Page:United States Statutes at Large Volume 52.djvu/940

 52 STAT.] 75TH CONG. , 3D SESS.-CH. 575-JUNE 22, 1938 to such other corporation or corporations, or when retained by the debtor in possession, as the case may be, shall be free and clear of all claims and interests of the debtor, creditors, and stockholders, except such claims and interests as may otherwise be provided for in the plan or in the order confirming the plan or in the order direct- ing or authorizing the transfer or retention of such property. "SEC. 227. The court may direct the debtor, its trustee, any mort- gagees, indenture trustees, and other necessary parties to execute and deliver or to join in the execution and delivery of such instruments as may be requisite to effect a retention or transfer of property dealt with by a plan which has been confirmed, and to perform such other acts, including the satisfaction of liens, as the court may deem neces- sary for the consummation of the plan. "SEC. 228. Upon the consummation of the plan, the judge shall enter a final decree- "(1) discharging the debtor from all its debts and liabilities and terminating all rights and interests of stockholders of the debtor, except as provided in the plan or in the order confirming the plan or in the order directing or authorizing the transfer or retention of property; "(2) discharging the trustee, if any; "(3) making such provisions by way of injunction or otherwise as may be equitable; and "(4) closing the estate. "ARTICLE XII-DISMISSALS AND ADJUDICATTONS "SEC. 236. If no plan is proposed within the time fixed or extended by the judge, or if no plan proposed is approved by the judge and no further time is granted for the proposal of a plan, or if no plan approved by the judge is accepted within the time fixed or extended by the judge, or if confirmation of the plan is refused, or if a con- firmed plan is not consummated, the judge shall- "(1) where the petition was filed under section 127 of this Act enter an order dismissing the proceeding under this chapter and directing that the bankruptcy be proceeded with pursuant to the pro- visions of this Act; or "(2) where the petition was filed under section 128 of this Act, after hearing upon notice to the debtor, stockholders, creditors, inden- ture trustees, and such other persons as the judge may designate, enter an order either adjudging the debtor a bankrupt and directing that bankruptcy be proceeded with pursuant to the provisions of this Act or dismissing the proceeding under this chapter, as in the opinion of the judge may be in the interests of the creditors and stockholders. "SEC. 237. Upon the dismissal of a proceeding under this chapter, where the petition was filed under section 128 of this Act, the judge shall enter a final decree discharging the trustee, if any, and closing the estate, except as otherwise provided by section 259 of this Act. "SEC. 238. Upon the entry of an order directing that bankruptcy be proceeded with- "(1) where the petition was filed under section 127 of this Act, the bankruptcy proceeding shall be deemed reinstated and shall thereafter be conducted, so far as possible, as if the petition under this chapter had not been filed; or where the petition was filed under section 128 of this Act, the proceeding shall thereafter be conducted so far as possible, in the same manner and with like effect as if an involuntary petition for adjudication had been filed at the time when the petition under this chapter was filed, and a decree of adjudication had been entered at the time when the petition under this chapter was approved; 899 Instnrments neces sary to effectuate re- tention or transei of property. Final decree; provi- sions. Dismissal and ad- Judication. Conditions A ke,p. 88& Ans, p. 88 AWt, p. S. Post, p. 9. Ani, p. 88.

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