Page:United States Statutes at Large Volume 92 Part 2.djvu/1325

 PUBLIC LAW 95-598—NOV. 6, 1978 of a trustee is requested by creditors that may vote under subsection (a) of this section, and that hold at least 20 percent in amount of the claims specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section. (c) A candidate for trustee is elected trustee if— (1) creditors holding at least 20 percent in amount of the claims specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section vote; and _ (2) such candidate receives the votes of creditors holding a majority in amount of claims specified in subsection (a)(1) of this section that are held by creditors that vote for trustee. (d) If a trustee is not elected under subsection (c) of this section, then the interim trustee shall serve as trustee in the case. § 703. Successor trustee (a) If a trustee dies or resigns during a case, fails to qualify under section 322 of this title, or is removed under section 324 of this title. creditors may elect, in the manner specified in section 702 of this title, a person to fill the vacancy in the office of trustee. (b) Pending election of a trustee under subsection (a) of this section, if necessary to preserve or prevent loss to the estate, the court may appoint an interim trustee in the manner specified in section 701(a) of this title. Sections 701(b) and 701(c) of this title apply to such interim trustee. (c) If creditors do not elect a successor trustee under subsection (a) of this section, or if a trustee is needed in a case reopened under section 350 of this title, then the court shall appoint one disinterested person that is a member of the panel of private trustees established under section 604(f) of title 28 to serve as trustee in the case. § 704. Duties of trustee The trustee shall— (1) collect and reduce to money the property of the estate for which such trustee serves, and close up such estate as expeditiously as is compatible with the best interests of parties in interest; (2) be accountable for all property received; (3) investigate the financial affairs of the debtor; (4) if a purpose would be served, examine proofs of claims and object to the allowance of any claim that is improper; (5) if advisable, oppose the discharge of the debtor; (6) unless the court orders otherwise, furnish such information concerning the estate and the estate's administration as is requested by a party in interest; (7) if the business of the debtor is authorized to be operated, file with the court and with any governmental unit charged with responsibility for collection or determination of any tax arising out of such operation, periodic reports and summaries of the operation of such business, including a statement of receipts and disbursements, and such other information as the court requires; and (8) make a final report and file a final account of the administration of the estate with the court. § 705. Creditors' committee (a) At the meeting under section 341(a) of this title, creditors that may vote for a trustee under section 702(a) of this title may elect a

92 STAT. 2605

,«,. li t£

,,^.^ ^

11 USC 703. Ante, p. 2562.

vOt >£iJ i

Ante, p. 2569. 11 USC 704.

'

".• '

'

^.^.

11 USC 705. Ante, p. 2564.

�