Page:United States Statutes at Large Volume 66.djvu/479

 66

STAT.]

433

PUBLIC LAW 4 5 6 - J U L Y 7, 1952

this Act, and, if a trustee has not previously been appointed, may nominate a trustee who shall thereafter be appointed by the court in case it shall become necessary to administer the estate in bankruptcy as provided under this chapter." SEC. 33. Section 354 of such Act, as amended, is hereby repealed. SEC. 34. Section 355 of such Act, as amended, is hereby renumbered section 354 and amended to read as follows: "SEC. 354. Upon the entry of an order under the provisions of this chapter directing that bankruptcy be proceeded with, only claims for taxes legally due and owing to the United 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 to any such claims not already duly filed, where the petition was filed under section 321 of this Act and an order setting the first 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, 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. 35. Section 366 of such Act, as amended, is amended to read as follows: "SEC. 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 and is feasible; " (3) 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 " (4) 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. "Confirmation of an arrangement shall not be refused solely because the interest of a debtor, or if the debtor is a corporation, the interests of its stockholders or members will be preserved under the arrangement." SEC. 36. Paragraph (3) of section 367 of such Act, as amended, is amended to read as follows: "(3) the consideration deposited, if any, shall be distributed and the rights provided by the arrangement shall inure to the creditors affected by the arrangement whose claims (a) have been filed prior to the date of confirmation and are allowed or (b) whether or not filed have been scheduled by the debtor and are not contingent, unliquidated, or disputed; and". SEC. 37. The first unnumbered paragraph of section 369 of such Act, as amended, is amended to read as follows: "The court shall in any event retain jurisdiction until the final allowance or disallowance of all debts affected by the arrangement which—". SEC. 38. Section 371 of such Act, as amended, is amerfded to read as follows: "SEC. 371. The confirmation of an arrangement shall discharge a debtor from all his unsecured debts and liabilities provided for by the arrangement, except as provided in the arrangement or the order confirming the arrangement, but excluding such debts as, under section 17 of this Act, are not dischargeable."

11 USC 754. 11 USC 755. A llowable claims.

11 USC 103. 11 USC 721.

11 USC 93.

11 USC 766. R e qu i s ites for confirmation.

11 USC 767. D i s t r ibution of deposit.

11 USC 769.

11 USC 771. Unsecured debts.

11 USC 35.

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