Page:United States Statutes at Large Volume 52.djvu/964

 52 STAT.] 7 5TH CONG., 3D SESS.-CH. 575-JUNE 22, 1938 class of such creditors and 10 per centum or more of the debts of all such creditors, may be proposed by any such creditor. "SEC. 467. An arrangement which at the meeting of creditors, as provided in section 436 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 there shall have been 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. 468. If an arrangement has not been so accepted, an appli- cation for the confirmation of an 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 the creditors of each class, holding two-thirds in amount of the debts of such class affected by the arrangement proved and allowed before the conclusion of the meet- ing, or before such other time as may be fixed by the court, exclusive of creditors or of any class of them who are not affected by the arrangement or for whom payment or protection has been provided as prescribed in paragraph (11) of section 461 of this Act; and "(2) the deposit required under this chapter and under the arrangement has been made. "SEC. 469. Alterations or modifications of an arrangement may be proposed in writing, with leave of court, either before or after its confirmation, by a debtor, or by any creditor as provided in section 466 of this Act. "SEC. 470. 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. 471. 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. 472. The court shall confirm an arrangement if satisfied that- "(1) the provisions of this chapter have been complied with; "(2 it is for the best interests of creditors; "(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; "(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; and "(6) all payments made or promised by the debtor, by any person issuing securities or acquiring property under the arrangement or by any other person, for services and for costs and expenses in, or in connection with, the proceeding or in connection with and incident to the arrangement, have been fully disclosed to the court and are reasonable, or, if to be fixed after confirmation of the arrangement, will be subject to the approval of the court. 923 Arrangement ac- cepted at meeting of creditors, confirma- tion. Ante, p. 919. If arrangement not accepted, application for confirmation. Proposals for altera- tions or modifications. Presumption of ac- ceptance by creditor. IAlIgth of tilime f notice. Findings hy Curt; conflrrnation.

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