Page:United States Statutes at Large Volume 49 Part 1.djvu/867

 822 74TH CONGRESS. SESS. I. CH. 687. AUGUST 26, 1935. proposed in the first instance by the Commission, or, subject to such rules and regulations as the Commission may deem necessary or appropriate in the public interest or for the protection of investors, by any person having a bona fide interest (as defined by the rules and regulations of the Commission) in the reorganization. Pl an for simplifies- (e) In accordance with such rules and regulations or order as the Lion and elim inatio n ; submission of, after Commission may deem necessary or appropriate in the public interest Ja nuary 1, 1936 . or f or the prote ction of inve stors or con sumers, any registe red ho lding company or any subsidiary company of a registered holding company may, at any time after January 1, 1936, submit a plan to the Com- miss ion fo r the divest ment of contr ol, se curiti es, or other assets, or Ante, p. 820. for othe r action by suc h company or a ny subsidiary c ompany thereof for the purpose of enabling such company or any subsidiary com- order approving pany the reof to comply with the provi sions of subsec tion (b). If, plan. after notice and opportunity for hearing, the Commission shall find such plan, as submitted or as modified, necessary to effectuate the pro visi ons of s ubse ctio n (b) and fa ir and equita ble to the persons affected by such plan, the Commission shall make an order Enforcement of. approving such plan ; and the Commission, at the request of the company, may apply to a court, in accordance with the provisions Post, p.832. of subsection (f) of section 18, to enforce and carry out the terms Jurisdiction of courts. and provisions of such plan. If, upon any such application, the court, after notice and opportunity for hearing, shall approve such plan as fair and equitable and as appropriate to effectuate the pro- visions of section 11, the court as a court of equit y may, to such extent as it deems necessary for the purpose of carrying out the terms and provisions of such plan, take exclusive jurisdiction and possession of the company or companies and the assets thereof, Ap poi ntm ent of wherever located ; and the court shall have jurisdiction to appoint trustee. a truste e, and the cour t may constitu te and appoint the Commission as sole trustee, to hold or administer, under the direction of the court and in accordance with the plan theretofore approved by the court and the Commission, the assets so possessed. Commission as trus- (f) In any proceeding in a court of the United States, whether tee or rec eiver ; ap- pointment. unde r this section or otherwise, i n which a rece iver or trustee is appointed for any registered holding company, or any subsidiary company thereof, the court may constitute and appoint the Commis- si on as sole tr ustee or rec eiver, subje ct to t he dir ection s and orders of the court, whether or not a trustee or receiver shall theretofore have been appointed, and in any such proceeding the court shall not appoint any person other than the Commission as trustee or rece iver without no tifying the Com mission and gi ving it an oppo r- Consent required. tunity to be heard b efore making any su ch app ointme nt. In no proceeding under this section or otherwise shall the Commission Reorganization plan ; be appointed as trustee or receiver without its express consent. In effective date. any such procee ding a reorgani zation plan for a registered holding company or any subsidiary company thereof shall not become effec- Approval required. tive unless such plan shall have been approved by the Commission after opportunity for hearing prior to its submission to the court. Pr oposal of. Notwithstanding any other provision of law, any such reorganization plan may be proposed in the first instance by the Commission or, subject to such rules and regulations as the Commission may deem necessary or appropriate in the public interest or for the protection of investors, by any person having a bona. fide interest (as def ined by the rules and regulatio ns of the Commi ssion) in the r eorganiza- Payment required. ap- tion. The Commission may, by such rules and regulations or order provairequired. req d• as it may deem necessary or appropriate in the public interest or for the protection of investors or consumers, require that any or all fees, expenses, and remuneration, to whomsoever paid, in connection