Page:United States Statutes at Large Volume 52.djvu/937

 PUBLIC LAWS--C. 575-JUNE 22, 1938 Debtor's property. Payment of admin- istration costs and other allowances. Rejection of execu- tory contracts. Claims to be paid in cash in full. Creditors, etc., not affected. Protection of non- assenting class of creditors. Nonassenting class of stockholders. Proviso. If debtor insolvent. Long-term indebt- edness. Provisions for exe- cution of plan. holders generally or some class of them, provisions altering or modi- fying their rights, either through the issuance of new securities of any character or otherwise; "(2) may deal with all or any part of the property of the debtor; "(3) shall provide for the payment of all costs and expenses of administration and other allowances which may be approved or made by the judge; " (4) may provide for the rejection of any executory contract except contracts in the public authority; "(5) shall specify what claims, if any, are to be paid in cash in full; "(6) shall specify the creditors or stockholders or any class of them not to be affected by the plan and the provisions, if any, with respect to them; "(7) shall provide for any class of creditors which is affected by and does not accept the plan by the two-thirds majority in amount required under this chapter, adequate protection for the realization by them of the value of their claims against the property dealt with by the plan and affected by such claims, either as provided in the plan or in the order confirming the plan, (a) by the transfer or sale, or by the retention by the debtor, of such property subject to such claims; or (b) by a sale of such property free of such claims, at not less than a fair upset price, and the transfer of such claims to the proceeds of such sale; or (c) by appraisal and payment in cash of the value of such claims; or (d) by such method as will, under and consistent with the circumstances of the particular case, equitably and fairly provide such protection; "(8) shall provide for any class of stockholders which is affected by the plan and does not accept the plan by the majority of the stock required under this chapter, adequate protection for the realization by them of the value of their equity, if any, in the property of the debtor dealt with by the plan, either as provided in the plan or in the order confirming the plan, (a) by the sale of such property at not less than a fair upset price; or (b) by appraisal and payment in cash of the value of their stock; or (c) by such method as will, under and consistent with the circumstances of the particular case, equitably and fairly provide such protection: Provided, however, That such protection shall not be required if the judge shall deter- mine that the debtor is insolvent; "(9) may include, where any indebtedness is created or extended under the plan for a period of more than five years, provisions for the retirement of such indebtedness by stated or determinable pay- ments out of a sinking fund or otherwise, (a) if secured, within the expected useful life of the security therefor, or (b) if unsecured, or if the expected useful life of the security is not fairly ascertain- able, then within a specified reasonable time, not to exceed forty years; "(10) shall provide adequate means for the execution of the plan, which may include: the retention by the debtor of all or any part of its property; the sale or transfer of all or any part of its property to one or more other corporations theretofore organized or there- after to be organized; the merger or consolidation of the debtor with one or more other corporations; the sale of all or any part of its property, either subject to or free from any lien, at not less than a fair upset price and the distribution of all or any assets, or the proceeds derived from the sale thereof, among those having an interest therein; the satisfaction or modification of liens; the can- celation or modification of indentures or of other similar instru- ments; the curing or waiver of defaults; the extension of maturity [52 STAT.

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