Page:United States Statutes at Large Volume 52.djvu/963

 PUBLIC LAWS-CH. 575-JUNE 22, 1938 of a debtor, generally or of a class of them, either through the issu- ance of new securities of any character or otherwise; "(2) shall provide for the rights of all other creditors of a debtor who may be affected by the arrangement; "(3) may provide for treatment of unsecured debts on a parity one with the other, or for the division of such debts into classes and the treatment thereof in different ways or upon different terms; "(4) may provide for the rejection of any executory contract; "(5) may provide for the continuation of debtor's business and the management of his property with or without supervision or control by a trustee or by a committee of creditors or otherwise; "(6) may provide 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) may deal with all or any part of his property; "(8) shall provide for the payment of all costs and expenses of administration and other allowances which may be approved or made by the judge; " (9) shall specify what debts, if any, are to be paid in cash in full; "(10) shall specify the creditors or any class of them not to be affected by the arrangement and the provisions, if any, with respect to them; "(11) shall provide for any class of creditors which is affected by and does not accept the arrangement by the two-thirds majority in amount required under this chapter, adequate protection for the reali- zation by them of the value of their debts against the property dealt with by the arrangement and affected by such debts, either, as pro- vided in the arrangement or in the order confirming the arrangement, (a) by the transfer or sale, or by the retention by the debtor, of such property subject to such debts; or (b) by a sale of such property free of such debts, at not less than a fair upset price, and the transfer of such debts to the proceeds of such sale; or (c) by appraisal and payment in cash of the value of such debts; or (d) by such method as will, under and consistent with the circumstances of the particular case, equitably and fairly provide such protection; "(12) shall provide adequate means for the execution of the arrange- ment, which may include: the retention by the debtor of all or any part of his property; the sale or transfer of all or any part of his property in trust or to one or more corporations theretofore organized or thereafter to be organized; the sale of all or any part of his prop- erty, either subject to or free from any lien, at not less than a fair upset price and the distribution of all or any assets, or the proceeds derived from the sale thereof, among those having an interest therein; the satisfaction or modification of liens; the cancelation or modifica- tion of indentures or of other similar instruments; the curing or waiver of defaults; the extension of maturity dates and changes in interest rates and other terms of outstanding securities; the issuance of trust securities or securities of the debtor or of such corporation or corporations for cash, for property, in exchange for existing securities, in satisfaction of debts, or for other appropriate purposes; and "(13) may include any other appropriate provisions not incon- sistent with the provisions of this chapter. Propoal,oonft a- "AwTICLE IX-PROPOSAL, CONFIRMATION, AND CONSUMMATION OF tion, and commrAa- ARNEN tionof rrangement. ARRANGEMENT Proposa by cedut "SEC. 466. An arrangement which has been approved by creditors tumot dbt affected thereby, who hold debts against the property dealt with therein, amounting to 25 per centum or more of the debts of some 922 [52 STAT.

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