Page:United States Statutes at Large Volume 49 Part 1.djvu/291

 246 74TH CONGRESS. SESS. I. CH. 114. MAY 15, 1935. [CHAPTER 114 .1 AN ACT To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, and Acts amendatory and supplementary thereto. Be it enacted by the Senate and House o f Representatives o f the United States o f America in Congress assembled, That subsection (b), as amended and supplemented, of section 4 of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States ", approved July 1, 1898, is amended to read as follows "(b) Any natural person, except a wage earner or a farmer, any unincorporated company, and any moneyed, business, or commercial corporation (except a municipal, railroad, insurance or banking cor- poration, or a building and loan association) owing debts to the amou nt of $1,00 0 or over, may b e adju dged an inv olunt ary b ankrup t upon default or an impartial trial, and shall be subject to the pro- ' visions and entitled to the benefits of this Act . Liability of officers, " The bankruptcy of a corporation or association shall not release etc ., of corporation. its officers, directors, or stockholders, as such, from any liability under the laws of a State or Territory or of the United States ." SEc . 2 . That subsection (1) of section 74 of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States ", approved July 1, 1898, as amended and supple- mented, is amended to read as follows (1) If (1) the debtor shall fail to comply with any of the terms required of him for the protection of and indemnity against loss by the estate ; or (2) the debtor has failed to make the required deposit in case of a composition ; or (3) the debtor's proposal has not been accepted by the creditors ; or (4) confirmation has been denied ; or (5) w ithout suff icient reas on the debt or de faults in a ny pay ment re quired to b e made unde r the terms of an exte nsion propo sal w hen the court has retained j urisdictio n of the d ebtor or h is propert y, the court may appoint the trustee nominated by the creditors at the first meeting, and if the creditors shall have failed to so nominate, may appoint any other qualified person as trustee to liquidate the estate . The court shal l in addit ion adjudg e the debt or a bankr upt if sat isfied that he commenced or prolonged the proceeding for the purpose of de laying cred itors and a voidin g an adjudi catio n in b ankru ptcy, or if the confirmation of his proposal has been denied . No order of liquidation or adjudication shall be entered in any proceeding under t his sectio n institut ed by or a gainst a w age earner or a farme r unless the wage earner or farmer consents ." SEc. 3. That subsection (r) of section 75 of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States ", approved July 1, 1898, as amended and supple- mented, is amended to read as follows "(r) For the purposes of this section, section 4 (b), and section 74, the term `farmer' includes not only an individual who is primarily bona fide personally engaged in producing products of the soil, but also any individual who is primarily bona fide personally engaged in dairy farming, the production of poultry or livestock, or the pro- duction of poultry products or livestock products in their unmanu- factured state, or the principal part of whose income is derived from any one or more of the foregoing operations, and includes the per- sonal representative of a de ceased farmer deemed a resident of any county in which such operations occur ." Approved, May 15, 1935 . May 15, 1935. [3 . 1616.] [Public, No . 60.) Bankiiiptcy Act of 18 98 amendments . Vol.30,p.547;Vol. 47, p. 47. U.S.C.,p.321. Involuntary b ank- ruptcy ; who may be adj udged . Vol. 47, p. 1469. U.S.C.,p.333. Trustee ; when may be appointed . Nomination by credi- tors, Vol.47,p.1473. U.S.C.,p.336. Te rm "f arm er" co n- strued
 * and a farmer shall be