Page:United States Statutes at Large Volume 48 Part 1.djvu/945

 73d C ONGRESS. SESS. II. CH. 424. JUNE 7, 1934 . as to the public interest therein and the fairness thereof. If said regulatory commission shall not within thirty days or such addi- tional period as the court may prescribe after the submission of a plan to it file said certificate it shall be dee med that the pub lic interest is not affected by said plan. "(f) After hearing such objections as may be made to the plan, the judge sha ll confir m the pla n if sati sfied tha t (1) it is fair a nd equi- table and does not discriminate unfairly in favor of any class of creditors or stockholders, and is feasible ; (2) it complies with the provision s of subd ivision ( b) of thi s section ; (3) it has been accepted as requ ired b y the provis ions o f subd ivision (e), clause (1) of this section ; (4) the provisions of subdivision (e ), clause (2 ), of this section have been complied with ; (5) all amounts to be paid by the debtor or by any corporation or corporations acquiring the debtor's assets, and all amounts to be paid to committees or reorganization managers, whether or not by the debtor or any such corporation for service s or e xpense s inci dent t o the reorgan izatio n, hav e been fully disclosed and are reasonable, or are to be subject to the approval of the judge ; (6) the offer of the plan and its acceptance are in good faith and have not been made or procured by any means or promises forbidden by this Act ; and (7) the debtor, and every other corpora- tion, issuing securities or acquiring property under the plan, is authorized by its charter or by applicable State or Federal laws, upon confirmat ion of th e plan, t o take al l action necessary to carry out the plan, and that, in case the debtor is a utility corporation subject to the jurisdiction of a regulatory commission or commissions or other regulatory authority or authorities, created by the laws of the State or States in which the properties of the debtor are operated, all authorizations, approvals, or consents of each such commission or authority required by the laws of such State or States, have been obtained. Before or after a plan is confirmed, changes and modifi- cations may be proposed therein by any party in interest and may be made with the approval of the judge after hearing upon notice to creditors and stockholders, subject to the right of any creditor or stockholder who shall previously have accepted the plan to withdraw his acceptance, within a period to be fixed by the judge and after such notice 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 or stockholder, and if any creditor or stockholder having such right of withdrawal shall no t 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 the provisions of subdivision (b) of this section and shall have been or shall thereafter be accepted as required by the provisi ons of subdi vision (e), clause (1), of this section, including acceptances by reason of failure to withdraw as hereinbefore pro- vided, and the provisions of this subdivision (f), and of subdivision (e), clause (2), of this section, shall have been complied with in respect thereof. Upon confirmation of the plan by the judge, the debtor and other corporation or corporations organized or to be organized for the purpose of carrying out the plan, shall have full power and authority to put into effect and carry out the plan and the orders of the judge relative thereto. The provisions of subdivisions 1, 2, and 3' of schedule A of title VIII of the Revenue Act of 1926, as amended by sections 721, 722, and 723 of the Revenue Act of 1932 and the provisions of sections 724 and 725 of the Revenue Act of 1932 shall not apply to the issuance, transfers, or exchanges of secu- rities or making or delivery of conveyances to make effective any plan of reor ganiza tion c onfirm ed und er the provis ions o f this secti on. 919 App rov al, if no ad- verse decision filed. Confirmation of plan wh en. If de btor a p ublic utility. Modi ficat ion of pl an. Proviso. Changes to c onform to provisions of sec- tion. Execution of plan upon confirm ation of ju dge. Revenue Acts of 1926 and 1032. Issuance of securities, making or delivery of c onvey ance s ex empte d from provisions of. Vol. 41, p . 101; Vol. 47, p. 272.