Page:United States Statutes at Large Volume 48 Part 1.djvu/946

 920 73d C ONGRESS. SESS. II. CH. 424. JUNE 7, 1934. "(g) Upon such confirmation the provisions of the plan and of the order of confirmation shall be binding upon (1) the debtor, (2) all stockholders thereof, including those who have not, as well as those who have, accepted it, and (3) all creditors, secured or unsecured, whether or not affected by the plan, and whether or not their claims shall have be en fil ed, and, if fi led, w hether or not approv ed, inc luding creditors who have not, as well as those who have, accepted it . Execution of, under "(h) Upon fina l confirmation of the plan, the debtor a nd other direction of judge. corporation or corporations organized or to be organized for the purpose of carrying out the plan, shall have full power and authority to, and shall put into effect and carry out the plan and the orders of the judge relative thereto, under and subject to the supervision and control of the judge, and the property dealt with by the plan, when transferred and conveyed by the truste e or trustees to the debtor or the other corporation or corporations provided for by the plan, or, if no trust ee has been appoi nted, when r etain ed by the de btor pursuant to the plan or transferred by it to the other corporation or corporations provided for by the plan, shall be free and clear of all claims of the debtor, its stockholders and creditors, except such as may consistently with the provisions of the plan be reserved in the order confirming the plan or directing such transfer and con- veyance or retention, and the court may direct the trustee or trustees, or if there be no trustee, the debtor and any mortgagee, the trustee of any obligation of the debtor, and all other proper and necessary parties, to make any such transfer or conveyance, and may direct the debtor to join in any s uch transfer o r conveyance made by the trustee or trustees. Upon the termination of the proceedings a final decree shall be entered discharging the trustee or trustees, if any, making such provisions as may be equitable, by way of injunction or otherwise, and closing the case. Such final d ecree shall d is- charge the debtor from its debts and liabilities, and shall terminate and end all rights and interests of its stockholders, except as pro- vided in the plan or as may be reserved as aforesaid. All securities issued pursuant to any plan of reorganization confirmed by the cour t in acc orda nce with the pro visi ons of t his sect ion, inc ludi ng, withou t limit ing th e gener ality o f the foregoi ng, any secur ities i ssued pursuant to such plan for the purpose of raising money for working capital and other purposes of such plan and securities issued by the debtor or by the trustee or trustees pursuant to subdivision (c), clause (3), of this section, and all certificates of deposit representing securit ies of or clai ms aga inst th e debto r whic h it is propos ed to deal with under any such plan, shall be exempt from all the provisions of the Securities Act of 1933, approved May 27, 1933, except the provisions of subdivision (2) of section 12, and section 17 thereof, and except the provisions of section 24 thereof as applied to any willful violat ion of said s ection 17. "(i) If a receiver or trustee of all or any part of the property of a corporation has been appointed by a Federal, State, or Territorial court, whether before or after this amendatory Act takes effect a petition or answer may be filed under this section at any time there- after by the corporation, or its creditors as provided in subdivision (a) of this sec tion and if such pet itio n or ans wer is a ppro ved, the trustee or trustees appointed under this section, or the debtor if no trustee is appointed, shall be entitled forthwith to possession of and vested with title to such property, and the judge shall make such orders as he may deem equitable for the protection of obligations incurred by the receiver or prior trustee and for the payment of such reasonable administrative expenses and allowances in the prior pro- Plan bindin g upon all when confirmed . Nec ess ary transfers to effectuate. Final decree of dis- charge to be entered on termination of pro- ceedings. Securities issued pur- suant to r eorg aniza tion plan, exempt from op- eration of Securities Act of 1933. Ante, p. 74. Fraud excepted. Ante, p. 84. Appoi ntme nt o f re- ceiver or trustee not a stay to institution of proceedings. D ebtor ent itle d to immediate possession, if court approves.