Page:United States Statutes at Large Volume 48 Part 1.djvu/944

 918 73d C ONGRESS. SESS. IL CH. 424. JUNE 7, 1934. B y stockholders. but is found unable to meet its debts as they mature, by stockholders whose interests would be affected by the plan, provided said amount is not less than 10 per centum of any class of stock outstanding and not less than 5 per centum of the total number of shares of all classes of stock outstanding, may be proposed by any creditor or by any By debtor. stockhold er, or without such approva l by the debt or, at a heari ng duly noticed for its consideration or for the consideration of any other plan of reorganization similarly proposed. Acceptance by two thirds creditors and - (e) (1) A plan of reorganization shall not be confirmed until it majority stoc kholders. has been accepted in writing, whether before or after the filing of the petition or answer under this section, and such acceptance shall have been filed in the proceeding by or on behalf of creditors 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 or on behalf of stockholders of the debtor holding a majority of the stock of each provisos. class : Provided, however, That such acceptance shall not be requisite Excep tion s. > > Creditor's claim nn- to the confirmation of the plan by any creditor or class of creditors affected. Payment. (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 safeguarding credi- (c) if provision is made in the plan for the protection of the inter- tor's interests. ests, claims, or liens of such creditor or class of creditors in the manner provided in subdivision (b), clause ( 5), of this section : If debtor insolvent, And provided further, That such acceptance shall not be requisite confirmation not requi- site, to the confirmation of the plan by any stockholder or class of stock- holders (1) if the judge shall have determined either that the debtor is insolvent, or that the interests of such stockholder or stockholders If protection is pro- will not be affected by the plan, or (2) if provision is made in the vided for. plan for the protection of the interests of such stockholder or class of stockholder s in the mann er provided i n subdivision (b), clause statement of claims an d shares (4) of this section. With such acceptance there shall be set forth purchased > o r tra nsfe rred to be verified in such manner as the judge shall require, what, if any, con- filed' tracts of the debtor are executory in whole or in part, and what unexpired leases have been rejected and surrendered. With such acceptance there shall be filed a statement, verified in such manner as the judge shall require, showing what, if any, claims and shares of stock have been purchased or transferred by those accepting the plan after the commencement or in contemplation of the proceeding, and the circumstances of such purchase or transfer : Provided, how- Filing waived if ever, That if the judge is satisfied that by reason of the number of dee med impracti cal. securities outstanding and the extent of the public dealing therein the preparation of such a statement would be impractical, he may Federal claims. direct that it be not filed. If the United States of America is a creditor or stockholder, the Secretary of the Treasury is hereby authorized to accept or reject a plan in respect of the interests or claims of the United States. Reorganization "(2) In case the debtor is a utility subject to the jurisdiction of a if debtor is a utility, under regulatory com- regulatory commission or commissions or other regulatory authority mission' or authorities, created by the laws of the State or States in which the Plan t o be subm itted . properties of the debtor are operated, a plan of reorganization shall not be confirmed until (a) it shall be submitted to each such com- mission or authority having regulatory jurisdiction over the debtor, Am endments or oh- jections permitted . (b) an opportunity shall be afforded each such commission or author- ity to suggest amendments or objections to the plan, and (c) the judge shall consider such amendments or objections at a hearing at sta te's jurisdic tion, which each such commission or authority may be heard . In case if utility intrastate . the debtor is a public utility corporation wholly intrastate in char- acter no court shall approve any plan of reorganization if the regu- latory commission of such State having jurisdiction over such public utility certifies that the public interest is affected by said plan, unless said regulatory commission shall first approve of said plan