Page:United States Statutes at Large Volume 62 Part 1.djvu/197

 80TH CONG., 2D SESS.-CH. 180 -APR. 9,1948 section, and said certificates of deposit and transactions therein shall, for the purposes of said Securities Act, be deemed to be added to those exempted by sections 3 and 4, respectively, of said Securities Act. "(12) The provisions of sections 1801, 1802, 3481, and 3482 of the Internal Revenue Code and any amendments thereto, unless specifically providing to the contrary, shall not apply to the issuance, transfer, or exchange of securities or the making or delivery of conveyances to make effective any alteration or modification effected pursuant to this section. "(13) The Commission shall not approve an application filed under this section by any carrier while in equity receivership or in process of reorganization under section 77 of the Bankruptcy Act, as amended, except that the Commission may approve an application filed by a car- rier which, on the date of enactment of this Act, is in equity receiver- ship and with respect to which no order confirming the sale of the carrier's property has been entered, or is in process of reorganization under section 77 and with respect to which no order confirming a plan shall have been entered, or, such an order having been entered, if an appeal from said order is pending on said date in a circuit court of appeals or the matter is pending in the Supreme Court on a petition to review any order of a circuit court of appeals dealing with said order of confirmation or the time within which to make such appeal or to file such petition has not expired, if prior to the filing of such application with the Commission such carrier shall have applied for and been granted permission to file such application by the district judge before whom the equity receivership or section 77 proceeding is pending. Any such carrier applying for permission to file such application shall file with the court as a prerequisite to the granting of such permission (1) a copy of the proposed application, (2) a copy of the proposed plan of alteration or modification of its securities, and (3) assurances satisfactory to the court of the acceptance of such plan from holders of at least 25 per centum of the aggregate amount of all securities, including not less than 25 per centum of the aggregate amount of all creditors' claims, affected by such plan. An order of a district judge granting or withholding such permission shall be final and shall not be subject to review. Upon granting of such permission, such proceed- ing, so far as it relates to a plan of reorganization, shall be suspended until the Commission shall have notified the court that (a) the appli- cation filed by such carrier under this section has been dismissed or denied by the Commission or withdrawn, (b) the Commission has approved and authorized an alteration or modification under this section with respect to the securities of such carrier, or (c) twelve months have elapsed since the filing of such application and no such alteration or modification has been approved and authorized by the Commission. Upon receipt by the court of notification that such appli- cation has been dismissed or denied or withdrawn or that twelve months have elapsed and no alteration or modification has been approved and authorized, the equity receivership or section 77 pro- ceeding shall be resumed as though permission to file application under this section had not been granted. Upon receipt by the court of notifi- cation that the Commission has authorized and approved such alter- ation or modification of the carrier's securities under this section as, in the judgment of the court, makes further receivership or section 77 proceeding unnecessary, the court shall enter an order restoring custody of the property to the debtor, and making such other provision as may be necessary to terminate the equity receivership or section 77 proceeding." SEC. 3. (a) Notwithstanding any other provision of law- (1) with respect to any plan of reorganization or modified 167 43 Stat. 75, 77. 15U.S.C.§§77c, 77d. 53 Stat. 195, 424. 26U.S.C.§§1801, 1802, 3481, 3482; Supp. I, §§1802, 3481 . Carriers in receiver- ship, etc. 47 Stat. 1474. 11U. S. C.§205. Permission to file application. Notification of court. Receipt by court. Petition to review. 62 STAT.]

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