Page:United States Statutes at Large Volume 52.djvu/929

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Petitions improp- erly filed under this chapter, disposition. Post, p. 905. Approving order as stay of pending bank- ruptcy, etc., proceed- ing. Determination of jurisdiction. "SEC. 147. A petition filed under this chapter improperly because adequate relief can be obtained by the debtor under chapter XI of this Act may, upon the application of the debtor, be amended to com- ply with the requirements of chapter XI for the filing of a debtor's petition, and shall thereafter for the purposes of chapter XI be deemed to have been originally filed thereunder. "SEC. 148. Until otherwise ordered by the judge, an order approving a petition shall operate as a stay of a prior pending bankruptcy, mortgage foreclosure, or equity receivership proceeding, and of any act or other proceeding to enforce a lien against the debtor's property. "SEC. 149. An order, which has become final, approving a petition filed under this chapter shall be a conclusive determination of the jurisdiction of the court. Proceedings subse- "ARTICLE VII-PROCEEDINGS SUBSEQUENT TO APPROVAL OF PETITION quent to approval of petition. Trustees, ppoint- "SEC. 156. Upon the approval of a petition, the judge shall, if the debtedness is $250,000 indebtedness of a debtor, liquidated as to amount and not contingent orover. as to liability, is $250,000 or over, appoint one or more trustees. Any trustee appointed under this chapter shall be disinterested and shall Ate, p. 860 . have the qualifications prescribed in section 45 of this Act, except that the trustee need not reside or have his office within the district. I less than $25,000 . If such indebtedness is less than $250,000, the judge may appoint one or more such trustees or he may continue the debtor in possession. In any case where a trustee is appointed the judge may, for the Additional trustee, purposes specified in section 189 of this Act, appoint as an additional appointment. i Post, p. 892. trustee a person who is a director, officer, or employee of the debtor. trusite'satene "SEC. 157. An attorney appointed to represent a trustee under Proviso. this chapter shall also be a disinterested person: Provided, however, Exception. That for any specified purposes other than to represent a trustee in conducting the proceeding under this chapter the trustee may, with the approval of the judge, employ an attorney who is not disinterested. Persons not deemed "SEC. 158. A person shall not be deemed disinterested, for the purposes of section 156 and section 157 of this Act, if- "(1) he is a creditor or stockholder of the debtor; or "(2) he is or was an underwriter of any of the outstanding securities of the debtor or within five years prior to the date of the filing of the petition was the underwriter of any securities of the debtor; or "(3) he is, or was within two years prior to the date of the filing of the petition, a director, officer, or employee of the debtor or any such underwriter, or an attorney for the debtor or such underwriter; or "(4) it appears that he has, by reason of any other direct or indirect relationship to, connection with, or interest in the debtor or such underwriter, or for any reason an interest materially adverse to the interests of any class of creditors or stockholders. Whereindebtedness "SEC. 159. Where the indebtedness of a debtor is less than $250,000, of debtor less than $250,000, powers of the judge may at any time terminate the appointment of a trustee judge. and restore the debtor to the possession of its property, or, if the debtor has been continued in possession, terminate its possession and appoint a trustee. Trustees, appoint- "SEC. 160. In any case, the judge at any time, without or upon ment of additional or substitute; removal. cause shown, may appoint additional trustees or remove trustees and appoint substitute trustees. 888 [52 STAT.

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