Page:United States Statutes at Large Volume 94 Part 3.djvu/758

 94 STAT. 3402

PUBLIC LAW 96-589—DEC. 24, 1980 in pursuance of the plan, stock or securities of the corporation to which the assets are transferred are distributed in a transaction which qualities under section 354, 355, or 356."

11 USC 101

26*u^c 368

(b) ADDITIONAL RULES FOR COORDINATING TITLE 11 AND SIMILAR CASES WITH THE GENERAL REORGANIZATION RULES.—Section 368(a) is

amended by adding at the end thereof the following new paragraph: "(3) ADDITIONAL RULES RELATING TO TITLE i i AND SIMILAR CASES.— "(A) TITLE i i OR SIMILAR CASE DEFINED.—For purposes of

this part, the term 'title 11 or similar case' means— "(i) a case under title 11 of the United States Code, or "(ii) a receivership, foreclosure, or similar proceeding in a Federal or State court.



"(B) TRANSFER OF ASSETS IN A TITLE i i OR SIMILAR CASE.—In

applying paragraph (1)(G), a transfer of the assets of a corporation shall be treated as made in a title 11 or similar case if and only if— "(i) such corporation is under the jurisdiction of the court in such case, and "(ii) the transfer is pursuant to a plan of reorganization approved by the court.

^ ir:-i

"(C)

I' ! - .' •?::, -

REORGANIZATIONS QUALIFYING UNDER

PARAGRAPH

(l)(G) AND ANOTHER PROVISION.—If a transaction would (but for this subparagraph) qualify both— "(i) under subparagraph (G) of paragraph (1), and "(ii) under any other subparagraph of paragraph (1) or under section 332 or 351, then, for purposes of this subchapter (other than section 357(c)(1)), such transaction shall be treated as qualifying only under subparagraph (G) of paragraph (1). "(D) AGENCY RECEIVERSHIP PROCEEDINGS WHICH INVOLVE

FINANCIAL INSTITUTIONS.—For purposes of subparagraphs (A) and (B), in the case of a receivership, foreclosure, or similar proceeding before a Federal or State agency involving a financial institution to which section 585 or 593 applies, the agency shall be treated as a court. "(E) APPLICATION OF PARAGRAPH (2)(E)(ii).—In the case of a title 11 or similar case, the requirement of clause (ii) of paragraph (2)(E) shall be treated as met if— "(i) no former shareholder of the surviving corporation received any consideration for his stock, and "(ii) the former creditors of the surviving corporation exchanged, for an amount of voting stock of the controlling corporation, debt of the surviving corporation which had a fair market value equal to 80 percent or more of the total fair market value of the debt of the surviving corporation." (c) TRANSFERS OF ASSETS TO SUBSIDIARIES.—Subparagraph (C) of

section 368(a)(2) (relating to transfers of assets or stock to subsidiaries in certain paragraph (1)(A), (1)(B), and (1)(C) cases) is amended to read as follows: "(C) TRANSFERS OF ASSETS OR STOCK TO SUBSIDIARIES IN CERTAIN PARAGRAPH (1)(A), (1)(B), (1)(C), A N D (1)(G) CASES.—A

transaction otherwise qualifying under paragraph (1)(A), (1)(B), or (1)(C) shall not be disqualified by reason of the fact that part or all of the assets or stock which were acquired in .. w £3' the transaction are transferred to a corporation controlled i*:? =?. by the corporation acquiring such assets or stock. A similar

�