Page:United States Statutes at Large Volume 49 Part 1.djvu/987

 942 74TH CONGRESS. SESS. I. CH. 792. AUGUST 28, 1935. [CHAPTER 792.1 Au IS 3002 ~s 35. To amend an Act entitled "An Act to establish a uniform system of bank rupt cy [P ublic, 	No.384.1 th rou gho ut the United States", app rov ed Ju ly 1, 1898, and Ac ts am end ato ry the reof and supplementary thereto. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 75 of said Act, as amended, be further amended by amending the second sentence of subsection (b), so as to read as follows : " The concilia- tion commi ssione r shal l recei ve as compen sation for h is serv ices a fee of $25 for each case submitted to him, and when docketed, to be paid out of the Treasury." SEC. 2. That section 75 of said Act, as amended, be further amended by amending subsection (g) to read as follows : "(g) An application for the confirmation of a composition or extension proposal may be filed in the court of bankruptcy after, but not before, it has been accepted in writing, by a majority in numb er of all credi tors whose clai ms have been a llowed, includi ng secured creditors whose claims are affected, which number shall represent a majority in amount of such claims ." C .,pl. 336 p .1472;U.S. SEc. 3. That section 75 of said Act, as amended, be further amen ded by amending subsection (k) to read as fo llows : Effect of confirma- "(k) Upon its confirmati on, a compositi on or extensio n proposal lion . shall be binding upon the farmer and his secured and unsecured creditors affected thereby : Provided, however, That such extension and/or composition shall not reduce the amount of or impair the lien of any secured creditor below the fair and reasonable market value of the property securing any such lien at the time that the extension and/o r composition i s accepted, but nothing herei n shall prevent the reduction of the future rate of interest on all debts of the debtor, whether secured or unsecured ." C.,p.336 .p-1473;U. S. SEc. 4. That section 75 of said Act, as amended, be further amended by amending subsection (n) to read as follows : "( n) The filing of a petition or answer with the clerk of court, or leaving it with the conciliation commissioner for the purpose of forwarding same to the clerk of court, praying for relief under sec- tion 75 of this Act, as amended, shall immediately subject the farmer and all his property, wherever located, for all the purposes of this section, to the exclusive jurisdiction of the court, including all real or personal property, or any equity or right in any such property, including, among others, contracts for purchase, contracts for deed, or conditional sales contracts, the right or the equity of redemption where the period of redemption has not or had not expired, or where a deed of trust has been given as security, or where the sale has not or had not been confirmed, or where deed had not been delivered, at the time of filing the petition . " In all cases where, at the time of filing the petition, the period of r edemption has n ot or had not e xpired, or whe re the right un der a deed of trust has not or had not become absolute, or where the sale has not or had not been c onfirmed, or wh ere deed had n ot been deliver ed, th e peri od of redempt ion sh all be exten ded or the co nfirma - tion of sale withheld for the period necessary for the purpose of carrying out the provisions of this section. The words ` period of redemption' wherever they occur in this section shall include any State moratorium, whether established by le gislative enactment or executive pr oclamation, or where the peri od of redemptio n has been extended by a judicial decree. In proceedings under this section, except as otherwise provided herein, the jurisdiction and powers Bankruptcy Act of 1898 ; amendment. Vol. 30, p.544;Vol. 47,p.1470;Vol.48,p. 925;U.S.C.,p.335. Fee of conciliation commission er ; amoun t and payment. Vol.47,p.1472;U.S. C., p. 335. Application for c on- firmation of a c omposi- tio n or extension pro- posal ; fil ing . Pr oviso. Secu red creditors. Jurisdiction of court over farmer and his property when petition fil ed. Period of redemption or confirmation of sale; extensions authorized. "Period of red em p- tion" construed. Jurisdi ction and po w- ers of court her eun der. AN ACT