Page:United States Statutes at Large Volume 88 Part 1.djvu/1067

 88 STAT. ]

PUBLIC LAW 93-406-SEPT. 2, 1974

1023

(v) to issue, publish, or file such notices, statements, and reports as may be required by the corporation or any order of the court; (vi) to liquidate the plan assets; fvii) to recover payments under section 4045(a); and (viii) to do such other acts as may be necessary to comply with this title or any order of the court and to protect the interests of plan participants and beneficiaries. (2) As soon as practicable after his appointment, the trustee shall give notice to interested parties of the institution of proceedings under this title to determine whether the plan should be terminated or to terminate the plan, whichever is applicable. For purposes of this p a"rItn t.e r e s t e d y " paragraph, the term "interested party" means— (A) the plan administrator, (B) each participant in the plan and each beneficiary of a deceased participant, and (C) each employer who may be subject to liability under section 4062, 4063, or 4064. (3) Except to the extent inconsistent with the provisions of this Act, or as may be otherwise ordered by the court, a trustee appointed under this section shall be subject to the same duties as a trustee appointed under section 47 of the Bankruptcy Act, and shall be, with 11 USC 75. respect to the plan, a fiduciary within the meaning: of paragraph (21) of section 3 of this Act and under section 4975(e) of the Internal '^"^^' P- ^^^• Revenue Code of 1954 (except to the extent that the provisions of this ^"'®' P- ^'^^• title are inconsistent with the requirements applicable under part 4 of subtitle B of title I of this Act and of such section 4975). ^"'^' P- S^^(e) An application by the corporation under this section may be filed notwithstanding the pendency in the same or any other court of any bankruptcy, mortgage foreclosure, or equity receivership proceeding, or any proceeding to reorganize, conserve, or liquidate such plan or its property, or any proceeding to enforce a lien against property of the plan. (f) Upon the filing of an application for the appointment of a trustee or the issuance of a decree under this section, the court to which an application is made shall have exclusive jurisdiction of the plan involved and its property wherever located with the powers, to the extent consistent with the purposes of this section, of a court of bankruptcy and of a court in a proceeding under chapter X of the Bankruptcy Act. Pending an adjudication under subsection (c) such ^^ use soi. court shall stay, and upon appointment by it of a trustee, as provided in this section such court shall continue the stay of, any pending bankruptcy, mortgage foreclosure, equity receivership, or other proceeding to reorganize, conserve, or licjuidate the plan or its property and any other suit against any receiver, conservator, or trustee of the plan or its property. Pending such adjudication and upon the appointment by it of such trustee, the court may stay any proceeding to enforce a lien against property of the plan or any other suit against the plan. (g) An action under this subsection may be brought in the judicial district where the plan administrator resides or does business or where any asset of the plan is situated. A district court in which such action is brought may issue process with respect to such action in any other judicial district. (h)(1) The amount of compensation paid to each trustee appointed appr^^l?^^''""' under the provisions of this title shall require the prior approval of the corporation, and, in the case of a trustee appointed by a court, the consent of that court.

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