Page:United States Statutes at Large Volume 53 Part 1.djvu/628

 (5) provisions for continuation of the debtor's business with or without super- vision or control by a receiver or by a committee of creditors or otherwise; (6) provisions 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) provisions for retention of jurisdiction by the court until provisions of the arrangement, after its confirmation, have been performed; and (8) any other appropriate provisions not inconsistent with this chapter. ARTICLE IX-CONFIRMATION OF ARRANGEMENT SEa. 361. An arrangement which at the meeting of creditors, as provided in section 336 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 the debtor shall have made the deposit required under this chapter and under the arrangement, and if the court is satisfied that the arrange- ment and its acceptance are in good faith and have not been made or procured by any means, promises or acts forbidden by this Act. SEC. 362. If an arrangement has not been so accepted, an application for the confirmation of the 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 a majority in number of all creditors or, if the creditors are divided into classes, by a majority in number of all creditors of each class, affected by the arrangement, whose claims have been proved and allowed before the conclusion of the meeting, which number shall represent a majority in amount of such claims generally or of each class of claims, as the case may be; and (2) the debtor has made the deposit required under this chapter and under the arrangement SEC. 363. Alterations or modifications of an arrangement may be proposed in writing by a debtor, with leave of court, at any time before the arrangement is confirmed. SEC. 364. 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. 3G5. At least ten days' notice of the adjourned or reopened meeting, to- gether 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. SFc. 366. 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 the 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; and (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. SEC. 367. Upon confirmation of an arrangement- (1) the arrangement and its provisions shall be binding upon the debtor, upon any person issuing securities or acquiring property under the arrangement and upon all creditors of the debtor, whether or not they are affected by the arrange- ment or have accepted it or have filed their claims, and whether or not their claims have been scheduled or allowed and are allowable; (2) the money deposited for priority debts and for the costs and expenses shall be disbursed to the persons entitled thereto; (3) the consideration deposited, if any, shall be distributed and the rights provided by the arrangement shall inure to the creditors affected by the arrange- ment whose claims are not barred by the provisions of section 354 of this Act, and (a) have been proved prior to the date of confirmation and are allowed, or (b) whether or not proved, have been scheduled by the debtor as fixed liabilities, liquidated in amount, and are not disputed; and (4) except as otherwise provided in sections 369 and 370 of this Act, the case shall be dismissed. SEC. 368. The court shall retain jurisdiction, if so provided in the arrangement. SoE. 369. The court shall in any event retain jurisdiction until the final allow- ance or disallowance of all debts, affected by the arrangement and not barred by the provisions of section 352 of this Act, which- (1) have been proved, but not allowed or disallowed, prior to the date of con- firmation; or CXXIII APPENDIX

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