Page:United States Statutes at Large Volume 52.djvu/973

 Contents of peti- "SEC. 623. A petition filed under this chapter shall state that the tion. debtor is insolvent or unable to pay his debts as they mature and that he desires to effect a composition or an extension, or both, out of his future earnings or wages. Accompanying pa- "SEC. 624. The petition shall be accompanied- pers, etc. "(1) by a statement of the executory contracts of the debtor; "(2) by the schedules and statement of affairs, if not previously filed; and "(3) where a petition is filed under section 622 of this Act, by payment to the clerk of $15 to be distributed, $10 to the referee and $5 to the clerk in lieu of the fees of $15 and $10 as prescribed AnU, pp. 859,864. in sections 40 and 52 of this Act. or admsainisation. "SEC. 625. A petition filed under section 621 of this Act shall act as a stay of adjudication or of administration of the estate. Bond to indemnify "SEC. 626. The court may, upon hearing after notice to the debtor against loss during stay. and such other persons as the court may designate, require the debtor to file, within such time as the court may fix, a bond or undertaking with such sureties, as may be approved by the court, or without sureties, as the court may order, and in such amount as the court may fix, to indemnify the estate against loss thereto or diminution thereof during the period of such stay. Upon the fail- ure of the debtor to comply with such requirement the proceeding under this chapter shall be dismissed. Proceedings subse- " ARTIC LE V--PRocEEDINGS SUBSEQUENT TO FILING OF PETITION quent to filing of petition. eeference of pro- "SEC 631. The judge may refer the proceeding to a referee. ceeding to referee. Meeting of credi- "SEC. 632. The judge or referee shall promptly call a meeting of tors. creditors, upon at least ten days' notice by mail to the debtor and his creditors. Procedure. "SEC. 633 . At such meeting, or at any adjournment thereof- "(1) the judge or referee shall preside, receive proofs of claim, and allow or disallow them, and examine the debtor or cause him to be examined and hear witnesses on any matter relevant to the proceeding; "(2) the debtor shall submit his plan, and deposit with the ref- eree, if any, such sum, as the referee may require, not to exceed $15, as indemnity for the expenses of the referee; "(3) the court shall receive and determine the written acceptances of creditors on the proposed plan, which acceptances may be obtained by the debtor before or after the filing of a petition under this chapter; "(4) the court shall, if the plan is accepted, appoint a trustee to receive and distribute, subject to the control of the court, all moneys to be paid under the plan and shall require such trustee to give bond with surety to be approved by the court in such amount as the court shall fix; and "(5) the court shall fix a time for the filing of the application to confirm the arrangement and for a hearing on the confirmation thereof or any objection to the confirmation, unless such times have already been named in the notice of the meeting or unless all credi- tors affected by the arrangement have accepted it. "ARTICLE VI-RIGHTS, DUTIES, AND POWERS OF DEBTOR AND OFFICEBS Bights, duties, and "SEC. 636. Where not inconsistent with the provisions of this chap- powers of debtor and offiers. 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 petition is filed under section 621 of this Act and a decree of adjudication has not been entered in the pending bankruptcy proceeding, as if a decree 932 PUBLIC LAWS-CH. 575 -JUNE 22, 1938 [52 STAT.

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