Page:United States Statutes at Large Volume 76.djvu/622

 574 52 Stat. 888. Trustees.

52 Stat. 901. Hearings.

52 Stat. 903.

52 Stat. 914. Unregistered securities.

PUBLIC LAW 87-681-SEPT. 25, 1962

[76 STAT.

SEC. 12. Section 160 of the Bankruptcy Act (11 U.S.C. 560) is amended to read as follows: "SEC. 160. I n any case, the judge at any time, without or upon cause shown, may appoint additional trustees and cotrustees, or remove trustees and appoint substitute trustees; and upon each such appointment the judge shall fix a hearing to be held within thirty days to consider objections to the retention in office of the trustee. A t least ten days' notice of the hearing shall be given to the persons designated in section 161 of this Act." SEC. 13. Section 247 of the Bankruptcy Act (11 U.S.C. 647) is amended to read as follows: "SEC. 247. The judge shall fix a time of hearing for the consideration of applications for allowances, of which hearing notice shall be given to the applicants, the trustee, the debtor, the creditors, stockholders, indenture trustees, the Securities and Exchange Commission, and such other persons as the judge may designate, except that notice need not be given to any class of creditors or stockholders which does not participate under the plan as confirmed by the court from which no appeal is pending and the time allowed for appeal has expired. I n the case of allowances for services and reimbursement in a superseded bankruptcy proceeding, notice need be given only to the applicants, the debtor, the trustee, and the unsecured creditors, and may be given to such other classes of creditors or other persons as the judge may designate. I n the case of the dismissal of a proceeding under this chapter and the entry of an order therein directing that bankruptcy be proceeded with, notice of the hearing to consider allowances need not be given to stockholders." SEC. 14. Clause (6) of subsection a of section 265 of the Bankruptcy Act (11 U.S.C. 665(a)(6)) is amended to read as follows: "(6) copies of plans, alterations or modifications in plans, and any notices of hearings on the plans, alterations, or modifications;" SEC. 15. Clause (7) of subsection a of section 265 of the Bankruptcy Act (11 U.S.C. 665(a)(7)) is amended to read as follows: "(7) the orders approving any plan or plans or alterations or modifications in plans;" SEC. 16. Clause (2) of subsection a of section 393 of the Bankruptcy Act (11 U.S.C. 793(a)(2)) is amended to read as follows: "(2) any transaction in any security issued pursuant to an arrangement in exchange for claims against the debtor or partly in exchange and partly for cash and / o r property, or issued upon exercise of any right to subscribe or conversion privilege so issued, except (A) transactions by an issuer or an underwriter in connection with a distribution otherwise than pursuant to the arrangement, and (B) transactions by a dealer as to securities constituting the whole or a part of an unsold allotment to or subscription by the dealer as a participant in a distribution of such securities by the issuer or by or through an underwriter otherwise than pursuant to the arrangement." Approved September 25, 1962.

�