Page:United States Statutes at Large Volume 49 Part 1.djvu/966

 74T H CONGRESS. SESS. I. CH. 774. AUGUST 27, 1935. specifically mentioned in sections 3 and 4 of the said Securities Act, respectively : (1) All securities issued pursuant to any plan of reor- ganization confirmed by the judge in accordance with the provisions of this section ; (2) all securities issued pursuant to such plan for the purpose of raising money for working capital and other pur- poses Much plan ; (3) all securities issued by the debtor or by the trustee or trustees pursuant to subdivision (c), clause (3) of this s ecti on ; (4 ) all cert ificates o f deposit representi ng securit ies of, or claims against, the debtor, with the exception of such certificates of deposit as are issued by committees not subject to subsection (p) hereof. The prov ision s of subdi visio n (a) of s ectio n (14) of the Securities Exchange Act of 1934 shall not be applicable with respect to any action or matter which is within the provisions of subsection (p hereof . (g) If in the light of all the existing circumstances there is undue delay in a reasonably expeditious reorganization of the debtor, the judge, in his discretion, shall, on motion of any party in interest or on his own motion, after hearing and after consideration of the rec ommen datio n of the C ommis sion, dism iss t he pr oceed ings . U pon the filing of such an order of dismissal, all right, title, or interest of the trustee or trustees shall vest by operation of law in the debtor unless otherwise provided b y such order. (h) The provisions of subdivisions 1, 2, and 3 of schedule A of title VIII of the Revenue A ct of 1926, as amended by sections 721, 722, and 723 of the Revenue Act of 1932, and the provisions of sub- divisions 8 and 9 of the same schedule A as added by sections 724 and 725 of the Revenue Act of 1932, and any amendments thereto unless specifically providing to the contrary, shall not apply to the issuance, transfer, or exchange of securities or the making or deliv- ery of conveyances to make effective any plan of reorganization confirmed under the provisions of this section. (i) If a receiver or trustee of all or any part of the property of a debtor has been appointed by a Federal or State court, whether before or after this amendatory section takes effect, a petition or answer may be filed under this section at any time thereafter by such debtor, or its creditors as provided in subsection (a) of this section, and if such petiti on is approved, the trustee or trustees appointed under this section, or the debtor until such trustee or trustees are appointed, shall be entitled forthwith to possession of and be vested with title to such property, and the judge shall make such orders as he may deem equitable for the protection of obliga- tions incurred by the receiver or receivers or prior trustee or trustees and for the payment of such reasonable administrative expenses and allowances in the prior proceedings as may be fixed by the court appointing such receiver or trustee. Whether or not a receiver or trustee has been appointed by a Federal or State court prior or subsequent to the institution of a proceeding under this section and upon the dismissal of such proceeding under this section, the judge may include in the order of dismissal appropriate provisions direct- ing the trustee or trustees, or the debtor if no trustee has been appointed, at the time of such order of dismissal, to transfer posses- sion of the debtor's property within the territorial jurisdiction of such Federal or State court to the prior receiver or trustee, if a prior receiver or trustee has bee n so appointed by such Federal or State court, or to a receiver or trustee appointed by such Federal or State court, upon such terms as the court in the proceeding under this section may deem equitable for the protection of the obligations incurred by any trustee or trustees appointed under this section and for the payment of administrative expenses and allowances in the Vol.48, p. 895. 921 Judge to dism iss pro- ceeding s if r eorgani za- tion of debtor unduly delayed. Revenue Ac ts of 19 26 and 1932. Vol. 44, p. 101; Vol. 47,p.272. U.S .C.,p.1107. Stamp tax provisions not applicable. Fi ling pe tition, when rece iver app ointe d. Trustees to possess property. Protective measures ; expenses, etc. Ord er d irect ing transfer of debt or' s property.