Page:United States Statutes at Large Volume 92 Part 1.djvu/314

 9 2 STAT. 260

Post, p. 271.

PUBLIC LAW 95-283—MAY 21, 1978 to the general estate under this subsection shall be subject to the provisions of section 1 6 (5)(A). "(e)

Post, p. 2549. Post, p. 261. Infra.

15 USC 78fff-l.

OF ADMINISTRATION.—All costs

and

expenses of administration of the estate of the debtor and of the liquidation proceeding shall be borne by the general estate of the deotor to the extent it is sufficient therefor, and the priorities of distribution from the general estate shall be as provided in the Bankruptcy Act. Costs and expenses of administration shall include payments pursuant to section 8(e) and section 9(c)(1) (to the extent such payments recovered securities which were apportioned to the general estate pursuant to subsection (d)) and costs and expenses of S I P C employees utilized by the trustee pursuant to section 7(a)(2). All funds advanced by S I P C to a trustee for such costs and expenses of administration shall be recouped from the general estate as a first priority under the Bankruptcy Act.". XEW

15 USC 78o, '78ggg-78W/.

COSTS AXD EXPEXSES

SECTIOXS o r THE SECURITIES IXVESTOR PROTECTION ACT OF 1970

SEC. 9. The Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) is amended by redesignating sections 7 through 12 as sections 11 through 16, respectively, and by inserting immediately after section 6 the following new sections: "SEC. 7. POWERS AND DUTIES OF A TRUSTEE. " (a) TRUSTEE POWERS.—A trustee shall be vested with the same powers and title with respect to the debtor and the property of the debtor, including the same rights to avoid preferences, as a trustee in bankruptcj' under the Bankruptcy Act has with respect to a bankrupt and the property of a bankrupt. I n addition, a trustee may, with the approval of S I P C but without any need for court approval— " (1) hire and fix the compensation of all personnel (including officers and employees of the debtor and of its examining authority) and other persons (including accountants) that are deemed by the trustee necessary for all or any purposes of the liquidation proceeding; " (2) utilize S I P C employees for all or any purposes of a liquidation proceeding; and "'(3) margin and maintain customer accounts of the debtor for the purposes of section 8(f). " (b) TRUSTEE DUTIES.—To the extent consistent with the provisions of this Act or as otherwise ordered by the court, a trustee shall be subject to the same duties as a trustee in bankruptcy, except that a trustee may, but shall have no duty to, reduce to money any securities constituting customer property or in the general estate of the debtor. I n addition, the trustee shall— " (1) deliver securities to or on behalf of customers to the maximum extent practicable in satisfaction of customer claims for securities of the same class and series of an issuer; and " (2) subject to the prior approval of S I P C but without any need for court approval, pay or guarantee all or any part of the indebtedness of the debtor to a bank, lender, or other person if the trustee determines that the aggregate market value of securities to be made available to the trustee upon the payment or guarantee of such indebtedness does not appear to be less than the total amount of such payment or guarantee.

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