Page:United States Statutes at Large Volume 52.djvu/943

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Prior proceedings. Filing of petition notwithstanding pendency of prior pro- ceeding. Vesting of rights of prior receiver, etc., In property. Protection of In- carred obligations. Reinstatement of prior proceedings in event of dismissal. General provisions. Suspension of stat- while proceeding pending. Dismissal; filing of petition not to con- stitute act of bank- ruptcy. Chapter Inapplica- ble to designated cred- itors. 48 Stat. 1246 . 12U.S.C., ch.13; Supp. III, ch. 13. Prohibitions relat- ing to interstate com- merce and the mails. 48 Stat. 77 . 15U.. C.C 77e. Exemption of cer- tain securities. Certain security transactions. "ARTICLE XIV-PRIOR PROCEEDINGS "SEC. 256. A petition may be filed under this chapter notwith- standing the pendency of a prior mortgage foreclosure, equity, or other proceeding in a court of the United States or of any State in which a receiver or trustee of all or any part of the property of a debtor has been appointed or for whose appointment an application has been made. "SEC. 257. The trustee appointed under this chapter, upon his qualification, or if a debtor is continued in possession, the debtor, shall become vested with the rights, if any, of such prior receiver or trustee in such property and with the right to the immediate posses- sion thereof. The trustee or debtor in possession shall also have the right to immediate possession of all property of the debtor in the possession of a trustee under a trust deed or a mortgagee under a mortgage. "SEC. 258. The judge shall make such provision as may be equita- ble for the protection of the obligations incurred by a receiver or trustee in such prior proceeding and for the payment of the rea- sonable costs and expenses incurred therein as may be allowed by the judge. "SEC. 259. Upon a dismissal of a proceeding under this chapter, such prior proceeding shall become reinstated, and the judge shall allow the reasonable costs and expenses under this chapter, includ- ing the allowances provided for in article XIII of this chapter, and shall make appropriate provision for the retransfer of such property to the person or persons entitled thereto upon such terms as may be equitable for the protection of the obligations incurred in the proceedings under this chapter by the trustee or debtor in possession, and for the payment of the costs and expenses of the proceedings. "ARTICLE XV-GENERAL PROVISIONS "SEC. 261. All statutes of limitation affecting claims and interests provable under this chapter and the running of all periods of time prescribed by this Act in respect to the commission of acts of bank- ruptcy, the recovery of preferences, and the avoidance of liens and transfers shall be suspended while a proceeding under this chapter is pending and until it is finally dismissed. 'SEC. 262. If a proceeding under this chapter shall be dismissed, the filing of the petition shall not constitute an act of bankruptcy by the debtor. "SEC. 263. Nothing contained in this chapter shall be deemed to affect or apply to the creditors of any corporation under a mortgage insured pursuant to the National Housing Act and Acts amendatory thereof and supplementary thereto. "SEC. 264. a. The provisions of section 5 of the Securities Act of 1933 shall not apply to- "(1) any security issued by the receiver, trustee, or debtor in possession pursuant to paragraph (2) of section 116 of this Act; or (2) any transaction in any security issued pursuant to a plan in exchange for securities of or claims against the debtor or partly in such exchange and partly for cash and/or property, or issued upon exercise of any right to subscribe or conversion privilege so issued, except (a) transactions by an issuer or an underwriter in connection with a distribution otherwise than pursuant to the plan, and (b) transactions by a dealer as to securities constituting the whole or a part of an unsold allotment to or subscription by such dealer as a participant in a distribution of such securities by the [52 STAT.
 * tes of limitation, etc.,

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