Page:United States Statutes at Large Volume 52.djvu/935

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Limitation on claim of landlord. Proviso. Assignee of future rent claim, damages. If acceptance or failure to accept plan is not in good faith. Fixing of time for release of claims, etc. Post, p. 898. Unclaimed securi- ties, etc., disposition. Hearings. Labor unions, etc. Intervention by parties in interest. By Securities and Exchange Commis- sion. a trustee or receiver in bankruptcy or receiver in equity in a prior pending proceeding, any person injured by such rejection shall, for the purposes of this chapter and of the plan, its acceptance and confirmation, be deemed a creditor. The claim of the landlord for injury resulting from the rejection of an unexpired lease of real estate or for damages or indemnity under a covenant contained in such lease shall be provable, but shall be limited to an amount not to exceed the rent, without acceleration, reserved by such lease for the three years next succeeding the date of the surrender of the premises to the landlord or the date of reentry of the landlord, which- ever first occurs, whether before or after the filing of the petition plus unpaid accrued rent, without acceleration, up to such date of surrender or reentry: Provided, That the court shall scrutinize the circumstances of an assignment of a future rent claim and the amount of the consideration paid for such assignment in determining the amount of damages allowed the assignee thereof. "SEC. 203. If the acceptance or failure to accept a plan by the holder of any claim or stock is not in good faith, in the light of or irrespective of the time of acquisition thereof, the judge may, after hearing upon notice, direct that such claim or stock be disqualified for the purpose of determining the requisite majority for the accept- ance of a plan. "SEC. 204. Upon distribution, as provided in section 224 of this Act, the judge may, upon notice to all persons affected, fix a time, to expire not sooner than five years after the final decree closing the estate, within which, as provided in the plan or final decree- "(1) the creditors, other than holders of securities, shall file, assign, transfer, or release their claims; and "(2) the holders of securities shall present or surrender their securi- ties. After such time no such claim or stock shall participate in the distribution under the plan. "SEC. 205. The securities or cash remaining unclaimed at the expira- tion of the time fixed as provided in section 204 of this Act, or of any extension thereof, shall become the property of the debtor or of the new corporation acquiring the assets of the debtor under the plan, as the case may be, free and clear of any and all claims and interests. "SEC. 206. The debtor, the indenture trustees, and any creditor or stockholder of the debtor shall have the right to be heard on all matters arising in a proceeding under this chapter. The judge may, for cause shown, permit a labor union or employees' association, representative of employees of the debtor, to be heard on the eco- nomic soundness of the plan affecting the interests of the employees. "SEC. 207. The judge may for cause shown permit a party in interest to intervene generally or with respect to any specified matter. Except where otherwise provided in this chapter, the judge may from time to time enter orders designating the matters in respect to which the persons to whom, and the form and manner in which notice shal be given. "SEC. 208. The Securities and Exchange Commission shall, if requested by the judge, and may, upon its own motion if approved by the judge, file a notice of its appearance in a proceeding under this chapter. Upon the filing of such a notice, the Commission shall be deemed to be a party in interest, with the right to be heard on all matters arising in such proceeding, and shall be deemed to have intervened in respect of all matters in such proceeding with the same force and effect as if a petition for that purpose had been allowed by the judge; but the Commission may not appeal or file any petition for appeal in any such proceeding. 894 [52 STAT.

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