Page:United States Statutes at Large Volume 52.djvu/934

 52 STAT.] 75TH CONG., 3D SESS.- CH. 575-JUNE 22, 1938 "SEC. 191. A trustee or debtor in possession may employ officers of the debtor at rates of compensation to be approved by the court. No person shall become an officer or director of the debtor, to fill a vacancy or otherwise, without the prior approval of the court. 893 Officers of the debtor, employment. "ARTICLE IX--CREDITORS AND STOCKHOLDERS Creditorsandstock- holders. "SEC. 196. After the approval of the petition the judge shall pre- Mannerand time of filing and allowance of scribe the manner in which and fix a time within which the proofs claims and interests. of claim of creditors and of the interests of stockholders may be filed and allowed. Objections by any party in interest to the allow- Determination of ance of any such claims or interests shall be heard and summarily o ect ons determined by the court. "SEC. 197. For the purposes of the plan and its acceptance, the Divisionofcreditors and stockholders into judge shall fix the division of creditors and stockholders into classes classes. according to the nature of their respective claims and stock. For the purposes of such classification, the judge shall, if necessary, upon the application of the trustee, the debtor, any creditor, or an indenture trustee, fix a hearing upon notice to the holders of secured claims, the debtor, the trustee, and such other persons as the judge may designate, to determine summarily the value of the security and classify as unsecured the amount in excess of such value. "SEC. 198. An indenture trustee may file claims for all holders, Filing of claims by known or unknown, of securities issued pursuant to the instrument mdenture tr u st e es under which he is trustee, who have not filed claims: Provided how- P"O' inde ever, That in computing the majority necessary for the acceptance of the plan only the claims filed by the holders thereof, and allowed, shall be included. "SEC. 199. If the United States is a secured or unsecured creditor Where United States is a secured or or stockholder of a debtor, the claims or stock thereof shall be deemed unsecred creditor, to be affected by a plan under this chapter, and the Secretary of the etc. Treasury is hereby authorized to accept or reject a plan in respect of the claims or stock of the United States. If, in any proceeding under this chapter, the United States is a secured or unsecured cred- itor on claims for taxes or customs duties (whether or not the United States has any other interest in, or claim against the debtor, as secured or unsecured creditor or stockholder), no plan which does not provide for the payment thereof shall be confirmed by the judge except upon the acceptance of a lesser amount by the Secre- tary of the Treasury certified to the court: Provitled, That if the Pr-oleo. · Presumptlon of ap- Secretary of the Treasury shall fail to accept or reject a plan for proval. of more than ninety days after receipt of written notice so to do from the court to whclh the plan has been proposed, accompanied by a certified copy of the plan, his consent shall be conclusively pre- sumed. "SEC. 200. Where not inconsistent with the provisions of this chap- Rights, duties, etc., ter, the rights, duties, and liabilities of of creditors before and ter, the rights, duties, and liabilities of cretors and of all other after approval ofpeti- persons with respect to the property of the debtor shall be the same, tio n before the approval of the petition, as in a bankruptcy proceeding before adjudication and, upon the approval of the petition, as in a bankruptcy proceeding upon adjudication. "SEC. 201. All claims arising after the filing of a petition under Proving of claims arising after filing of this chapter and before the qualification of a receiver or trustee or petition, etc. before the petition is approved and the debtor continued in posses- sion, whichever first occurs, shall be provable. "SEC. 202. In case an executory contract shall be rejected pursuant Rejected executory to the provisions of a plan or to the permission of the court given rts stnuretus of in a proceeding under this chapter, or shall have been rejected by

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