Page:United States Statutes at Large Volume 49 Part 1.djvu/963

 918 74TH CONGRESS. SESS. I. CH. 774. AUGUST 27, 1935. any plan. In such report the Commission shall state fully the reasons for its conclusions. plemented or may m be The Commission may thereafter, upon petition for good cause shown filed within sixty days of the date of its order, and upon further hearings if the Commission shall deem necessary, in a supple- mental report and order modify any plan which it has approved, commission to certi- statin the reasons for such modification. The Commission if it fy plan to cour t, if it 9 ~ approves. approves a plan, shall thereupon certify the plan to the court toge ther wi th a tra nscript of the proceed ings be fore it and a c opy of the report and order approving the plan. No plan shall be approved or confirmed by the judge in any proceeding under this section unless the plan shall first have been approved by the Commis- sion and certified to the cour t. Notice by court to (e) Upon the certification of a plan by the Commission to the all parties in interest. Post, p. 1969. court, the court shall give due noti ce to all parties in inter est of the time within which such parties may file with the court their objec- tions to such plan, and such parties shall file, within such time as may be fixed in said notice, detailed and specific objections in writ- Hearings. ing to the plan and their claims for equitable treatment. The judge shall, after notice in such manner as he may determine to the debtor, its trustee or trustees, stockholders, creditors, and the Commission, hear all parties in interest in support of, and in opposition to, such objections to the plan and such claims for equitable treatment. nated pcondtl if d est . After such hearing, and without any hearing if no objections are filed, the judge shall approve the plan if satisfied that : (1) It complies with the provisions of subsection (b) of this section, is fair an d equit able, af fords d ue recog nition to the r ights o f each c lass of creditors and stockholders, does not discriminate unfairly in favor of any class of creditors or stockholders, and will conform to the requirements of the law of the land regarding the participation of the various classes of creditors and stockholders ; (2) the al?prox- imate amounts to be paid by the debtor, or by any corporation or corporations acquiring the debtor's assets, for expenses and fees incident to the reorganization, have been fully disclosed so far as they can be ascertained at the date of such hearing, are reasonable, ar e withi n such m aximum limits a s are f ixed by the Com mission, and are within such maximum limits to be subject to the approval of the judge ; (3) the plan provides for the payment of all costs of adminis- tration and all other allowances made or to be made by the judge, except that allowances provided for in subsection (c), paragraph (12) of this section, may be paid in securities provided for in the plan if those entitled thereto will accept such payment, and the judge is hereby given power to approv e the sa me. Op inion sta ting re a- If the judge shall not approve the plan, he shall file an opinion, son, fi led if pla n dis- approved. stating his conclusions and the reason therefor, and he shall enter A ction to be t aken . 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 lie 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 If plan app roved of subsection (d) hereof. If the judge shall approve the plan, he procedure. shall file an opinion, s tating his conclusions and the reasons therefor, and enter an order to that effect, and shall send a certified copy of Submission to cred- such opinion and orde r to the Commission. The plan sh all then itors of each class whose be submitted by the Commission to the creditors of each class whose claims allowed. claims have b een file d and a llowed i n accor dance wi th the require - ments of subsection (c) hereof, and to the stockholders of each class,