Page:United States Statutes at Large Volume 92 Part 1.djvu/311

 92 STAT. 2 5 7

PUBLIC LAW 9 5 - 2 8 3 — M A Y 21, 1978

conducting a liquidation proceeding, the trustee may, with the approval of S I P C and the court, employ an attorney who is not disinterested. A trustee appointed under this paragraph shall qualify by filing a bond in the manner prescribed by the applicable provisions of the B a n k r u p t c y Act, except that neither S I P C Post, p. 2549. nor any employee of S I P C shall be required to file a bond when appointed as trustee. " (4) REFERENCE TO REFEREE I N BANKRUPTCY.—If

the

court

issues a protective decree and appoints a trustee under this section, such court may, a t any stage of the proceeding, refer the proceeding to a referee in bankruptcy to hear and determine any or all matters, or to a referee in bankruptcy as special master to hear and report generally or upon specified matters. Only under special circumstances shall a reference be made to a special master Avho is not a referee in bankruptcy. " (5) COMPENSATION FOR SERVICES AND REIMBURSEMENT OF EXPENSES. " (A) ALLOWANCES IN GENERAL.—The court shall g r a n t

reasonable compensation for services rendered and reimbursement for proper costs and expenses incurred (hereinafter in this paragraph referred to as 'allowances') by a trustee, and by the attorney for such a trustee, in connection with a liquidation proceeding. No allowances (other than reimbursement for proper costs and expenses incurred) shall be g r a n t e d to S I P C or any employee of S I P C for serving as trustee. Allowances may be g r a n t e d on an interim basis during the course of the liquidation proceeding a t such times and in such amounts as the court considers appropriate. "(B)

ALLOWANCES TO REFEREE I N BANKRUPTCY OR SPECIAL

MASTER.—In the event a proceeding has been referred to a referee in bankruptcy or special master, the district judge may g r a n t reasonable allowances to such referee in bankruptcy or a special master, in the manner provided for in a case filed under chapter X of the Bankruptcy Act, as now in effect or as amended from time to time. "(C)

APPLICATION FOR ALLOWANCES.—Any person seeking

allowances shall file with the court an application which complies i n form and content with the provisions of the B a n k r u p t c y Act governing applications for allowances under such Act. A copy of such api^lication shall be served upon S I P C when filed. The court shall fix a time for a hearing Hearing. on such application, and notice of such hearing shall be Notice. given to the applicant, the trustee, the debtor, the creditors, S I P C, and such other persons as the court may designate, except that notice need not be given to customers whose claims have been or will be satisfied in full o r to creditors who cannot reasonably be expected to receive any distribution during the course of the liquidation proceeding. " (D) RECOMMENDATIONS OF SIPC AND AWARDING OF ALLOW-

ANCES.—Whenever an application for allowances is filed pursuant to subparagraph (C), S I P C shall file its recommendation with respect to such allowances with the court prior to the hearing on such application and shall, if it so requests, be allowed a reasonable time after such hearing within which to file a further recommendation. I n any case

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