Page:United States Statutes at Large Volume 49 Part 1.djvu/2015

 197 0 the debtor 's as sets, for expens es an d fee s inci dent to th e reor ganiz a- tion, have been fully disclosed so far as they can be ascertained at the date of such hear ing, are reas onab le, are withi n su ch m axim um limits a s are fixed by th e Commission, and are within such maximum limits to be subject to the approval of the judge ; (3) the plan pro- vides fo r the payment of all costs of admi nistration and al l other allowanc es made or to be made by the judge, except that all owances Payment in securi. provided for in subsection (c), paragraph (12) of this section, may be paid in securities provided fo r in the plan if those entitled thereto will accept such payment, and the judge is hereby given power to approve the same. "If the judge shall not approve the plan, he shall file an opinion, stating his conclusions and the reason therefor, and he shall enter an order in which he may either dismiss the proceedings, or in his discretion and on motion of any party in interest refer the proceed- ings back to the Commission for further action, in which event he shall transmit to the Commission a copy of any evidence received . If the proceedings are referred back to the Commission, it shall proceed to a reconsideration of the proceedings under the provisions of subsection (d) hereof . If the judge shall approve the plan, he shall file an opinion, stating hi s conclusions and the reasons therefor, and enter an order to that effect, and shall send a certified copy of such opinion and order to the Commission. The plan shall then be submitted by the Commission to the creditors of each class whose claims h ave been filed an d allowed in acco rdance with the r equire- ments of subsection (c) hereof, and to the stockholders of each class, and/or to the committees or other representatives thereof, for acceptance or rejection, within such time as the Commission shall specify, together with the report or reports of the Commission there on or such a summar ization th ereof as the Commis sion may approve, and the opinion and order of the judge : Provided, Tha t submission to any class of stockholders shall not be necessary if the Commissi on shall have fou nd, and the judge shall have affir med the finding, (a) that at the time of the finding the corporation is insolvent, or that at the time of the finding the equity of such class of stockholders has no value, or that the plan provides for the payment in cash to such class of stockholders of an amount not less than the value of their equity, if any, or (b) that the interests of such class of stockholders will not be adversely and materially affected by the plan, or (c) that the debtor has pursuant to authorized corporate action accepted the plan and its stockholders are bound by such acceptance : Provided further, That submission to any class of creditors shall not be necessary if the Commission shall have found, and the judge shall have affirmed the finding, that the interests of such class of creditors will not be adversely and materially affected by the plan, or that at the time of the finding the interests of such class of creditors have no value, or that the plan provides for the payment in cash to such class of creditors of an amount not less than the value of their interests. For the purpose of this section the acceptan ce or rejection b y any creditor or stockholder shal l be in writing, executed by him or by his duly authorized attorney, com- mittee, or representative. If the United States of America, or any agency thereof, or any corporation (other than the Reconstruction Finance Corporation) the majority of the stock of which is owned by t he United States of America, is a creditor or stock holder, the in teres ts or claim s the reof shall be de emed to be affec ted b y the plan, and the President of the United States, or any officer or agency he may desi gnate, is h ereby auth orized to a ct in respe ct of the intere sts or claims of the United States or of such agency or other corporation. Administr ation cos ts, et c. ties. Disapproval by court ; dismissal or reference ba ck to C ommiss ion. Reconsideration by Commission. Approval by court ; order to be entered; copy to Commission. Submiss ion of pl an to creditors . To stockholders, etc. Pro visos. Submission to any class of stockholders not necessary ; when. Submission to any class of creditors not ne cessa ry ; when . Acceptance or rejec- tion by creditor or stockholder ; form. United States as a creditor or stockholder. 74TH CONGRESS. SESS. II. CH. 833 . JUN E 26, 1936.