Page:United States Statutes at Large Volume 54 Part 1.djvu/702

 of constructing, improving, maintaining, and operating ports and Counties, cities, etc. port facilities; or (6) any county or parish or any city, town, village, Proso. borough, township, or other municipality: Provided, however, That separability if any provision of this chapter, or the application thereof to any such taxing agency or district or class thereof or to any circumstance, is held invalid, the remainder of the chapter, or the application of such provision to any other or different taxing agency or district or class thereof or to any other or different circumstances, shall not be affected by such holding." 50 Stat. a86. SEC. 2. Section 83 (b) of chapter IX of such Act, as amended, is v,§, (b),. pp amended to read as follows: Procedure upon ap- "(b) Upon approving the petition as properly filed, or at any time provalof petition. thereafter, the judge shall enter an order fixing a time and place for a hearing on the petition, which shall be held within ninety days from the date of said order, and shall provide in the order that Notice to creditors, notice shall be given to creditors of the filing of the petition and its approval as being properly filed, and of the time and place for the hearing. The judge shall prescribe the form of the notice, which shall specify the manner in which claims and interests of creditors shall be filed or evidenced, on or before the date fixed for the hearing. Publication of n- The notice shall be published at least once a week for three suc- creditor. o cessive weeks in at least one newspaper of general circulation pub- lished within the jurisdiction of the court, and in such other paper or papers having a general circulation among bond dealers and bondholders as may be designated by the court, and the judge may require that it may be published in such other publication as he may deem proper. The judge shall require that a copy of the notice be mailed, postage prepaid, to each creditor of the petitioner named in the petition at the address of such creditor given in the petition, or, if no address is given in the petition for any creditor and the address of such creditor cannot with reasonable diligence be ascer- tained, then a copy of the notice shall be mailed, postage prepaid, to such creditor addressed to him as the judge may prescribe. All expense of giving notice as herein provided shall be paid by the peti- tioner. The notice shall be first published, and the mailing of copies thereof shall be completed at least sixty days before the date fixed for the hearing. toswers by cred. "At any time not less than ten days prior to the time fixed for the hearing, any creditor of the petitioner affected by the plan may file an answer to the petition controverting any of the material allegations therein and setting up any objection he may have to the Continuance ot plan of composition. The judge may continue the hearing from time earingto time if the percentage of creditors required herein for the con- firmation of the plan shall not have accepted the plan in writing, or if for any reason satisfactory to the judge the hearing is not com- Deis onnssue pleted on the date fixed therefor. At the hearing, or a continuance thereof, the judge shall decide the issues presented and unless the material allegations of the petition are sustained shall dismiss the proceeding. If, however, the material allegations of the petition are sustained, the judge shall classify the creditors according to the Cinholder with- nature of their respective claims and interests: Provided, however, out preference. That the holders of all claims, regardless of the manner in which they are evidenced, which are payable without preference out of funds derived from the same source or sources shall be of one class. Claimoldenr with The holders of claims for the payment of which specific property or revenues are pledged, or which are otherwise given preference as provided by law, shall accordingly constitute a separate class or classes of creditors. 668 PUBLIC LAWS--CI. 438 -JUNE 28, 1940 [54 STAT.

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