Page:United States Statutes at Large Volume 52.djvu/960

 52 STAT.] 75TH CONG., 3D SESS.-CH. 575-JUNE 22, 1938 "SEC. 433. The court may, upon the application of the trustee or any party in interest, appoint one or more appraisers who shall pre- pare 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. 434. 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. 435. 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. 436. 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 credi- tors on a proposed arrangement, which acceptances may be obtained before or after the filing of a petition under this chapter. "SEC. 437. At such meeting, or at any adjournment thereof, the judge or referee shall, after acceptance of the arrangement- "(1) appoint the 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, 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; "(2) fix a time within which there shall be deposited, in such place as shall be designated by and subject to the order of the court, the consideration, if any, to be distributed to creditors, the money necessary to pay the costs, expenses, and compensation allowed by the court, unless and to the extent that such deposit shall be waived by the persons entitled to such costs, expenses, and compensation, and unless and to the extent that the court shall, in its discretion, allow security to be entered or deposited, upon such terms and condi- tions as the court may prescribe, in lieu of the deposit of such money; "(3) fix a time for the filing of the application to confirm the arrangement and for a hearing on the confirmation thereof and on 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. 919 Appointment of ap- praisers. Meeting of cred- itors. Notice of meeting, accompanying infor- mation. Procedure. Duties of judge or referee at meeting, etc. "ARTICLE VI-TITLE, RIGOTS, DUTIES, AND POWERS OF DEBTOR AND Title, rigts, duties, OFFICand powers of debt OFFICERS and officers. "SEC. 441. A trustee, upon his appointment and qualification, shall be vested with the title of a trustee appointed under section 44 of this Act. "SEC. 442. Where not inconsistent with the provisions of this chapter, a trustee, upon his appointment and qualification, shall be vested with the rights, be subject to the duties, and exercise the powers of a trustee appointed under section 44 of this Act, and, if authorized by the court, shall have and may exercise such additional rights and powers as a receiver in equity would have if appointed by a court of the United States for the property of a debtor. Title vested in trus- tee. Ante, p. 860. Rights, duties, etc., of trustee. Ante, p. 860.

�