Page:United States Statutes at Large Volume 47 Part 1.djvu/1504

 1480 72d CONGRESS. SESS. Ii. CH. 204. MARCH 3, 1933 . On whom bin ding "(h) Upon such confi rmati on th e prov ision s of the plan shall j thereafter . be binding upon (1) the corporation, (2) all stockholders if the ud ge shall have de termined (a) tha t the co rporatio n is ins olvent, 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 such acceptance, (3) all stockholders of each class of which two- thirds in amount shall have accepted the plan, (4) all creditors whose claims are payable in cash in full under the plan, (5) all creditors entitled to priority under subdivision (c) of this section, whose claims are not payable in cash in full under the plan, pro- vided two-thirds in amount of such creditors shall have accepted the plan in writing filed in the proceeding, (6) all other unsecured creditors, provided two-thirds in amount of such creditors shall have ac cepted t he plan in writi ng filed in the proceedi ng, and (7) all secured creditors of each class of which two-thirds in amount Discharge of debtor. shall have accepted the plan. The confirmation of the plan shall discharge the debtor from its debts except as provided in the plan. t 0.dexecutc, of court Upon confirmation of the plan by the judge, the debtor and other corpora tions af fected b y the pl an, or o rganized or to b e organi zed for the purpos e of'carrying ou t the plan, shal l, subject to th e juris- diction of the Commission, have full power and authority to put into effect and carry out the plan and the orders of the judge relative thereto, the laws of any State or the decision or order of any State so• p` lion if plan disap ° authority to the contrary notwithstanding. In the event that the provtJ, judge should disapprove the plan he shall file an opinion stating his reasons th erefor. Revenue Act of 1932. "( i) The provisions of sections 721, 722, 723, 724, and 725 of the Ante- p . 272. Revenue Act of 1932 sha ll not a pply to the issu ance, tr ansfers, or exchange of securities or filing of conveyances to make effective any plan of reorgani zation confirmed under the provi sions of this sec tion . Proven - t herea fter "(j) Upon the confirmation of the plan the property dealt with free of °' e' Hors' claims. by the plan, when transferred and conveyed to the debtor or other corporation or corporations pro vi ded for by the pla n, or if no trustee or trustees have been appointed when held by the debtor pursuant to the plan, shall, as the court may direct, be free and clear Esrkpuc- of all claims of the debtor, its stockholders and creditors, except such as may consistently with the provisions of the plan be reserved in the order confirming the plan or directing such transfer and con- veyance, and the court may direc t the trustee or trustees, or if there be no trustee or trustees the debtor, to make any such transfer and conveyan ce, and may dire ct the d ebtor to join in any such transfe r Final decree. or conveyance made by the trustee or trustees. Upon the termina- Discharge of trustees. tion of the proc eeding a final d ecree sh all be en tered di schargin g the trustee or trustees, if any, making such provisions as may be equi tabl e, and clos ing the cas e. reFil ing ppoion, when "(k) If a receiver of all or any part of the property of a corpora- tion has been appointed by a Federal or State court, whether before or after this amendatory Act takes effect, the railroad corporation may nevertheless file a petition or answer under this section at any time thereafter, but if it does so and the petition is approved the trustee or trust ees appo inted un der the provision s of thi s sectio n ent itled to possession o f property . shall be entitled forthwith to possession of such property, and the judge sh all make such or ders as he may d eem equit able for the pro - tection of obligations incurred by the receiver and for the payment of such reasonable administrative expenses and allowances in the prior proceeding as may be fixed by the court appointing said rec ei ver within ma xim um limits approved by the commission . If a receiver has been appointed by a Federal or State court prior to