Page:United States Statutes at Large Volume 73.djvu/297

 73

STAT.]

PUBLIC LAW 86-1 1 0 - J U L Y 28, 1959

259

Public Law 86-110 AN ACT To amend the Bankruptcy Act so as to consolidate the referees' salary and expense funds.

Tyiy 28, 1959 TH. R. 4693]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the title Re'f'^*i-*es\xof section 40 of the Bankruptcy Act (11 U.S.C. 68) is amended to pens\fundr^ read as follows: ^° ^«*- ^^e. ''§ 40. Compensation of Referees; Referees' Salary and Expense F u n d; Retirement of Referees', (b) Subdivision c.(l) of such section is amended to read as follows: "c.(l) Except as otherwise provided in this Act, there shall be deposited with the clerk, at the time the petition is filed in each case, and at the time an ancillary proceeding is instituted, $32 for each estate for the referees' salary and expense fund, as herein below established: Provided, however, That in cases of voluntary bankruptcy such fee, as well as the filing; fees of the clerk and trustee, may be paid in installments, if so authorized by General Order of the Supreme Court of the United States." (c) Subdivision c. (2) of such section is amended to read as follows: "(2) Additional fees for the referees' salary and expense fund shall be charged, in accordance with the schedule fixed by the conference (a) against each estate wholly or partially liquidated in a bankruptcy proceeding, and be computed upon the net proceeds realized; (b) against each case in an arrangement confirmed under chapter X I of this Act, and be computed upon the amount to be paid to the unsecured 52 Stat. 906. 11 USC 701-799. creditors upon confirmation of the arrangement and thereafter, pursuant to the terms of the arrangement, and where under the arrangement any part of the consideration to be distributed is other than money, upon the amount of the fair value of such consideration; and (c) against each case in a wage earner plan confirmed under chapter X III of this Act, and be computed upon the payments actually made ^^i ^^s'c^^/oo iby or for a debtor under the plan. Such schedule of fees may be lose. revised by the Director, with the approval of the conference, not more than once during each calendar year, so that the total amount of fees, allowances, and charges collected and to be collected from all sources fcr the referees' salary and expense fund will, as near as may be equal the total amount of salaries paid and to be paid to referees in active service, and the total amount of their expenses: Provided, however, That such schedule of fees shall not be so revised for any year that the total collections estimated by the Director for such year shall exceed by more than 10 per centum the total collections in the preceding year. The Director, with the approval of the conference, may make, and from time to time amend, rules and regulations prescribing methods for determining net proceeds realized in asset cases, fair values of considerations, other than money, distributable in arrangement cases, and payments actually made by or for a debtor under the plan in wage earner cases; prescribing the procedure for collection by the clerk of fees and allowances for the referees' salary and expense fund; and providing for the effective administration of the provisions of this paragraph (2)." (d) Subdivision c. (4) of such section is amended to read as follows: "(4) A referees' salary and expense fund shall be established in the Treasury of the United States, and the amounts of the various fees and allowances collected by the clerks for the services of referees, and for their expenses, including the fees, allowances and charges for their services and expenses as conciliation commissioners and as

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