Page:United States Statutes at Large Volume 49 Part 1.djvu/969

 924 74'1H CONGRESS. SESS. I. CH. 774 . AUGUST 27, 1935. against, or to consent to or reject, a%. plan of reorganization pro- posed in connection with such procengs ; or (b) to use, employ, or act under or pursuant to any such proxy or authorization from any such creditor or shareholder which has been solicited or obtained prior to the institution of such proceedings ; or (c) to solicit the depo sit by any such creditor, or s hareholder, of his claim agai nst or interest in such railroad corporation, or any instrument evi- dencing the same, under any agreement authorizing anyone other than such depositor to represent such depositor in such proceedings or i n any matters r elating to such proceedings, including any m at- ters relating to the deposited security or claim ; or to vote such claim or interest or to consent to or reject any such plan of reorganization or ( d) to use, empl oy, or act unde r or pursuant to any such agr ee- ment with such depositor which has been solicited or obtained prior to the institution of such proceedings ; unless and until, upon proper application by any person proposing to make such solicitation or to use, employ, or act under or pursuant to such proxies, authoriza- tion s, or deposit a greements, and after consider ation of the te rms and conditions (including provisions governing the compensation and expenses to be received by the applicant, its agents and attor- neys, for their services) upon which it is proposed to make such solicitation or to use, employ, or act under or pursuant to such proxies, authorizations, or deposit agreements, the Commission after hear ing by order au thorizes such s olicitation, u se, employment, or Pr oviso. action : Provided however That nothing co ntained in this section Personal interest , > only. shall be applicable to or construed to prohibit any person, when not part of an organized effort, from acting in his own interest, and not for the interest of any other, through a representative or otherwise, or from authorizing a representative to act for him in any of the Cooperative actions . foregoing matters, or to prohibit groups of not more than twenty- five bona fide hold ers of securiti es or claims o r groups of mut ual institutions from acting together for their own interests and not for others through representatives or otherwise or from authorizing rep- resentatives of such groups to act for them in respect to any of the foregoing matters. The Commission shall make such order only if it finds that the terms and conditions upon which such solicitation, use, employment or action is propo sed are reason able, fair, and in the public interest, and conform to such rules and regulations as the R ules to be pre» Commission may provide. The Commission shall have the power to scribed. make such rules and regulations re specting such solicitation, u se, empl oyment, or acti on and with res pect to the te rms and the pro vi- sion s of such proxi es, authorizati ons, and depos it agreements, and with respect to suc h other matters in connection with the admin is- tration of this subsection as it deems necessary or desirable to pro- mo te the public inter est, a nd to insure proper pract ices i n the repre- sentation of creditors and stockholders through the use of such pr oxies, author izatio ns, or depos it agr eements and i n the solici tation thereof. It shall be unlawful for any person to solicit any such proxy, authorization, or the deposit of any such claim or interest or to use, employ, or act under or pursuant to any such proxy, author- izat ion, or deposit agreement whic h has been sol icited or obtai ned prior to the institution of such proceedings in violation of the rules and regulations so prescribed. For m, etc ., of apply Every application for authority shall be made in such form and cations, contain such matters as the Commission may prescribe. Every such application shall be made under oath, signed by, or on behalf of, the appl icant by a duly authorized age nt having know ledge of the ma t-. orr tt0 modify, etc., ters therein set forth. The Commission may modify any order order s. authorizing such solicitation, use, employment, or action by a sup-