Page:United States Statutes at Large Volume 48 Part 1.djvu/827

 73d C ONGRESS. SESS. II. CH. 345. MAY 24, 1934 . appeals which may be taken in the proceedings, and such appeals shall be heard summarily : Provided, however, That no fees, com- pensation, reimbursement, or other allowances for attorneys, agents, committees, or other representatives of creditors shall be asses sed against the taxing district or paid from any revenues, property, or funds except in the manner and in such sums, if any, as may be provided for in the plan of readjustment ; (9) in addition to the provisions of chapter II of this Act for the staying of pending suits, the court may upon notice enjoin or stay until after final decree, the commencement or continuation of suits against the taxing district, or anv officer or inhabitant of the taxing district, on account of the indebtedness of such taxing district, or to enforce any lien or to enforce levy of taxes for the payment of any such indebtedness- Pro vid ed, however, That the jud ge m ay e nter an inte rloc utor y de cree providing that the plan shall be temporarily operative with respect to all indebte dness affecte d thereby and that the paym ent of the principal or interest, or both, of such indebtedness shall be tempo- rarily postponed or extended or otherwise readjusted in the same manner and upon the same terms as if such plan had been finally confirmed and put into effect, and upon the entry of such decree the principal or interest, or both, of such indebtedness which has otherwise become due, or which would otherwise become due, shall not be or become due or payable, and the payment of all such indebt- edness shall be postponed during the period in which such decree shall remain in force ; and (10) may refer any matters to a special master, for consideration and report upon specified issues ; but (1 1) shall not, by any order or decree, in the proceeding or otherwise, interfere with (a) any of the political or governmental powers of the taxing district, or (b) any of the property or revenues of the taxing district necessary in the opinion of the judge for essential governmental purposes, or (c) any income-producing property, unless the plan of readjustment so provides. The taxing district shall be heard on all questions. Any creditor shall be heard on the question of the proposed confirmation of the plan, and, upon filing a petition for leave to intervene, on such other questions arising in the pro- ceeding as the judge shall determine. "(d) The plan of readjustment shall not be confirmed until it has been accepted in writing, filed in the proceeding, by or on behalf of creditors whose claims have been allowed holding two thirds in amount of the claims of each class whose claims have been allowed and would be affected by the plan, and by creditors holding 662/3 per centum in the case of drain age, ir rigatio n, rec lamatio n, and levee dis- tricts and creditors holding 75 per centum in the case of all other taxing districts in amount of the claims of all classes of the taxing district affected by the plan, but excluding claims owned, held, or controlled by a taxing district, and such plan has been accepted and approved by the taxing district in a writing filed in the proceeding, signed in its name by an authorized authority : Provided, however, That it shall not be requisite to the confirmation of the plan that there be such acceptance by any creditor or class of creditors (a) whose claims are not affected by the plan, or (b) if the plan makes provision for the payment of their claims in cash in full, or (c) if provision is made in the plan for the protection of the interests, claims, or liens of such creditors or class of creditors. "(e) After hearing such objections as may be made to the plan, the judge shall confirm the plan if satisfied that (1) it is fair, equitable, and for the best interests of the creditors, and does not discriminate unfairly in favor of any class of creditors ; (2) complies with the provisions of subdivision (b) of this chapter ; (3) has been accepted 56637 • -34-51 801 Assessments for at- torney's, etc ., fees re- stricted . Stay of pending suits . Vol.30,p. 545 . Interlocutory decree providing that plan be temporarily operative. Postponements of payments during pe- riod . Reference to special master . Limitation on power of court . interferences denied . Right of taxing dis- trict and creditors to hea ring. Plan of readjustment . Acceptance by credi- tors before confirma- tion . Proviso . Creditors whose c laims not affe cted . Confirmation of plan by court.