Page:United States Statutes at Large Volume 72 Part 1.djvu/863

 72 S T A T. ]

PUBLIC LAW 85-732-AUG. 23, 1958

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have accompanied the notice of such meeting or adjourned meeting. Such acceptances may be obtained by the debtor before or after the filing of a petition under this chapter." SEC. 6. Section 337(2) (11 U.S.C. sec. 737 (2)) of the Bankruptcy Act, as amended, is amended to read as follows: Time "(2) fix a time within which the debtor shall deposit, in such tion for d e s i gnapayment. place as shall be designated by and subject to the order of the court, the consideration, if any, to be distributed to the creditors, the money necessary to pay all debts which have priority, unless such priority creditors shall have waived their claims or such deposit, or consented in writing to any provision of the arrangement for otherwise dealing with such claims, and the money necessary to pay the costs and expenses of the proceedings, and the actual and necessary expenses, including fees and expenses of attorneys, accountants and agents, in such amounts as the court may allow, incurred after its appointment by a committee appointed pursuant to section 338 of this Act, or incurred before or 11 USC 738. after the filing of the petition under this chapter by a committee designated in writings, filed with the court and signed and acknowledged by a majority in amount of unsecured creditors whose claims have been scheduled otherwise than as contingent, unliquidated or disputed and who would not be disqualified by 557. section 44 of this Act to participate in the appointment of a 30 Stat. 72. 11 USC trustee: Provided., hotoe'ver., That in fixing any such allowances the court shall give consideration only to the services which contributed to the arrangement confirmed or to the refusal of confirmation of an arrangement, or which were beneficial in the administration of the estate, and the proper costs and expenses incidental thereto; and". SEC. 7. Section 363 (11 U.S.C. sec. 763) of the Bankruptcy Act, as amended, is amended to read as follows: "SEC. 363. Alterations or modifications of an arrangement may be to Alterations prior confirmation. proposed in writing by a debtor, with leave of court, at any time before the arrangement is confirmed; or where the court has retained jurisdiction pursuant to the provisions of section 368 of this Act, an arrangement providing for an extension of time for the payment of debts in whole or in part may be altered or modified after it has been confirmed to the extent and subject to the limitations set forth in section 387 of this Act." Sec. 8. Section 376 (11 U.S.C. sec. 776) of the Bankruptcy Act, as amended, is amended to read as follows: Rejection of •'SEC. 376. If the statement of the executory contracts and the sched- rangements p r i aror ules and statement of affairs, as provided by paragraph (1) of sec- to confirmation. 907. tion 324 of this Act, are not duly filed, or if an arrangement is not 52 Stat. 724. 11 USC proposed in the manner and within the time fixed by the court, or if an arrangement is withdrawn or abandoned prior to its acceptance, or is not accepted at the meeting of creditors or within such further time as the court may fix, or if the money or other consideration required to be deposited is not deposited or the application for confirmation is not filed within the time fixed by the court, or if confirmation of the arrangement is refused, the court shall— "(1) where the petition was filed under section 321 of this Act, 11 USC 721. enter an order dismissing the proceeding under this chapter and directing that the bankruptcy be proceeded with pursuant to the provisions of this Act; or "(2) where the petition Avas filed under section 322 of this Act, 11 USC 722. enter an order, upon hearing after notice to the debtor, the creditors, and such other persons as the court may direct, either adjudging the debtor a bankrupt and directing that bankruptcy

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