Page:United States Statutes at Large Volume 49 Part 1.djvu/1249

 1 204 74TH CONGRESS. SESS. II. CIIS. 210, 211 . APRIL 11, 13, 1936. chapter, if satisfied that such petition complies with this chapter and has been f iled in go od faith, or dismiss ing it, if not so sa tisfied. If cred itors holding 5 per centum in amount of the bonds, notes, or certificates of indebtedness shall, within ninety days after the first publication of the notice provided for in subdivision (c), clause (1), of this chapter, appear and controvert the facts alleged in the peti- tion, the judge shall decide the issues presented, and unless the material allegations of the petition are sustained, shall dismiss the petition : Provided, however, That such written acceptance of not less than 30 per centum of the creditors of drainage, irrigation, reclama tion, and levee districts, shall not be required in any case where a loan shall have been authorized to the petitioning taxing district by an agency of the United States Government, for the pur- pose of enabling any such petitioning district to reduce and refinance its outstanding indebtedness. "(d) The plan of readjustment shall not be confirmed until it has been accepted in writing, filed in the proceeding, by or on behalf of creditors holding at least 51 per centum in amount of the claims of each class in the case of drainage, irrigation, reclamation and levee districts and creditors holding two-thirds in amount of the claims of each class in the case of all other taxing districts whose claims have been allowed and would be affected by the plan, and by creditors holding 51 per centum in the case of drainage, irrigat ion, reclama- tion, and levee districts and creditors holding 75 per centum in the case of all other taxing districts in amount of the claims of all classes of the taxing district affected by the plan, but excluding claims owned, held, or controlled by a taxing district, and such plan has been accepted and approved by the taxing district in a writing filed in the proceeding, signed in its name by an authorized authority : Provided, how ev er, That it shall n ot be requ isite to t he confirm ation of t he plan that there be such acceptance by any creditor or class of creditors (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 (c) if provision is made in the plan for the protection of the interests, claims or liens of such creditors or class of creditors ." Appro ved, April 11, 1936 . Jud ge to decide is- sue s if 5% of credito rs appear and controvert . Vol.48,p.800 . Proviso . Petitio n of dr ainage, etc ., districts, where loans s hall have been authorized for refinanc- ing indebtedness . Confirmation of plan . Drainage, reclama- tion, etc., districts . Other districts . Proviso . Acceptance by cer- tain creditors not re- quired . [CHAPTER 211 .1 April 13, 1936. AN ACT	[ S.2 288 .1	To provide for the measurement of vessels using the Panama Canal, and for [Public, No.516.] other purpo ses . Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Presi- dent is authorized to appoi nt a neutral committee of three members, for the purpose of making a n independent study and investigation of the rules for the measurement of vessels using the Panama Canal and the tolls that should be charged therefor and hold hearings thereon, at which intereste d parties shall have full opportunity to present their views. Such committee shall report to the President upon said matters prior to January 1, 1937, and shall make such advisory recommendations of changes and modifications of the "Rules for the Measurement of Vessels for the Panama Canal" and the determinations of tolls as it finds necessary or desirable to pro- vide a practical, just, and equitable system of measuring such vessels and levying such tolls. Members of such committee shall be paid compensation at the rate of $825 per month, except that a member who is an offi cer or employee of the United States shall receive no compensation in addition to his compensation as such officer or Pana ma Can al. Committee to study rules for measuremen t of vessels, authorized. Po st, p. 1641 . Hearings. Re port and rec om- mendations. Compensation.