Page:United States Statutes at Large Volume 52.djvu/947

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 "AmRCLiE II-DEFINITONS Definitions. "SEC. 306. For the purposes of this chapter, unless inconsistent with the context- "Arrangement." "(1) 'arrangement' shall mean any plan of a debtor for the settle- ment, satisfaction, or extension of the time of payment of his unsecured debts, upon any terms; "Consideration." " (2) 'consideration' shall include evidences of indebtedness, either secured or unsecured, stock and certificates of beneficial interest therein, and certificates of beneficial interest in property; "Debtor." "(3) 'debtor' shall mean a person who could become a bankrupt Ante,p .845. under section 4 of this Act and who files a petition under this chapter - "tExecutory con- "(4) 'executory contracts' shall include unexpired leases of real property; and "Petition. " (5) 'petition' shall mean a petition filed under this chapter by a debtor proposing an arrangement. Terms appliabl "SEC. 307. Unless inconsistent with the context and for the pur- to be extended. poses of an arrangement providing for an extension of time for payment of debts in full and applicable exclusively to the debts to be extended- "Creditors. " "(1) 'creditors' shall include the holders of all unsecured debts, demands, or claims of whatever character against a debtor, whether Ane, p.8. or not provable as debts under section 63 of this Act and whether liquidated or unliquidated, fixed or contingent; and Debts"or"clas" "(2) 'debts' or 'claims' shall include all unsecured debts, demands, or claims of whatever character against a debtor, whether or not provable as debts under section 63 of this Act and whether liquidated Creditor "afected" or unliquidated, fixed or contingent. by an arrangement. "SEC. 308. A creditor shall be deemed to be 'affected' by an arrangement only if his interest shall be materially and adversely affected thereby. In the event of controversy, the court shall after hearing upon notice summarily determine whether any creditor is so affected. "ARlTICL III--JuISDICIION, POWERS, AND DUTIES OF TEE COURT Jurisdiction, powers, and duties of the court. "SEC. 311. Where not inconsistent with the provisions of this chap- ter, the court in which the petition is filed shall, for the purposes of this chapter, have exclusive jurisdiction of the debtor and his property, wherever located. "SEC. 312. Where not inconsistent with the provisions of this chap- ter, the jurisdiction, powers, and duties of the court shall be the same- "(1) where a petition is filed under section 321 of this Act and a decree of adjudication has not been entered in the pending bank- ruptcy proceeding, as if a decree of adjudication had been entered in such bankruptcy proceeding at the time the petition under this chapter was filed; or "(2) where a petition is filed under section 322 of this Act, as if a voluntary petition for adjudication in bankruptcy had been filed and a decree of adjudication had been entered at the time the petition under this chapter was filed. "SEC. 313. Upon the filing of a petition, the court may, in addition to the jurisdiction, powers, and duties hereinabove and elsewhere in this chapter conferred and imposed upon it- "(1) permit the rejection of executory contracts of the debtor, upon notice to the parties to such contracts and to such other parties in interest as the court may designate; 906 [52 STAT.

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