Page:United States Statutes at Large Volume 48 Part 1.djvu/938

 912 73d C ONGRESS. SESS. II. C H. 424. JUNE 7, 1934 . Provisions for the re- a SEC. 77A. ADDI TION AL J URIS DICT ION .-I n additi on to th e jurisd ic- lief of debtors. Courts of bank- tion exercised in voluntary and involuntary proceedings to adjudge ruptcy, additional ju- risd ictio n. persons bankrupt, courts of bankruptcy shall exercise original juris- diction in proceedings for the relief of debtors, as provided in section 77B of this Act. Corporate reorgani- a SEC. 77B. CORPORATE REORGANIZATIONS .- (a) Any corporation nations. Petition in bank- which could become a bankrupt under section 4 of this Act, and any ruptcy, insolvent cor- porations. railroad or other transportation corporation, except a railroad corpo- Fthn 7, p. 14 1474. authorized. Vol.47 ration authorized to file a petition or answer under the provisions of section 77 of this Act, and except as hereinafter provided, may file an origina l petiti on, or, before a djudicat ion in a n involu ntary proceeding, an answer, or in any proceeding pending in bankruptcy, whether filed before or after this section becomes effective, provided the present operations of such corporation do not exclude it here- under, and whether or not the corporation has bee n adjudicated a Facts to be furnished. bankrupt, a petition stating the requisite jurisdictional facts under this section ; the nature of the business of the debtor ; in brief descrip- tion, the assets, l iabilities, capital stock, and financial condition of the debtor ; if a prior proceeding is pending, the name of the court in which it is pending and the nature of such proceeding ; facts showing the need for relief under this section ; and that the corporation is inso lven t or una ble to meet its debt s as the y ma ture and that it desires to effect a plan of reorganization. The petition shall be filed with the court in whose territoria l jurisdiction the corporation, during the preceding six months or the greater portion thereof, has had its principal place of business or its principal assets, or in any territorial jurisdiction in the State in which it was incorporated. Tra nsfer of pro ceed- The court shall upon petition transfer such proceedings to the terri- mgs. torial jurisdiction where the interests of all the parties will be Filin gfee. best subserved. The petition or answer shall be accompanied by payment to the clerk of a filing fee of $100, whi ch shall be in addi tion to the fees req uire d to be coll ecte d by the cle rk u nder other sections of this Act. Upon the f iling of such a peti tion C ourt orde r. or answer the judge shall enter an order either approving it as properly filed under this section if satisfied that such petition or answer complies with this section and has been filed in good Debtor and property, faith, or dismissing it. If the petition or answer is so approved, jurisdiction over during pe ndency of pr oceed- an order of adjudication in bankruptcy shall not be entered and ings. the court in which such order approving the petition or answer is entered shall, during the pendency of the proceedings under this section, have exclusive jurisdiction of the debtor and its property wherever located for the purposes of this section, and shall have and may exercise all the powers, not inconsistent with this section, which a Federal court would have had it appointed a receiver in equity of the property of the debtor by reason of its inability to pay its debts as Corporation referred they mature. The corporation shall be referred to in the proceedings to as "debtor ." Subsidiary may file as a `debtor .' Any corporation the majority of the capital stock of plan for reorganization. which having power to vote for the election of directors is owned, either directly or indirectly through an intervening medium, by any debtor, or substantially all of whose properties are operated by such debtor under lease or operating agreement, may file, with the court in which such debtor had filed its petit ion or answer, and in the same proceeding, a petition stating that it is insolvent or unable to meet its debts as they mature and that it desires to effect a plan of reorganization in connection with, or as a pa rt of, the pla n of Juris diction. reorganization of such other debtor ; and thereupon such court, if it approves such petition, shall have the same jurisdiction with respect to such corporation, its property, and its creditors and stockholders