Page:United States Statutes at Large Volume 52.djvu/933

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Hearing for con- sideration of confirma- tion of plan after acceptance. Order of approval not to affect right to object to confirma- tion. Title, rights, and powers of trustees and debtors in possession. purposes of such approval and of the confirmation of the plan, not be deemed to be affected by the plan. "SEC. 179. After a plan has been accepted in writing, filed in court, by or on behalf of creditors holding two-thirds in amount of the claims filed and allowed of each class, and, if the debtor has not been found to be insolvent, by or on behalf of stockholders holding the majority of stock, of which proofs have been filed and allowed, of each class, exclusive of creditors or stockholders or of any class of them who are not affected by the plan or whose claims or stock are disqualified pursuant to section 203 of this Act, or for whom payment or protection has been provided as prescribed in paragraphs (7) and (8) of section 216 of this Act, the judge shall fix a hearing, upon notice to the debtor, creditors, stockholders, indenture trustees, the Secretary of the Treasury, the Securities and Exchange Commis- sion, and such other persons as the judge may designate, for the consideration of the confirmation of the plan and of such objections as may be made to the confirmation. "SEC. 180. The order of the judge approving a plan, as provided in section 174 of this Act, shall not affect the right of the debtor, a creditor, indenture trustee, or stockholder to object to the confirma- tion of the plan. "ARBTCL E VIII--TrLE, RIGHTS, AND POWERS OF TUsSTEES AND DEBTORS IN POSSESSION Title of trustee. "SEC. 186. A trustee, upon his appointment and qualification, shall be vested with such title as a trustee appointed under section 44 of this Act would have. dutiegsof truste a "SEO. 187. Where not inconsistent with the provisions of this chapter, a trustee, upon his appointment and qualification, shall be vested with the same rights, be subject to the same duties, and exercise the same powers as a trustee appointed under section 44 of this Act, Exerise of powers and, if authorized by the judge, shall have and may exercise such additional rights and powers as a receiver in equity would have if appointed by a court of the United States for the property of the debtor. aitle, rightosdutie, "SEC. 188. A debtor continued in possession of its property shall and powers of debtor contnued in posses- have all the title, be vested with all the rights, be subject to all the sion. duties, and exercise all the powers of a trustee appointed under this chapter, subject, however, at all times to the control of the judge and to such limitations, restrictions, terms, and conditions as the judge may from time to time prescribe. Operation of debt- "SEC. 189. A trustee or debtor in possession, upon authorization or's business and man- ,.i agement of property. by the judge, shall operate the business and manage the property of the debtor during such period, limited or indefimte, as the judge may from time to time fix, and during such operation or manage- ment shall file reports thereof with the court at such intervals as the court may designate. Reports and sum- "SEC. 190. The reports of the trustee or debtor in possession shall be in such form and contain such information as the court may prescribe and shall at all times be open to the examination of any party in interest. The court shall direct copies or summaries of annual reports, and may direct copies or summaries of other reports, to be mailed to the creditors, stockholders, and indenture trustees, and may also direct the publication of summaries of any such reports in such newspaper or newspapers of general circulation as the court may designate. The Securities and Exchange Commission may recommend the form of such reports and summaries. [52 STAT.

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