Page:United States Statutes at Large Volume 52.djvu/931

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Duties tand unc- "SEC. 167. The trustee upon his appointment and qualification- tions of trustee. Investigation of "(1) shall, if the judge shall so direct, forthwith investigate debtorsliabiitiesete. the acts, conduct, property, liabilities, and financial condition of the debtor, the operation of its business and the desirability of the con- tinuance thereof, and any other matter relevant to the proceeding or to the formulation of a plan, and report thereon to the judge; Examination n ofce "(2) may, if the judge shall so direct, examine the directors and etc. officers of the debtor and any other witnesses concerning the foregoing matters or any of them; frautto judge of "(3) shall report to the judge any facts ascertained by him per- taining to fraud, misconduct, mismanagement and irregularities, and ssistance to any causes of action available to the estate; trustee. "(4) may, subject to the approval of the judge, employ such person or persons as the judge may deem necessary for the purpose of assisting the trustee in performing the duties imposed upon him under this chapter; Preparationofstate- ment of investigation "(5) shall, at the earliest date practicable, prepare and submit a of property,etc. brief statement of his investigation of the property, liabilities, and financial condition of the debtor, the operation of its business and the desirability of the continuance thereof, in such form and manner as the judge may direct, to the creditors, stockholders, indenture trustees, the Securities and Exchange Commission, and such other bmission of sug- persons as the judge may designate; and gestions by creditors, (6) shall give notice to the creditors and stockholders that they etc. may submit to him suggestions for the formulation of a plan, or proposals in the form of plans. within a time therein named. tions. "SEC. 168. If a debtor is continued in possession, the judge may at any time appoint a disinterested person as examiner to prepare and file a plan and to perform the duties imposed upon a trustee under paragraphs (1) to (5), inclusive, of section 167 of this Act, or to perform any of such duties. judge for preparation "SEc. 169. Where a trustee has been appointed the judge shall fix and filing of plan by a time within which the trustee shall prepare and file a plan, or a report of his reasons why a plan cannot be effected, and shall fix a subsequent time for a hearing on such plan or report and for the consideration of any objections which may be made or of such amend- ments or plans as may be proposed by the debtor or by any creditor or stockholder. Poris ohtinuedebn "SEC. 170. Where a debtor is continued in possession, a plan or possession. plans may be filed, within a time fixed by the judge- " 1) by the debtor; " 2) by any creditor or indenture trustee; "(3) by any stockholder, if the debtor is not found to be insolvent; "(Hearing4) by the examiner, if so directed by the judge. The judge shall ix a subsequent time for a hearing on such plans and for the consideration of any objections or amendments thereto. Notice of hearing to "SEO. 171. Notice of the time of any hearing, as provided in sec- tion 169 or section 170 of this Act, shall be given to the debtor, the creditors and stockholders, the indenture trustees, the Secretary of the Treasury, the Securities and Exchange Commission, and such other persons as the court may designate. The judge may, upon the application of the trustee, any ctrustee, any creditor, indenture trust, or stockholder, advance the time of such hearing. Examination and report on plans by SE. 172. After the hearing, as provided in section 169 or section sehng~es omam Eonx- 170 of this Act, and before the approval of any plan, as provided in section 174 of this Act, the judge may, if the scheduled indebt- edness of the debtor does not exceed $3,000,000, and shall, if such indebtedness exceeds $3,000,000, submit to the Securities and Exchange Commission for examination and report the plan or plans 890 [52 STAT.

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