Page:United States Statutes at Large Volume 52.djvu/932

 52 STAT.] 75TH CONG. , 3D SESS.-CH. 575--JUNE 22, 1938 which the judge regards as worthy of consideration. Such report shall be advisory only. "SEO. 173. The judge shall not enter an order approving a plan Report, etBo by submitted to the Securities and Exchange Commission until after approval ofplan. the Securities and Exchange Commission has filed its report thereon or has notified the judge that it will not file a report, or until the expiration of such reasonable time for the filing of such report as the judge has fixed, whichever first occurs. "SEC. 174 . After the hearing, as provided in section 169 or section Procedure for ap - 170 of this Act, and, if a plan has been submitted to the Securities and Exchange Commission, as provided in section 172 of this Act, then after the filing of the report or notice that it will not be filed, or after the expiration of the time for its filing, whichever first occurs, the judge shall enter an order approving the plan or plans which in his opinion comply with the provisions of section 216 of Pot P *895. this Act, and which are fair and equitable, and feasible, and shall fix a time within which the creditors and stockholders affected thereby may accept the same. "SEC. 175. Upon the approval of a plan by the judge, the trustee creditors and stock- or the debtor in possession shall transmit, by mail or otherwise, to holderstf approve d all creditors and stockholders who are affected by any such plan- "(1) the plan or plans so approved, together with a summary thereof approved by the judge; "(2) the opinion of the judge, if any, approving the plan, or plans, or a summary thereof approved by the judge; "(3) the report, if any, filed in the proceeding by the Securities and Exchange Commission, as provided in section 172 of this Act, or a summary thereof prepared by the Securities and Exchange Commission; and "(4) such other matters as the judge may deem necessary or desirable for the information of creditors and stockholders. "SEC. 176. No person shall, without the consent of the court, solicit septancesof a c any acceptance, conditional or unconditional, of any plan, or any authority, conditional or unconditional, to accept any plan, whether by proxy, deposit, power of attorney or otherwise, until after the entry of an order approving such plan and the transmittal thereof to the creditors and stockholders, as provided in section 175 of this Act; and any such authority or acceptance given, procured, or received by reason of a solicitation prior to such approval and transmittal shall be invalid, unless such consent of the court has been so obtained. "SEC. 177. In case a debtor is a public-utility corporation, subject debtPrrsal ublutil- to the jurisdiction of a commission having regulatory jurisdiction Ity corporation. over the debtor, a plan shall not be approved, as provided in section 174 of this Act, until- "(1 it shall have been submitted to each such commission; "(2) an opportunity shall have been afforded each such commis- sion to suggest amendments or offer objections to the plan; and "(3) the judge shall have considered such amendments or objec- tions at a hearing at which such commission may be heard. "SEC. 178. In case a debtor is a public utility corporation, wholly Intrastate public intrastate, subject to the jurisdiction of a State commission having planbyioms- regulatory jurisdiction over such debtor, a la sa t a plan shall not be pproved, o as provided in section 174 of this Act, unless such State commission shall have first certified its approval of such plan as to the public interest therein and the fairness thereof. Upon its failure to certify its approval or disapproval within thirty days, or such further time as the court may prescribe, after the submission of the plan to it, as provided in section 177 of this Act, the public interest shall, for the 891

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