Page:United States Statutes at Large Volume 66.djvu/477

 66

STAT.]

PUBLIC LAW

456-JULY

7, 1952

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4-31

the judge and are allowed, or (b) if not so filed, whose claims or stock have been listed by the trustee or scheduled by the debtor in possession and are not contingent, unliquidated or disputed." SEC. 26. Chapter X of such Act, as amended, is amended by inserting n use eareas. at the end of article X I of such chapter the following section: "SEC. 229. a. A plan shall be deemed to have been substantially con- pun""^"""^**'' summated if, insofar as applicable, each of the following events has occurred: "(1) transfer, sale or other disposition of all or substantially all of the property dealt with by the plan pursuant to the provisions of the plan; "(2) assumption of operation of the business and management of all or substantially all of the property dealt with by the plan by the debtor or by the corporation used for the purpose of carrying out the plan; and "(3) commencement of the distribution to creditors and stockholders, affected by the plan, of the cash and securities specified in the plan as provided for in section 224 of this Act. ii use 624. "b. Upon notice to the trustee, the debtor, the Securities and Exchange Commission and such other persons as the judge may designate, the trustee, the debtor in possession, the corporation to which the assets of the debtor are to be transferred under the plan, or any other party in interest may apply to the judge for an order declaring the plan to have been substantially consummated under the provisions of subdivision a of this section. "c. When a plan has been substantially consummated as defined in subdivision a of this section, or an order has been entered under subdivision b of this section, the plan may not thereafter be altered or modified if the proposed alteration or modification materially and adversely affects the participation provided for any class of creditors or stockholders by the plan. SEC. 27. Paragraph (3) of section 238 of such Act, as amended, is ii use ess. amended to read as follows: "(3) only claims for taxes legally due and owing to the United AiiowaWeclaims States or any State or any subdivision thereof at the time of the filing of the original petition under this Act and such claims as are provable under section 63 of this Act shall be allowed; and, as ^^ use io3. to any such claims not already duly filed, where the petition was filed under section 127 of this Act and an order setting the first n use 527. date for the first meeting of creditors was made before the filing of such petition, the date of mailing of notice to creditors of the entry of the order directing that bankruptcy be proceeded with shall, for the purposes of subdivision n of section 57 of this Act, ^^ use 93. be deemed to be the first date set for the first meeting of creditors: Provided, however, That if the time for filing claims in a pending bankruptcy proceeding had expired prior to the filing of a petition under this chapter, claims not filed within the time prescribed or as permitted by subdivision n of section 57 of this Act, shall not be allowed in the reinstated bankruptcy proceeding." SEC. 28. Clause (11) of subdivision a of section 265 of such Act, ^^ use ees. as amended, is amended to read as follows: "(11) the orders directing that bankruptcy be proceeded with, Notices to SEC. or adjudging the debtors bankrupt and directing that bankruptcy be proceeded with, or dismissing proceedings;".

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