Page:United States Statutes at Large Volume 92 Part 1.djvu/312

 9 2 STAT. 2 5 8

PUBLIC LAW 95-283—MAY 21, 1978 in which such allowances are to be paid by S I P C without reasonable expectation of recoupment thereof as provided in this Act and there is n o difference between the amounts requested and the amounts recommended by S I P C, the court shall a w a r d the amounts recommended by S I P C. I n determining the amount of allowances in all other cases, the court shall give due consideration to the nature, extent, and value of the services rendered, and shall place considerable reliance on the recommendation of S I P C. " (E) APPLICABLE RESTRICTIONS.—The restrictions on shar-

Post, p. 2549.

ing of compensation set forth in the B a n k r u p t c y Act shall apply to allowances. " (F) CHARGE AGAINST ESTATE.—Allowances g r a n t e d by the

court, including interim allowances, shall be charged against the general estate of the debtor as a cost and expense of administration. I f the general estate is insufficient to pay allowances in whole or in part, S I P C shall advance such funds as are necessary for such payment. (6) DISINTERESTEDNESS.—

Notice, publication.

" (A) STANDARDS.—For purposes of paragraph (3), a person shall not be deemed disinterested if— " (i) such person is a creditor (including a customer), stockholder, or part n e r of the debtor; " ( i i) such person is or was an underwriter of any of the outstanding securities of the debtor or within five years prior to the filing date was the underwriter of any securities of the debtor; " ( i i i) such person is, or was within t w o years prior to the filing date, a director, partner, officer, or employee of the debtor or such an underwriter, or an attorney for the debtor or such an under w r i t e r; or " (iv) i t appeal's that such person has, by reason of any other direct or indirect relationship to, connection with, or interest in the debtor or such an underwriter, or for any other reason, an interest materially adverse to the interests of any class of creditors (including customers) or stockholders, except that S I P C shall in all cases be deemed disinterested. and an employee of S I P C shall be deemed disinterested if such employee would, except for his association with S I P C, meet the standards set forth in this subparagraph. " (B) HEARING.—The court shall fix a time for a hearing on disinterestedness, to be held promptly after the appointment of a trustee. Notice of such hearing shall be mailed at least ten days prior thereto to each person who, from the books and records of the debtor, appears to have been a customer of the debtor with an open account within the past twelve months, to the address of such person as it appears from the books and records of the debtor, and to the creditors and stockholders of the debtor, to S I P C, and to such other persons as the court may designate. The court may, in its discretion, also require that notice be given by publication in such newspaper or newspapers of general circulation as it may designate. A t such hearing, at any adjournment thereof, or upon application, the court shall hear objections to the

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