Page:United States Statutes at Large Volume 52.djvu/953

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 Effect of confirma- tion of arrangement. Ante, p. 910. Retention of juris- diction by court. Ante, p. 909. Distribution of con- sideration if le bts allowed; rights. Discharge of debtor. Ante, pp. 910, 851. Final decree. Dismissal and ad- judication. If arrangement withdrawn, not ac- cepted, etc.; action by court. "(3) it is fair and equitable and feasible; "(4) the debtor has not been guilty of any of the acts or failed to perform any of the duties which would be a bar to the discharge of a bankrupt; and "(5) the proposal and its acceptance are in good faith and have not been made or procured by any means, promises, or acts forbidden by this Act. "SEc. 367. Upon confirmation of an arrangement- "(1) the arrangement and its provisions shall be binding upon the debtor, upon any person issuing securities or acquiring prop- erty under the arrangement and upon all creditors of the debtor, whether or not they are affected by the arrangement or have accepted it or have filed their claims, and whether or not their claims have been scheduled or allowed and are allowable; "(2) the money deposited for priority debts and for the costs and expenses shall be disbursed to the persons entitled thereto; "(3) the consideration deposited, if any, shall be distributed and the rights provided by the arrangement shall inure to the creditors affected by the arrangement whose claims are not barred by the provi- sions of section 354 of this Act, and (a) have been proved prior to the date of confirmation and are allowed, or (b) whether or not proved, have been scheduled by the debtor as fixed liabilities, liqui- dated in amount, and are not disputed; and "(4) except as otherwise provided in sections 369 and 370 of this Act, the case shall be dismissed. "SEC. 368. The court shall retain jurisdiction, if so provided in the arrangement. "SEC. 369. The court shall in any event retain jurisdiction until the final allowance or disallowance of all debts, affected by the arrange- ment and not barred by the provisions of section 352 of this Act, which- "(1) have been proved, but not allowed or disallowed, prior to the date of confirmation; or "(2) are disputed or unliquidated, have been scheduled by the debtor, and are proved within such time as the court may direct; or "(3) arise from the rejection of executory contracts by the debtor and are proved within such time as the court may direct. "SEC. 370. Upon the allowance of any debts specifie(d in parngraphs (1), (2), and (3) of section 369 of this Act, the consideration. if any, deposited for them shall be distributed and the rights provided by the arrangement shall inure to the creditors to whom such debts are owing. "SEO . 371. The confirmation of an arrangement shall discharge a debtor from all his unsecured debts and liabilities provided for by the arrangement, except as provided in the arrangement or the order confirming the arrangement, including the claims specified in section 354 of this Act, but excluding such debts as, under section 17 of this Act, are not dischargeable. "SEC. 372. Upon the consummation of a proceeding under this chapter after confirmation of an arrangement, the court shall enter a final decree discharging the receiver or trustee, if any; closing the estate; and making such provisions, by way of injunction or other- wise, as may be equitable. "ARTICLE X-DISMISSAL AND ADJUDICATION "SEC. 376. If an arrangement is withdrawn or abandoned prior to its acceptance, or is not accepted at the meeting of creditors or within such further time as the court may fix, or if the money or other consideration required to be deposited is not deposited or the [52 STAT.

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