Page:United States Statutes at Large Volume 52.djvu/952

 52 STAT.] 75TH CONG., 3D SESS.-CH. 575-JUNE 22, 1938 "(4) provisions for the termination, under specified conditions, of any period of extension provided by the arrangement; "(5) provisions for continuation of the debtor's business with or without supervision or control by a receiver or by a committee of creditors or otherwise; "(6) provisions for payment of debts incurred after the filing of the petition and during the pendency of the arrangement, in priority over the debts affected by such arrangement; "(7) provisions for retention of jurisdiction by the court until provisions of the arrangement, after its confirmation, have been per- formed; and "(8) any other appropriate provisions not inconsistent with this chapter. "ARTICLE IX-CONFIRMATION OF ARRANGEMENT "SEc. 361. An arrangement which at the meeting of creditors, as provided in section 336 of this Act, has been accepted in writing by all creditors affected thereby, whether or not their claims have been proved, shall be confirmed by the court when the debtor shall have made the deposit required under this chapter and under the arrange- ment, and if the court is satisfied that the arrangement and its accept- ance are in good faith and have not been made or procured by any means, promises or acts forbidden by this Act. "SEC. 362. If an arrangement has not been so accepted, an appli- cation for the confirmation of the arrangement may be filed with the court within such time as the court shall have fixed in the notice of such meeting, or at or after such meeting and after, but not before- "(1) it has been accepted in writing by a majority in number of all creditors or, if the creditors are divided into classes, by a majority in number of all creditors of each class, affected by the arrange- ment, whose claims have been proved and allowed before the con- clusion of the meeting, which number shall represent a majority in amount of such claims generally or of each class of claims, as the case may be; and "(2) the debtor has made the deposit required under this chapter and under the arrangement. "SEC. 363. Alterations or modifications of all arrangement may be proposed in writing by a debtor, with leave of court, at any time before the arrangement is confirmed. "SEC. 364. Unless the court finds that the proposed alteration or modification does not materially and adversely affect the interest of any creditor who has not in writing assented thereto, the court shall adjourn the meeting or, if closed, reopen the meeting, and may enter an order that any creditor who accepted the arrangement and who fails to file with the court, within such time as shall be fixed in the order, his rejection of the altered or modified arrangement, shall be deemed to have accepted the alteration or modification and the arrangement so altered or modified, unless the previous acceptance provides otherwise. "SEC. 365. At least ten days' notice of the adjourned or reopened meeting, together with a copy of the order, if entered, and of the proposed alteration or modification, shall be given to the debtor, the creditors, and other parties in interest. "SEC. 366. The court shall confirm an arrangement if satisfied that- "(12 the provisions of this chapter have been complied with; (2 it is for the best interests of the creditors; 911 Confirmation of ar- rangement. Ante, p. 908. If arrangement not accepted, application for confirmation. Proposal by debtor for alterations, etc. Presumption of ac- ceptance by creditor. Notice. Confirmation of ar- rangement; findings by court.

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