Page:United States Statutes at Large Volume 48 Part 1.djvu/825

 73d C ONGRESS. SESS. II. CU. 345. MAY 24, 1934 . located and for any such district having no officials of its own the petition shall be filed by the municipality or political subdivision, the officials of which have power to contract on behalf of said district or to levy the special assessments within such district. The pet i- tion 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 under other chapters of this Act. The petition shall state that a plan of readjustment has been prepared, is filed and sub- mitted with the petition, and that creditors of the taxing district owning not less than 30 per centum in the case of drainage, irriga- tion, reclamation, and levee districts and owning not less than 51 per centum in the case of all other taxing districts in amount of the bonds, notes, and certificates of indebtedness of the taxing district affected by the plan, excluding bonds, notes, or certificates of indebt- edness owned, held, or controlled by the taxing district in a fund or otherwise, have accepted it in writing. The petition shall be accom- panied with such written acceptance and with a list of all known creditors of the taxing district, together with their addresses so far as known to the tax ing district, an d description of their respective claims sh owing se parately those w ho have accepted the pla n of rea djustmen t, together with their separate addresses, the contents of which list shall not constitute admissions by the taxing districts in a proceed- ing under this chapter or otherwise. Upo n the fi ling of such a petition the judge shall enter an order either approving it as prop- erly filed under this chapter, if satisfied that such petition complies with this chapter and has been filed in good faith, or dismissing it, if not so satisfied. If creditors holding 5 per centum in amount of the bonds, notes, or certificates of indebtedness shall, within ninety days after the first publication of the notice provided for in sub- division (c), clause (1), of this chapter, appear and controvert the facts alleged in the petition, the judge shall decide the issues pre- sented, and unless the material allegations of the petition are sus- tai ned, shall dismi ss the petition. "(b) A plan o f rea djust ment w ithin the meanin g of this chapte r (1) s hall includ e pro visio ns mod ifyin g or alteri ng th e rig hts of creditors generally, or of any class of them, secured or unsecured, either through the issuance of new securities of any character or oth erw ise ; and (2) may contain such other provisions and agree- ments, not inconsistent with this chapter, as the parties may desire . " No creditor shall be deemed to be affected by any plan of read- justment unless the same shall affect his interests materially and adversely, and in case any controversy shall arise as to whether any creditor or class thereof shall or shall not be affected, the issue shall be determined by the judge after hearing upon notice to the parties interested. " Th e term ` securiti es' shal l includ e bonds, notes, and othe r evi- dences of indebtedness, either secured or unsecured, and certificates of beneficial interests in property . The term ' creditors' shall include for all purposes of this chapter all holders of claims, debts, securities, liens or other interests of whatever character against the taxing district or its property or revenues, including claims under executory contracts and for future rent, whether or not such claims would otherwise constitute provable claims under this Act, and all holders of judgments rendered against such taxing district but excepting claims for salaries and wages of officers and employees of the taxing distr ict . " For all purposes of this chapter any creditor may act in person or by a duly authorized agent or committee. Where any committee, F iling fee. 799 Contents of petition . Re adjustment plan to accompany. Creditors' consent re- q uired in writi ng. List of creditors to be furnished. Description of claims. Lists not to constitute a dmiss ions. Judge to enter order approving or disap- proving petition. If creditors holding 5 per cent appear and controvert, judge shall decide. Plan of read justment . Agreements and pro- visions may include. C lass of c redi tors deemed affected. De terminatio n of con troversies. Terms construed . "Se curities ." " Credi tors ." Creditor may act in person or by agent.