Page:United States Statutes at Large Volume 48 Part 1.djvu/948

 922 73d C ONGRESS. SESS. II. CH. 424. JUNE 7, 1934 . Prohibitions. » (1) No judge, debtor, or trustee acting under this section shall Den yi ng right toa ffi l- ) > g late with lab or or gani- deny or in any way question the right of employees on the property zat ion . under the jurisdiction of the judge, to join the labor organization of their choice, and it shall be unlawful for any judge, debtor, or trustee to interfere in any way with the organizations of employees, or to use funds under such jurisdiction, in maintaining so-called company unions, or to coerce employees in an ef fort to induce them to join or remain members of such company unions . Requ irin g pro spec - " ( m) No judge, debtor, or trustee acting under this section shall not to jam employee la bor to union, agr ee require any person seeking employment on the property under the not jurisdiction of the judge to sign any contract or agreement promising to join or to refuse to join a labor organization ; and if such contract has been enforced on the property prior to the property coming under the jurisdiction of said judge, then the judge, debtor, or trust ee, as soon a s the m atter i s call ed to h is atte ntion, shall notify the employee s by an appro priate order that said cont ract has been discarded and is no longer binding on them in any way. Corporation's right "(n) Nothing contained in this section shall be construed or be to petition if operating or owning railroad . deemed to aff ect or apply to the stockh olders, credit ors, o r offic ers of any corporation operating or owning a railroad or railroads, railway Municipally owned . or railways, owned in whole or in pa rt by any municipality and/or owned or ope rated by a mu nicipality, o r under any co ntract to any municipality by or on its behalf or in conjunction with such munici- pality under any contract, lease, agreement, certificate, or in any Proviso . other manner provided by law for such operation : Provided, how- Inope rativ e, i f reve- nue d erive d is not more ever, That this paragraph shall not apply to or affect any corporation than 20 percent . or the stockholders, creditors, or officers thereof, if not more than 20 per centum of its operating revenue is derived from such operations. Jurisdictional provi- "( o) In proceedings under this s ection and co nsistent with the sions . provisions the reof, t e jur isdiction and powers of the court, the duties of the debtor and the rights and liabilities of creditors, and of all persons with respect to the debtor and its property, shall be the same as if a voluntary petition for adjudication had been filed and a decree o f adjudicatio n had been en tered on the d ay when the debtor's petition or answer was approved . Effective date of sec- "(p) This section shall take effect and be in force from and after tion. the date of the approval of this amendatory Act and shall apply as fully to debtors, their stockholders and creditors, whose interests or debts have been acquired or incurred prior to such date, as to debt ors, the ir s tock hold ers and cred itor s, w hose int eres ts or d ebts application to pend- are acquired or incurred after such date. Proceedings under this ing proceedings. section may be taken in proceedings in bankruptcy which are pend- in on the effective date of this amendatory Act ." Creditors' m eeting . EC. 2. Sect ion 74, subdi vision (e), of such Act of July 1, 1898, as Vol.47, p. 1468. amended, is amended by adding a new sentence at the end of the e ~D blo oms prop osal for subdivision, to read as follows : "After the first meeting of the creditors as provided in subdivision (c), the debtor fails to obtain the acceptance of a majority in number of all creditors whose claims are affected by an extension proposal representing a majority in amount, the debtor may submit a proposal for an extension including a feasible method of financial rehabilitation for the debtor wh ich is for the best interest of all the creditors, including an equitable liq uidation for the secured c reditors whose claims are affected ." Vol.47,p. 1467. Said section 74, as amended by the Act of March 3, 1933, shall Personal represents- ti ve of deceas ed in- Inc lude the pers onal represen tative of a de ceased individual for c p lu pose s d r settlement the purpose of effecting settlement or composition with the creditors