538 THIRTY-NINTH CONGRESS. Sess. H. Ch. 176. 1867. to adjudicate on such petition, without requiring a new service or publication of notice to the debtor. on surmzsmnme run BANKRUPT PROCEEDINGS BY ARRANGEMENT. Pr¤¤¢¤di¤g¤i¤ Sec. 43. And be it further enacted, That if at the first meeting of credi.
- ";';;l;*;S";f,';§“y tors, or at any meeting of creditors to be specially called for that purpose,
by arrangement and of which previous notice shall have been given for such length of time and in such manner as the court may direct, three fourths in value of the Crediwséo creditors whose claims have been proved shall determine and resolve that 'i°t°"m"‘°’ °‘ it is for the interest of the general body of the creditors that the estate of the bankrupt should be wound up and settled, and distribution made among T"““°°’· the creditors by trustees, under the inspection and direction of a committee of the creditors, it shall be lawful for the creditors to certify and report such resolution to the court, and to nominate one or more trustees to take and hold and distribute the estate, under the direction of such committee. °°“’* l° “P‘ If it shall appear to the court, after hearing the bankrupt and such credi- Pmw tors as may desire to be heard, that the resolution was duly passed, and that the interests of the creditors will be promoted thereby, it shall con- %*m°¤* °£ firm the saine ; and upon the execution and filing, by or on behalf of iid_ rs w ° three fourths in value of all the creditors whose claims have been proved, of a consent that the estate of the bankrupt be wound up and settled by said trustees according to the terms of such resolution, the bankrupt, or his assignee in bankruptcy, if appointed, as the case may be, shall, under the direction of the court, and under oath, convey, transfer, and deliver all the property and estate of the bankrupt to the said trustee or trustees, C¤¤V¤y¤¤¤¤ who shall, upon such conveyance and transfer, have and hold the same in t° t'“m°s‘ the same manner, and with the same powers and rights, in all respects, as the bankrupt would have had or held the same if no proceedings in bankruptcy had been taken, or as the assignee in bankruptcy would have done Effect of these had such resolution not been passed; and such consent and the proceed- P'°°°°d‘"g“‘ ings thereunder shall be as binding in all respects on any creditor whose debt is provable, who has not signed the same, as if he had signed it, and on any creditor whose debt, if provable, is not proved, as if he had proved it; and the court, by order, shall direct all acts and things needful to be done to carry into effect such resolution of the creditors, and the said trustees shall proceed to wind up and settle the estate under the direction and inspection of such committee of the creditors, for the equal benefit of all such creditors, and the winding up and settlement of any estate under the provisions of this section shall be deemed to be proceedings in Rights and bankruptcy under this act; and the said trustees shall have all the rights l’;;_°" °f mls` and powers of assignees in bankruptcy. The court, on the application of such trustees, shall have power to summon and examine, or [on] oath or otherwise, the bankrupt and any creditor, and any person indebted to the estate, or known or suspected of having any of the estate in his possession, or any other person whose examination may be material or necessary to aid the trustees in the execution of their trust, and to compel the attendance of such persons and the production of books and papers in the same manner as in other proceedings in bankruptcy under this act; and the bankrupt shall have the like right to apply for and obtain a discharge after the passage of such resolution and the appointment of such trustees as if such resolution had not been passed, and as if all the proceedings had continued in the manner provided in the preceding sections of this act. bi! {•¤<>l¤¤i<>:d If the resolution shall not be duly reported, or the consent of the creditors J °PPr°v ’ shall not be duly filed, or it; upon its filing, the court shall not think fit to approve thereof, the bankruptcy shall proceed as though no resolution had been passed, and the court may make all necessary orders for resuming the proceedings. And the period of time which shall have elapsed between the date of the resolution and the date of the order for assuming proceedings shall not be reckoned in calculating periods of time prescribed by this act.
