this subdivision (e) the commission may, without further proceedings, grant authority or the issue of any securities, assumption of obligations, transfer of any property, or consolidation or merger of properties, to the extent contemplated by the plan consistent with the purposes of the Inte rsta te C omme rce Act as amended. If the United States of America is directly a creditor or stockholder, the Secretary of the Treasury is hereby authorized to accept or reject a plan in respect of the interests or claims of the United States. "(f) If the plan recommended by the commission is accepted as provided in subdivision (e}, the commission shall thereupon certify the plan to the court together with its approval thereof and that the same has been so accepted, together with a report of the proceedings before it and its conclusions thereon . If the plan accepted as pro- vided in subdivision (e) differs from the plan recommended by the commission it shall, upon acceptance, be submitted to the commission, which shall hear all interested parties upon such notice and subject to such rules and regulations as it shall prescribe . If after such hearing the commision determines that the accepted plan in its opin- ion is equitable and will not discriminate unfairly in favor of any class of creditors or stockholders ; will be financially advisable ; will meet the requirements of subdivision (g) of this section be compatible with the public interest ; the commission shall there- upon certify the plan to the cou rt, together wit h its approval th ereof and that the same has been duly accepted, and together with a report of the proceed ings before it a nd its findings and conclusions thereon. The commission shall also, after hearing if necessary, fix the maxi- mum compensation and reimbursement which may be allowed by the court pursuant to clause (8) of subdivision (c) of this section :
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