Page:United States Statutes at Large Volume 48 Part 1.djvu/828

 802 73d CONGRESS. SESS. II. CH. 345. MAY 24, 1934. and approved a s required by the provisio ns of subdivis ion (d) of this chapter ; (4) all amounts to be paid by the taxing district for services or expenses incident to the readjustment have been fully disclosed and are reasonable ; (5) the offer of the plan and its acceptance are in good faith ; and (6) the taxing district is authorized by law, upon confirmation of the plan, to take all action necessary to carry out the plan. Before a plan is confirmed, changes and modi- fications may be made therein, with the approval of the judge after hearing upon notice to creditors, subject to the right of any creditor Rig hts of creditor who shall previously have accepted the plan to withdraw his accept- there after . once, w ithin a period to be fixed by the judge and aft er such notic e as the judge may direct, if, in the opinion of the judge, the change or modification will be materially adverse to the interest of such creditor, and if any creditor having such right of withdrawal shall not withdraw within such period, he shall be deemed to have accepted the plan as changed or modified : Provided, however, That the plan as changed or modified shall comply with all the provisions of this subdivision. "(f) Upon such confirmation the provisions of the plan and of the order of confirmation shall be binding upon (1) the taxing district, and (2) all creditors, secured or unsecured, whether or not affected by the plan, and whether or not their claims shall have been filed or evidenced, and if filed or evidenced, whether or not allowed, including creditors who have not, as well as those who have, accepted it . "(g) In the event the judge shall disapprove the plan he shall file an opinio n stating his reasons for such disapprov al. If he approve the plan, the final decree shall discharge the taxing district from those debts and liabilities dealt with in the plan except as pro- vided in the plan ; and upon the entry of such decree the jurisdiction of the court in such proceeding shall cease. "(h) A certified copy of the final decree or of an order confirming a plan of readjustment, or of any other decree or order entered in a proceeding under this chapter, shall be evidence of the jurisdiction of the court, the regularity of the proceedings, and the fact that the decree or order was made . A certified copy of an order directing the transfer of any property dealt with by the plan, shall be evidence of the transfer of title accordingly, and if recorded as conveyances are recorded shall impart the same notice that a deed, if recorded, would impart . "(i) In proceedings under this chapter and consistent with the provisions thereof, the jurisdiction and powers of the court, the duties of the taxing district and the rights and liabilities of creditors, and of all persons with respect to the taxing district and its property, shall be the same as if a voluntary petition for adjudication had been filed and a decree of adjudication had been entered on the day when the peti tion of the taxi ng d istr ict was appr oved. "(j) This chapter shall take effect and be in force from and after the date of the approval of this amendatory Act and shall apply as fully to taxi ng dis tricts and the ir cre ditors, whose intere sts or debts have been acquired or incurred prior to such date, as to taxing dis- tricts and their creditors, whose interests or debts are acquired or incurred after such date . Power of State over 44 (k) Nothing contained in this chapter shall be construed to political subdivisions not impaired . limit or impair the power of any State to control, by legislation or otherwise, any political subdivision thereof in the exercise of its political or governmental powers, including expenditures therefor, and including the power to require the approval by any governmental Changes and modi- fications allowed. Proviso . Conformity with sub- division . Effect of confirma- tion . Disapproval of plan by court reasons . Discharge of taxing district from debts, etc.. up on approval. Certi fied copy of d e- cree or order as evi- dence of jurisdiction of court. Order dire ctin g pro p- erty transfer ; effect of. Statu s of proc eedin gs under this chapter. Effective up on ap- pro val.
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