Page:United States Statutes at Large Volume 84 Part 2.djvu/317

 84 STAT.]

PUBLIC LAW 9 1 - ^ Q S - D E C. 30, 1970

1647

(4) to liquidate the business of the debtor. (b) POWERS AND DUTIES OF TRUSTEE,— (1) TRUSI^EE POWERS.—A trustee appointed

under section 5(b) (3) (hereinafter referred to as "trustee") shall be vested with the same powers and title with respect to the debtor and the property of the debtor, and the same rights to avoid preferences, as a trustee in bankruptcy and a trustee under chapter X of the Bankruptcy Act have with respect to a bankrupt and a chapter X ^2 Stat. 883; debtor. I n addition, a trustee shall have the right— iTu^sc soV. (A) with the approval of S I P C, to hire and fix the compensation of all personnel (including officers and employees of the debtor and of its examining authority) and other persons (including but not limited to accountants) that are deemed by such trustee necessary for all or any purposes of the liquidation proceeding, and (B) to operate the business of the debtor in order to complete open contractual commitments pursuant to subsection (d), and no approval of the court shall be required therefor. (2) TRUSTEE DUTIES.—Except as inconsistent with the provisions of this Act or otherwise ordered by the court, a trustee shall be subject to the same duties as a trustee appointed under section 44 of the Bankruptcy Act, except that a trustee may, but shall c/Ll*'^%^^°'' have no duty to, reduce to money any securities in the single and u use 72'. separate fund (provided under subsection (c)(2)(B)) or in the general estate of the debtor.

(c) APPLICATION or BANKRUPTCY ACT. — (1) GENERAL PROVISIONS APPLK^ABLE.—Except

as inconsistent with the provisions of this Act and except that in no event shall a plan of reorganization be formulated, a liquidation proceeding shall be conducted in accordance with, and as though it were being conducted under, the provisions of chapter X and such of the proA^sions (other than section 60e) of chapters I to VII, inclusive, of the Bankruptcy Act as section 102 of chapter X would make applicable if an order of the court had been entered directing that bankruptcy be proceeded with pursuant to the provisions of such chapters I to VII, inclusive; except that the court may, for such period as may be appropriate, stay enforcement of, but shall not abrogate, the rights provided in section 68 of the Bankruptcy Act and the right to enforce a valid, non-preferential lien or pledge against the property of the debtor. For purposes of applying the Bankruptcy Act in carrying out this section, any reference in the Bankruptcy Act to the date of commencement of proceedings under the Bankruptcy Act shall be deemed to be a reference to the filing date (as defined in section 5(b)(4)(B)). (2) SPECIAL PROVISIONS.—The following subparagraphs of this paragraph shall apply to a liquidation proceeding in lieu of section 60e of the Bankruptcy Act: (A) DEFINITIONS.—Except as otherwise expressly provided in this section, for purposes of this section and the application of the Bankruptcy Act to a liquidation proceeding— (i) "property" includes cash and securities, whether or not negotiable and all property of a similar character; (ii) "customers" of a debtor means persons (including persons with whom the debtor deals as principal or agent) who have claims on account of securities received, acquired, or held by the debtor from or for the account of such persons (I) for safekeeping, or ( II) with a

^^ ^^^ ^^* 52 Stat. 84o11 USC 1-101.

11 USC 108.

�