Page:United States Statutes at Large Volume 52.djvu/901

 PUBLIC LAWS-CH. 575 -JUNE 22, 1938 Records of referees; manner of keeping. Separate record of each case. Certification a n d transmittal to clerk. Trustees. Creditors' commit- tees. Attorneys. Receivers and trus- tees, qualifications. Death or removal. Duties of trustees. such as to warrant him in so doing, punish such person in the same manner and to the same extent as for a contempt committed before him, or commit such person upon the same conditions as if the doing of the forbidden act had occurred with reference to the process of the court of bankruptcy or in the presence of the judge. "SEC. 42 . RECORDS OF REFEREES.- a. The records of all proceedings in each case before a referee shall be kept as nearly as may be in the same manner as records are kept in equity cases in district courts of the United States. "b. A separate record shall be kept of the proceedings in each case and shall, together with the papers on file, constitute the records of the case. "c. The record of the proceedings shall, when the case is concluded before the referee, be certified to by him and shall, together with such papers as are on file before him, be transmitted to the clerk and shall remain in the office of the clerk as a part of the records of the court. "SEC. 44. TRUSTEES; CREDITORS' COMMITErES; AND ATTORNEYS. -a. The creditors of a bankrupt, exclusive of the bankrupt's relatives or, where the bankrupt is a corporation, exclusive of its stockholders or members, its officers, and the members of its board of directors or trustees or of other similar controlling bodies, shall, at the first meeting of creditors after the adjudication, or after a vacancy has occurred in the office of trustee, or after an estate has been reopened, appoint a trustee or three trustees of such estate. If the creditors do not appoint a trustee or if the trustee so appointed fails to qualify as herein provided, the court shall make the appointment. "b. Such creditors may, at their first meeting, also appoint a committee of not less than three creditors, which committee may consult and advise with the trustee in connection with the adminis- tration of the estate, make recommendations to the trustee in the performance of his duties and submit to the court any question affecting the administration of the estate. "c. An attorney shall not be disqualified to act as attorney for a receiver or trustee merely by reason of his representation of a general creditor. "SEC. 45. QUALIFICATIONS OF RECEIVERS AND TRusTEES.- Receivers and trustees shall be (1) individuals who are competent to perform their duties and who reside or have an office in the judicial district within which they are appointed; or (2) corporations authorized by their charters or by law to act in such capacity and having an office in the judicial district within which they are appointed. "SEO. 46. DEATH OR REMOVAL OF RECEIVERS OR TRUsTEEs.- T he death or removal of a receiver or trustee shall not abate any suit or proceed- ing which he is prosecuting or defending at the time of his death or removal, but the same may be proceeded with or defended by his joint receiver or joint trustee or successor in the same manner as though the same had been commenced or was being defended by such joint receiver or joint trustee alone or by such successor. "SEC. 47 . DurIEs OF TRUSTEES.- a. Trustees shall (1) collect and reduce to money the property of the estates for which they are trustees, under the direction of the court, and close up the estates as expeditiously as is compatible with the best interests of the parties in interest; (2) deposit all money received by them in desig- nated depositories; (3) account for and pay over to the estates under their control all interest received by them upon funds belonging to such estates; (4) disburse money only by check or draft on such depositories; (5) keep records and accounts showing all amounts and items of property received and from what sources, all amounts expended and for what purposes and all items of property disposed [52 STAT.

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