Page:United States Statutes at Large Volume 72 Part 1.djvu/862

 820

PUBLIC LAW 85-732-AUG. 23, 1958

[72

ST A T.

Public Law 85-732 August 23, 1958 [H. R, 13]

Bankrtiptcy Act, amendments. 52 Stat. 907. Arrangement.

52 Stat. 908. Reference referee.

to

Meeting of creditors.

Notice. P r o p OS e d arrangement.

Duties of judge or referee.

AN ACT To amend sections 323, 331, 334, 335, 336, 337, 363, and 376 of, and to add a new section to, the Bankruptcy Act approved July 1, 1898, and Acts amendatory thereof and supplemental thereto.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 323 (11 U.S.C. sec. 723) of the Bankruptcy Act approved July 1, 1898, as amended, is amended to read as follows: "SEC. 323. A petition filed under this chapter shall state that the debtor is insolvent or unable to pay his debts as they mature, and shall set forth the provisions of the arrangement proposed by him, or, that he intends to propose an arrangement pursuant to the provisions of this chapter." SEC. 2. Section 331 (11 U.S.C. sec. 731) of the Bankruptcy Act, as amended, is amended to read as follows: "SEC. 331. The judge may at any stage of a proceeding under this chapter refer the same to a referee either generally or specially. If the judge or all the judges are absent from the district, or the division of the district in which a petition under this chapter is filed, at the time of the filing, the clerk shall forthwith refer the case to the referee." SEC. 3. Section 334 (11 U.S.C. sec. 734) of the Bankruptcy Act, as amended, is amended to read as follows: "SEC. 334. Within ten days after the petition is filed the court shall give notice by mail to the debtor, the creditors and other parties in interest of a meeting of creditors to be held not less than fifteen days nor more than thirty days after the date of the mailing of such notice." SEC. 4. Section 335 (11 U.S.C. sec. 735) of the Bankruptcy Act, as amended, is amended to read as follows: "SEC. 335. (1) The notice of such meeting of creditors shall be accompanied by a copy of the proposed arrangement, if filed, a summary of the liabilities and a summary of the appraisal, if one has been made, or, if not made, a summary of the assets. "(2) If the notice of such meeting is not accompanied by a copy of the proposed arrangement, the court, at such meeting, shall fix a time within which the proposed arrangement shall be filed and shall adjourn the meeting for at least fifteen days after the date so fixed, or, if the proposed arrangement is filed at or before such meeting, shall adjourn the meeting for at least fifteen days. At least ten days before such adjourned date, the court shall mail notice of the adjourned meeting, together with a copy of the proposed arrangement, to the creditors and other parties in interest. "(3) The notice of such meetnig of creditors as hereinbefore provided may also name the time for the filing of the application to confirm the arrangement and the time for the hearing of the confirmation and of such objections as may be made to the confirmation." SEC. 5. Section 336 (11 U.S.C. sec. 736) of the Bankruptcy Act, as amended, is amended to read as follows: "SEC. 336. At such meeting, or at any adjournment thereof, the judge or referee— "(1) shall preside; "(2) may receive proofs of claim and allow or disallow them; "(3) shall examine the debtor or cause him to be examined and hear witnesses on any matter relevant to the proceeding; and "(4) shall receive and determine the written acceptances of creditors on the proposed arrangement, if a copy thereof shall

�