Page:United States Statutes at Large Volume 50 Part 1.djvu/680

 75Tu CONGRESS, 1sT SESSI ON-CH. 657 -AU GU ST 16, 19 37 "The term security affected by the plan' means a security as to which the rights of its holder are proposed to be adjusted or modi- fied materially by the consummation of a composition agreement . "The singular number includes the plural and the masculine gender the feminine. "COMPOSITION S "SEC. 83 . (a) Any petitioner may file a petition hereunder stating that the petitioner is insolvent or unable to meet its debts as they mature and that it desires to effect a plan for the composition of its debts. The petition shall be filed with the court in whose territorial jurisdiction the petitioner or the major part thereof is located, and, in the case of any unincorporated tax or special-assessment district having no officials of its own, the petition may be filed by its govern- ing authority or the board or body having authority to levy taxes or assessments to meet the obl igations to b e affected by the plan of composition. The petition shall be accompanied by payment to the clerk of a filing fee of $100, which shall be in lieu of the fees re- quired to be collected by the clerk under other applicable chapters of the Uniform Bankruptcy Act of 1898, as amended. The petition shall state that a plan of composition has been prepared, is filed and submitted with the petition, and that creditors of the petitioner owning not less than 51 per centum in amount of the securities affected by the plan (excluding, however, any such securities owned, held, or controlled by the petitioner), have accepted it in writing. There shall be filed with the petition a list of all known creditors of the petitioner, together with their addresses so far as known to petitioner, and description of their respective securities showing separately those who have accepted the plan of composition, to- gether with their separate addresses, the contents of which list shall not constitute admissions b y the petitio ner in a proce eding under this chapter or otherwise. Upon the filing of such a petition the judge shall enter an order either approving it as properly filed under this chapter, if satisfied that such petition complies with this chapter and has been filed in good faith, or dismissing it, if not so satisfied. "The p lan of compos ition', within the meaning of this chapte r, may incl ude prov isio ns m odif ying or alte ring the rig hts of c redi tors generally, or of any class of them, secured or unsecured, either through issuance of new securities of any character, or otherwise, and may contain such other provisions and agreements not incon- sistent with this chapter as the parties may desire. "No cre ditor shall b e deemed to be affected by any plan of co m- position unless the same shall affect his interest materially, and in case any controversy shall arise as to whether any creditor or class of creditors shall or shall not be affected, the issue shall be determined by the judge, after hearing, upon notice to the parties interested. "For all purposes of this chapter any creditor may act in person or by an attorney or a duly authorized agent or committee . W here any committee, organization, group, or i ndividual shal l assume to act for or on behalf of creditors, such committee, organization, group, or individual shall first file with the court in which the proceeding is pending a list of the creditors represented by such committee, organization, group, or individual, giving the name and address of each such creditor, together with a statement of the amount, class, and character of the security held by him, and attach thereto copies of the instrument or instruments in writing signed by the owners of the bonds showing their authority, and shall file with the list a copy of the contract or agreement entered into b etween such c ommittee, "Security affected by the plan ." Number and gender. Compositions . Petition for compo- sition of debts . Fil ing fee . 655 Contents of peti . ti on ; plan to accom- pany ; acceptance by majority of creditors . List of known cred- itors to be filed . Court order approv- ing or dismissing peti- tion . "Plan of composi- tion", provisions. Class of creditors affected . Creditor may act in person or by agent, etc . Group representa- tion; requirements.