Page:United States Statutes at Large Volume 52.djvu/961

 PUBLIC LAWS--H. 575-JUNE 22, 1938 Duties, etc., of offi- cers of court and debtor. Ante, p. 918. Rights, etc., of debtor if no trustee appointed. Operation of busi- ness, etc., of debtor. Certificates of in- debtedness. Creditors and claims. Filing and allow- ance of proofs ofclaim. Division of creditors into classes. Hearings for pur- pose of classification. Claims by inden- ture trustee. Proviso. Computation of ma- jority for acceptance of arrangement. If United States a creditor. "SEC. 443. Where not inconsistent with the provisions of this chap- ter, the powers and duties of the officers of the court and the rights, privileges, and duties of the debtor shall be the same, where a peti- tion is filed under section 421 of this Act, as if a decree of adjudica- tion had been entered in the pending bankruptcy proceeding at the time the petition under this chapter was filed, or, where a petition is filed under section 422 of this Act, as if a voluntary petition for adjudication in bankruptcy had been filed and a decree of adjudica- tion had been entered at the time the petition under this chapter was filed. "SEC. 444 . Where no trustee is appointed, the debtor shall con- tinue in possession of his property and shall have all the title and exercise all the powers of a trustee appointed under this chapter, 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. 445. The 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. 446. During the pendency of a proceeding for an arrange- ment, or after the confirmation of the arrangement where the court has retained jurisdiction, the court may upon cause shown authorize the trustee or debtor in possession to issue certificates of indebtedness for cash, property, or other consideration approved 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. 451. The court shall prescribe the manner in which and fix a time within which the proofs of claim of creditors may be filed and allowed. Objections by any party in interest to the allowance of any such claims shall be heard and summarily determined by the court. "SEC. 452. For the purposes of the arrangement and its accept- ance, the court may fix the division of creditors into classes accord- ing to the nature of their respective claims, and, in the event of controversy, the court shall after hearing upon notice summarily determine the controversy. "SEC. 453. For the purposes of the classification, as provided in section 452 of this Act, the court shall, if necessary, upon the applica- tion of the trustee, the debtor, any creditor, or an indenture trustee, fix a hearing upon notice to the holders of secured claims, the debtor, the trustee, and such other persons as the court may designate, to determine summarily the value of the security and classify as unsecured the amount in excess of such value. "SEC. 454. An indenture trustee may file claims for all holders, known or unknown, of securities issued pursuant to the instrument under which he is trustee, who have not filed claims: Provided, how- ever, That in computing the majority necessary for the acceptance of the arrangement only the claims filed by the holders thereof, and allowed, shall be included. "SEC. 455. If the United States is a secured or unsecured creditor of a debtor, the claim thereof shall be deemed to be affected by an arrangement under this chapter, and the Secretary of the Treasury is hereby authorized to accept or reject an arrangement in respect of the claims of the United States. If, in any proceeding under 920 [52 STAT.

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