Page:United States Statutes at Large Volume 49 Part 1.djvu/2016

 74TH CON GRES S. SESS. II. CH. 833. JUN E 26, 1936 . The expense of such submission shall be certified by the Commission and shall be borne by the debtor's estate. The Commission shall certify to the judge the results of such submission. "Upon receipt of such certification, the judge shall confirm the plan if satisfied that it has been accepted by or on behalf of creditors of each class to which submission is required under this subsection holding more than two-thirds in amount of the total of the allowed claims of such class which have been reported in said submission as vo ting on said pla n, and b y or on behalf o f stockh olders of each class to which submission is required under this subsection holding more than two-thirds of the stock of such class which has been reported in said submission as voting on said plan ; and that such acceptances have not been made or procured by any means forbidden by law Provided, That, if the plan has not been so accepted by the creditors and stockholders, the judge may nevertheless confirm the plan if he is satisfied and finds, after hearing, that it makes adequate provision for fair and equitable treatment for the interests or claims of those rejecting it ; that such rejection is not reasonably justified in the light of the respective rights and interests of those rejecting it and all the relevant facts ; and that the plan conforms to the requirements of clauses (1) to (3), inclusive, of the first paragraph of this s ubse cti on (e) : Provided further, That if, in any reorganization proceeding under this section, the United States is a creditor on claims for taxes or customs duties (whether or not the United States has anv other interest in, or claim against, the debtor, as creditor or stockholder), no plan which does not provide for the payment thereof shall be confirmed by the judge except upon the acceptance, certified to the cou rt, of a lesser amount b y the Pr esident of the United S tates or the officer or agency designated by him pursuant to the provisions of the preceding paragraph hereof : Provided further, That if the Pr esident of the U nited St ates or such off icer or agency shall fa il to accept or reject such lesser amount for more than ninety days after receipt of written notice so to do from the court, accompanied by a certified copy of the plan, the consent of the United States insofar as its claims for taxes or customs duties are concerned shall be con- clusively presumed. If the judge shall confirm the plan, he shall en ter an o rder and file an opinion with a statemen t of hi s conclu sions and his reasons therefor. If the judge shall not confirm the plan, he shall file an opinion, with a statement of his conclusions and his reasons therefor, and enter an order in which he shall either dismiss the proceedings, or, in his discretion and on the motion of any party in interest., refer the case back to the Commission for further proceed- ings, including the consideration of modifications of the plan or the proposal of new plans. In the event of such a reference back to the Commission, the proceedings with respect to any modified or new plan shall be governed by the provisions of this section in like man- ner as in an original proceeding hereunder. "If it shall be necessary to determine the value of any property for any purpose under this section, the Commission shall determine such value and certify the same to the court in its report on the plan . The value of any property used in railroad operation shall be deter- mined on a basis which will give due consideration to the earning power of the property, past, present, and prospective, and all other relevant facts. In determining such value only such effect shall be given to the present cost of reproduction new and less depreciation and original cost of the property, and the actual investment therein, as may be required under the law of the land, in light of its earning power and all other relevant facts ." Approved, June 26, 1936. 19 71 Burden of expense of submission. Confirmation of pl an by court ; findings . Provisos. Confirmation of pl an when not accep ted by cred itors, etc. Provision for p ay- ment of taxes or cus- toms du ties. A cce pta nce of lesser amount. Presumption of con- sent to less er amount. Order confirming or disapproving plan. Dismissal or refer- en ce b ack to Com mis - sion. Appraisal of pro p- erty. Property used in railroad ope ration.