Page:United States Statutes at Large Volume 52.djvu/949

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Proceedings subse- quent to filing of petition. Reference of pro- ceeding to referee. Appointment of re- ceiver, etc. Appointment of ap- praisers. Meeting of creditors. Notice of meeting, accompanying infor- mation. Procedure. Duties of judge or referee at meeting, etc. after hearing upon notice to the debtor, the creditors' committee, if any has been appointed, and to such other persons as the court may direct, either adjudge the debtor a bankrupt and direct that bank- ruptcy be proceeded with pursuant to the provisions of this Act or dismiss the proceedings under this chapter, as in the opinion of the court may be in the interest of the creditors. "ARTIcLE V-PROCEEDINGS SUBSEQUENT TO FILING OF PETITION "SEC. 331. The judge may refer the proceeding to a referee. "SEC. 332. The court may, upon the application of any party in interest, appoint, if necessary, a receiver of the property of the debtor, or, if a trustee in bankruptcy has previously been appointed, shall continue such trustee in possession. "SEC. 333. The court may, upon the application of the receiver, trustee, or any party in interest, appoint, if not previously appointed, one or more appraisers who shall prepare and file under oath an inventory and appraisal of the property of the debtor, and may prescribe how such inventory and appraisal shall be made. "SEC. 334. The court shall promptly call a meeting of creditors, upon at least ten days' notice by mail to the debtor, the creditors, and other parties in interest. "SEC. 335. The notice of such meeting of creditors shall be accom- panied by a copy of the proposed arrangement, a summary of the liabilities as shown by the schedules and a summary of the appraisal, if one has been made, or, if not made, a summary of the assets as shown by the schedules. Such notice may also name the time for the filing of the application to confirm the arrangement and the time for the hearing of the confirmation and of such objections as may be made to the confirmation. "SEC. 336. At such meeting, or at any adjournment thereof, the judge or referee- "(1) shall preside; (2) may receive proofs of claim and allow or disallow them- (3) shall examine the debtor or cause him to be examined and hear witnesses on any matter relevant to the proceeding; and "(4) shall receive and determine the written acceptances of cred- itors on the proposed arrangement, which acceptances may be obtained by the debtor before or after the filing of a petition under this chapter. "SEC. 337. At such meeting, or at any adjournment thereof, the judge or referee shall, after the acceptance of the arrangement- "(1) appoint the receiver or trustee, if any, or otherwise appoint some other person, to receive and distribute, subject to the control of the court, the moneys and consideration, if any, to be deposited by the debtor; require such person to give bond with surety to be approved by the court in such amount as the court shall fix; and fix the amount or rate of such person's compensation, not in excess of the compensation allowable to a receiver under this Act; "(2) fix a time within which the debtor shall deposit, in such place as shall be designated by and subject to the order of the court, the consideration, if any, to be distributed to the creditors, the money necessary to pay all debts which have priority, unless such priority creditors shall have waived their claims or such deposit, or consented in writing to any provision of the arrangement for otherwise dealing with such claims, and the money necessary to pay the costs and expenses of the proceedings and the actual and necessary expenses incurred in connection with the proceedings and the arrangement by the committee of creditors and the attorneys or agents of such committee, in such amount as the court may allow; and 908 [52 STAT.

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