Page:United States Statutes at Large Volume 49 Part 1.djvu/956

 74TH CONGRESS. SESS. I. CHS. 773, 774 . AUGUST 27, 1935. 911 approved March 23, 1906, and subje ct to the conditions and limita- tions contained in this Act. SEC. 2. The right to alter, amend, or repeal this Act is hereby expressly reserved. Approved, August 27, 1935. [CHAPTER 774 .] Amendment. AN ACT August 27, 1935. To amend an Act entitled "An Act to establish a un ifo rm system of bankruptcy 	[H . R. 8587 .1 throughout the United States", approved Ju ly 1, 1898, and Ac ts amendatory [Public, No. 381 .] thereof and supplementary thereto. Be it enacted by the Senate and House of Representatives of the United States o f America in Congress assembled, That section 77 of the Act of July 1, 1898, entitled "An Act to establish a uniform system of bankruptcy throughout the United States ", as amended, be, and it is hereby, amended to read as follows "SEC. 77 . REORGANIZATION OF RAILROADS ENGAGED IN INTERSTATE COMMERCE.-(a) Any railroad corporation may file a petit ion stat- ing that it is insolvent or unable to meet its debts as they mature and that it desires to effect a plan of reorganization . The petition shall be filed with the court in whose territorial jurisdiction such corporation, during the preceding six months or the greater portion thereof, has had its principal executive or operating office, and a copy of the petition shall at the same time be filed with the Inter- state Commerce Commission (hereinafter called the ` Com mis sion ') Provided, That when any railroad, although engaged in interstate co mmerc e, li es wh olly withi n one Stat e, su ch pr oceed ings shall be brought in the Feder al district court of the district in which its principal operating office in such State during the preceding six mo nths or th e gre ater porti on th ereof has been locat ed. The peti- tion shall be accompanied by payment to the clerk of a filing fee of $100, which shall be in addition to the fees required to be collected by the clerk under o ther sections of this Act. Upon the filing of such a petition, the judge shall enter an order either approving it as properly filed under this section, if satisfied that such pe tition complies with this section and has been filed in good faith, or dis- missing it, if he is not so satisfied. If the petition is so approved, the court in which such order is entered shall, during the pendency of the proceedings under this section and for the purposes thereof, have exclusive jurisdiction of the debtor and its property wherever located, and shall h ave and may exercise in addition to the powers conferred by this section all the powers, not inconsistent with this section, which a Federal court would have had if it had appointed a receiver in equity of the property of the debtor for any purpose. Process of the court shall extend to and be valid when served in any judicial district. The Supreme Court of the United States shall promulgate rules relating to the service of process outside of the district in which the proceeding is pending, and any other rules which it may deem advisable in order to aid district courts and circuit courts of appeal in exercising the jurisdiction herein co n- ferred upon them. The railr oad c orpor ation shal l be refer red t o in the proceedings as a `debtor .' Any railroad corporation the majority of the capital stock of which having power to vote for the election of directors is owned, either directly or indirectly through an intervening medium, by any railroad corporation filing a peti- tion as a debtor may file, with the court in which such other debtor has filed such a petition, and in the same proceeding, a petition, a Ban kruptcy Act of 1898, amendments. Vol.47,p.1474;C.S. C., p. 337. Reorganization of railroads engaged in interstate commerce. Petiton to be filed. Copy to Interstate Commerce Commis. sion. Proviso. Whe n rail road wholl y wi thin one State. Filing fee. Order of approval or dismissal. Jurisdiction over debtor, if approved. Service of process; Supreme Court to issue rules concerning . "Debtor" construed. Petition by corpora- tion owned by railroad corporation filing same.