Page:United States Statutes at Large Volume 52.djvu/980

 52 STAT. 75TH CONG. , 3D SESS. -CH. 575-JUNE 22, 1938 any person other than the Commission as trustee or receiver shall become effective upon the ratification thereof by the Commission without a hearing, unless the Commission shall deem a hearing neces- sary. In no such proceeding shall the Commission be constituted as trustee or receiver without its express consent. "SEC. 702. If the court, in any such proceeding, is unwilling to operationofvessels; permit the trustee or receiver to operate such vessels in such service pending the termination of such proceeding, without financial aid from the Government, and the Commission certifies to the court that the continued operation of such vessels is, in the opinion of the Com- mission, essential to the foreign commerce of the United States and is reasonably calculated to carry out the purposes and policy of the Merchant Marine Act, 1936, as amended, the court may permit the Commission to operate the vessels subject to the orders of the court and upon terms decreed by the court sufficient to protect all the parties in interest, for the account of the trustee or receiver, directly or through a managing agent or operator employed by the Commission, if the Commission undertakes to pay all operating losses resulting ingPlo a opert from such operation, and comply with the terms imposed by the court, and such vessel shall be considered to be a vessel of the United States within the meaning of the Suits in Admiralty Act. The Commission 41 Stat. 525. 46U.S.0.if741- shall have no claim against the corporation, its estate, or its assets for 752; Supp. mi, 745. the amount of such payments, but the Commission may pay such sums for depreciation as it deems reasonable and such other sums as the court may deem just. The payment of such sums, and compliance Payments deemed with other terms duly imposed by the court, together with the pay- au claims. ment of the operating losses, shall be in satisfaction of all claims against the Commission on account of the operation of such vessels. "SEC. 703. No injunction powers vested in the courts of bankruptcy Protection of oov- under the Act entitled 'An Act to establish a uniform system of bank- nmeta a mortae. ruptcy throughout the United States', approved July 1, 1898, and Acts 3 0 Stat. s u4. amendatory thereof and supplementary thereto, shall be construed or in. be deemed to affect or apply to the United States as a creditor under a preferred ship mortgage, as defined in the Ship Mortgage Act, 41 sta t 10( 0. 1920, as amended, unless the Commission files with the court a written Supp. II, §922. waiver of the provisions of this section." SEC. 2 . (a) Any farmer who filed a petition under section 75 of the ,barumr;petitioni Act entitled "An Act to establish a uniform system of bankruptcy 47stt. l47o. throughout the United States", approved July 1, 1898, as amended, iiul. s 1 .. ( 2 "; and in whose case a bankruptcy court has, under subsection (s) sayof proeedings thereof, granted a stay of proceedings may, if the period for which Application for ep- such stay was granted has expired or is about to expire, make applica- te a m"" tion to such court for an extension of such stay. If the court finds that such farmer has substantially complied with the provisions of para- graph (2) of subsection (s) of section 75 of such Act, as amended, luring the period of such stay, the court may extend the period of such stay to November 1, 1939. (b) The second sentence of subsection (b) of section 75 of such Act, micncinition ro' as amended, is amended to read as follows: "The conciliation commis- 47 stat. 1470. sioner shall receive as compensation for his services a fee of $25 for sunppn.usI,2A n each case submitted to him, to be paid out of the Treasury when the Ae, p. 84. conciliation commissioner completes the duties assigned to him by the court." SEC. 3. (a) The Act entitled "An Act to establish a uniform system Te"tua ame D d- of bankruptcy throughout the United States", approved July 1, 1898, 50 stat. 3 . as amended by the Act of August 16, 1937 (50 Stat. 653), is hereby further amended by striking out the heading "Chapter X" before section 81 of said Act and inserting in lieu thereof "Chapter IX". 939

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