Page:United States Statutes at Large Volume 52.djvu/950

 52 STAT.] 75TH CONG. , 3D SESS.-CH. 575-JUNE 22, 1938 "(3) fix a time for the filing of the application to confirm the arrangement and for a hearing on the confirmation thereof or any objections to the confirmation, unless such times have already been named in the notice of the meeting or unless all creditors affected by the arrangement have accepted it. "SEC. 338. At such meeting the creditors may appoint a com- mittee, if none has previously been appointed under this Act, and, if a trustee has not previously been appointed, may nominate a trustee who shall thereafter be appointed by the court in case it shall become necessary to administer the estate in bankruptcy as provided under this chapter. " ARTICLE VI-TITLE, RIGHTS, DUTIES, AND POWERS OF DEBTOR AND OFFICERS "SEC. 341. Where not inconsistent with the provisions of this chapter, the powers and duties of the officers of the court and, subject to the approval of the court, their fees, and the rights, privileges, and duties of the debtor shall be the same, where a petition is filed under section 321 of this Act and a decree of adjudication has not been entered in the pending bankruptcy pro- ceeding, as if a decree of adjudication had been entered in such bankruptcy proceeding at the time the petition under this chapter was filed, or, 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. 342. Where no receiver or trustee is appointed, the debtor shall continue in possession of his propetry 1 and shall have all the title and exercise all the powers of a trustee appointed under this Act, subject, however, at all times to the control of the court and to such limitations, restrictions, terms, and conditions as the court may from time to time prescribe. SEC. 343. The receiver or trustee, or the debtor in possession, shall have the power, upon authorization by and subject to the control of the court, to operate the business and manage the property of the debtor during such period, limited or indefinite, as the court may from time to time fix, and during such operation or management shall file reports thereof with the court at such intervals as the court may designate. "SEC. 344. During the pendency of a proceeding for an arrange- mnent, or after the confirmation of the arrangement where the court has retained jurisdiction, the court may upon cause shown authorize the receiver or trustee, or the debtor in possession, to issue certifi- cates of indebtedness for cash, property, or other consideration aIpproved by the court, upon such terms and conditions and with such security and priority in payment over existing obligations as in the particular case may be equitable. "ARTICLE VII-CREDITORS AND CLAIMS "SEC. 351. For the purposes of the arrangement and its acceptance, the court may fix the division of creditors into classes and, in the event of controversy, the court shall after hearing upon notice sum- marily determine such controversy. "SEC. 352. Where not inconsistent with the provisions of this chap- ter, the rights, duties, and liabilities of creditors and of all other persons with respect to the property of the debtor shall be the same, 1 So in original. 909 Appointment of committee by credi- tors. Nomination of trus- tee. Title, rights, duties, and powers of debtor and officers. Where no receiver or trustee is appointed. Operation of busi- ness, etc., of debtor. Certificates of in- debtedness. Creditors and claims. Division of creditors into classes. Rights, duties, and liabilities of creditors, etc.

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