Page:United States Statutes at Large Volume 52.djvu/913

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 tapter VII-Es- "CHAPTER VII-ESTATES Depositories for "SEC. 61. DEPosIToRIEs FOR MONEY.- The judges of the several courts of bankruptcy shall designate, by order, banking institutions as depositories for the money of estates under this Act, as convenient as may be to the residences of receivers and trustees, and shall require from each such banking institution a good and sufficient bond with Government secu- surety, to secure the prompt repayment of the deposit. Said judges may, in accordance with the provisions of, and the authority con- 44 Stat. t2. ferred in section 1126 of the Revenue Act of 1926, as amended (U. S . C., title 6, sec. 15), accept the deposit of the securities therein desig- nated, in lieu of a surety or sureties upon such bond and may, from time to time as occasion may require, by like order increase or decrease the number of depositories or the amount of any bond or other security idposts. or change such depositories: Provided, That no security in the form of a bond or otherwise shall be required in the case of such part of 1Ut C.2. the deposits as are insured under section 12 B of the Federal Reserve Custody of securi- Act, as amended: And provided further, That depository banks shall place such securities, accepted for deposit in lieu of a surety or sure- ties upon depository bonds, in the custody of Federal Reserve banks or branches thereof designated by the judges of the several courts of tecurity by deposi- bankruptcy, subject to the orders of such judges. All national bank- ing associations designated as depositories, pursuant to the provisions of this section of this Act, are authorized to give such security as may be required. All pledges of securities heretofore made for the purposes herein named are hereby ratified, validated and approved. pensestf ates.d "SEC. 62 . EXPENSES OF ADMINISTERING ESTATES; UNAUTHORIZED SHARING OF FEES; WITHHOLDING ALLOWANCES. -a. The actual and necessary costs and expenses incurred by officers in the administration of estates shall, except where other provisions are made for their payment, be reported in detail, under oath, and examined and approved or disapproved by the court. If approved, they shall be paid or allowed out of the estates in which they were incurred. "b. When approved by the judge, the necessary costs and expenses of referees incidental to the prosecution of proceedings and the administration of estates pending before them may be apportioned to and paid out of such estates by such method as may be authorized by rule prescribed by the judge. In the case of referees whose offices are exclusively devoted to the conduct of the business of the court, such costs and expenses shall include necessary disbursements approved by the judge for the establishing, equipping, and maintaining of such offices, and any property acquired for such offices shall belong to the United States for the use and be under the control of the court. Unauthorized shar- tc. A custodian, receiver, or trustee or the attorney for any of them, or any other attorney, rendering services in a proceeding under this Act or in connection with such proceeding, shall not in any form or guise share or agree to share his compensation for such services with any person not contributing thereto, or share or agree to share in the compensation of any person rendering services in a proceeding under this Act or in connection with such proceeding, to Lapartners, etc. which services he has not contributed: Provided, however, That an attorney-at-law may share such compensation with a law partner or with a forwarding attorney-at-law, and may share in the compensa- tion of a law partner. Petitionfercompen- "d. A custodian, receiver, or trustee or the attorney for any of sation. them, or any other attorney, seeking compensation for services ren- dered by him in a proceeding under this Act or in connection with such proceeding, shall file with the court his petition setting forth the value and extent of the services rendered, the amount requested [52 STAT.

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