Page:United States Statutes at Large Volume 48 Part 1.djvu/943

 73d CONGRESS. SESS. II. CH. 424. JUNE 7, 1934 . 917 sions of section 57, clause (h), of this Act ; (7) shall cause reasonable Notice to creditors. notice of suc h dete rminat ion an d of a ll hear ings f or the consi dera- tion of any proposed plan, or of the dismissal of the proceedings, or the li quidation of the e state, or the allo wance of fees or e xpenses, p Fees and othe r ex- to be given creditors and stockholders by publication or otherwise ; (8) if a plan of reorganization is not proposed or accepted within Proceedings may be such reasonable period as the judge may fix, or, if proposed and extended or d ismissed. accepted, is not confirmed, may, after hearing, whether the proceeding be voluntary or involuntary, either extend such period or dismiss the proceeding under this section or, except in the case of a railroad or other public utility or of a debtor which has not been found by the judge to be in solvent, direct th e estate to be liq uidated, or direct Liquidation. the trust ee or tru stees to liquidate the esta te, appoi nting a t rustee or trustees if none s hall prev iously ha ve been a ppointed, as the i nterests of the creditors and stockholders may equitably require ; (9) may Allowances for serv- allow a reasonable compensation for the services rendered and ices and expenses . reimbursement for the actual and necessary expenses incurred in connection with the proceeding and the plan by officers, parties in interest, depositaries, reorganization managers and committees or other representatives of creditors or stockholders, and the attorneys or agents of any of the foregoing and of the debtor, but appeals Appeals permitted. from orders fixing such allowances may b e taken to the Circuit Court of Appeals independently of other appeals in the proceeding and shall be heard summarily ; (10) in addition to the provisions Judge may enjoin or of section 11 of this Act for the staying of pending suits against the orgy suit agai nst d ebt- debtor, may enjoin or stay the commencem ent or continuation of suits against the debtor until after final decree ; and may, upon notice and for cause shown, enjoin or stay the commencement or continuance of any judici al pro ceedin g to e nforce any li en upo n the estate until after final decree ; and (11) may refer any matters to a special master, May refer matter to who may be one of the referees in bankruptcy, for consideration and special master. report, e ither gen erally or upon spe cified is sues, and allow su ch master a rea sonab le co mpen satio n and rei mburs ement for his servi ces a nd actual and necessary expenses. The debtor shall have the right to heDnngis right to be heard on all questions. Any creditor or stockholder shall have the right to be heard on the question of the permanent appointment of any trustee or trustees, and on the proposed confirmation of any reorganiz ation pla n, and up on filing a petiti on for le ave to in tervene, on such other quest ions a rising in th e proce eding as the judge shall determine. In case a trustee is not appointed, the debtor shall Debtor, if continued in possession, subject continue in the possession of its property, and, if authorized by the to court rules. judge, shall operate the business thereof during such period, fixed or indefinite, as the judge may from time to time prescribe, and shall have all the title to and shall exercise, consistently with the provisions of this section, all the powers of a trustee appointed pursuan t to t his se ction, subje ct at all tim es to the co ntrol of the judge, and to such limitations, restrictions, terms, and conditions as the judge may from time to time impose and prescribe. While ofCompensation of the debtor is in possession (a) its officers shall be entitled to receive only such reasonable compensation as the judge shall from time to time approve, and (b) no person shall be elected or appointed to Filling vacancies. any office, to fill a vacancy or otherwise, without the prior approval of the judge. "(d) A plan of reorganization which has been approved by ti plan of reorganiza- credito rs of the de btor, whose claims would be aff ected by the plan, By creditor. being not less than 25 per centum in amount of any class of creditors, and not less than 10 per centum in amount of all the claims against the debtor, or . if the debtor is not found by the judge to be insolvent,