Page:United States Statutes at Large Volume 49 Part 1.djvu/965

 920 Appraisal of prop- erty. Bi nding, upon c ourt confirmation. Or ders, etc., of court to be exec uted. Property to be clear of debtor's claims. Discharge of debtor ; excep tion. Final decree. Prohibited acts un- der Securities Act not to aff ect designated transactions. Vol. 48, pp. 77, 906; U.S .C.,p.521. 74 TH CONGRESS. SESS. I. CH. 774 . AUGUST 27, 1935. the proceedings, or, in his discretion and on the motion of any party in interest, refer the case back to the Commission for further pro- cee dings, i ncludin g the co nsidera tion of modific ations of the p lan or the proposal of new plans. In the event of such a reference back to the Comm ission, the pro ceeding s with r espect to any modified or new plan shall be governed by the provisions of this section in like manner as in an original proceeding hereunder. If it shall be necessary to determine the value of any property for any pur pose un der this sectio n, the C ommissi on shal l determ ine 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 determined on a basis which will give due consideration to the ear ning pow er of t he prope rty, pa st, pres ent, an d prosp ective, and all other relevant facts. In determining such value only such effect shall be given to the present cost of reproduction new and less de preci atio n and ori ginal cos t of the prope rty, and the actua l in vest- ment therein, as may be required under the law of the land, in light of its earning power and all other relevant facts. (f) Upon confirmation by the judge, the provisions of the plan and of the order of confirmation shall, subject to the right of judicial review, be binding upon the debtor, all stockholders thereof, includ- ing those who have not, as well as those who have, accepted it, and all creditors secured or unsecured, whether or not adversely affected by the plan, and whether or not their claims shall have been filed, and, if filed, whether or not approved, including creditors who have not, as well as those who have, accepted it. Upon confirmation of the plan, the debtor and any other corporation or corporations organized or to be organized for the purpose of carrying out the plan, shall have full power and authority to, and shall put into effect and carry out the plan and the orders of the judge relative thereto, under and subject to the supervision and the control of the judge, the laws of any State or the decision or order of any State authority to the contrary notwithstanding. The property dealt with by the plan, when transferred and conveyed to the debtor or to the other corporation or corporations provided for by the plan, or when retained by the debtor pursuant to the plan, shall be free and clear of all claims of the debtor, its stockholders and creditors, and the debtor shall be discharged from its debts and liabilities, except such as may consistently with the provisions of the plan be reserved in t he order confir ming the plan o r direct ing suc h transf er and con- veyance or retention, and the judge may require the trustee or trustees appointed hereunder, the debtor, any mortgagee, the trustee of any obligation of the debtor, and all other proper and necessary parties, to make any such transfer or conveyance, and may require the debtor to join in any such tr ansfer o r conve yance m ade by t he trustee or trustees. Upon the termi nati on o f the pro ceed ings a final decree shall be entered discharging the trustee or trustees, and making such provisions as may be equitable, by way of injunction or otherwise, and closing the case. Upon confirmation of a plan t he Commi ssion s hall, wi thout f urther p roceedi ngs, gra nt auth ority for the issue of any securities, assumption of obligations, transfer of any property, sale, consolidation or merger of the debtor's prop- erty, or pooling of traffic, to the extent contemplated by the plan and not inconsistent with the provisions and purposes of the Inter- state Commerce Act as now or hereafter amended. The provisions of title I and of section 5 of the Securities Act of 1933, as amended, shall not apply to the issuance, sale, or exchange of any of the fo llowi ng s ecuri ties, whi ch s ecuri ties and tran sacti ons there in s hall, for the purposes of said Securities Act, be treated as if they were