74T„3 CONGRESS . SESS. I. CH. 774 . AUGU ST 27, 1935 .
919 and/or to the committees or other representatives thereof, for accept- ance or rejection, within such time as the Commission shall specify, together with the report or reports of the Commission thereon or such a summarization thereof as the Commission may approve, and the opinion and order of the judge : Provided, That submission to Corporation oe
on found any cla ss of st ockholde rs shall not be necessar y if the Commiss ion inselvent . shall have found, and the judge shall have affirmed the finding, (a) that at the time of the finding the corporation is insolvent, or that Lackin g equity at the time of the finding the equity of such class of stockholders value . has no value, or that the plan provides for the payment in cash to such class of stockho lders of an amou nt not l ess than the val ue of their eq uity, if any, or (b) that t he interests of such class of stock- Interests not adverse- ,11 will not be adver sely and materia lly affe cted by the pla n, ly affected . or (c ) that t he debto r has pu rsuant t o author ized cor porate a ction corporate acceptance accepted the plan and its stockholders are bound by such acceptance : of plan . Provided further, Tha t submis sion to any clas s of cre ditors s hall submission unneces- not b e necess ary if t he Commi ssion sh all have found, and the judge nary if class protected. shall have affirmed the finding, that the interests of such class of creditors will not be adversely and materially affected by the plan, or that at the time o f the finding the interests of such clas s of cred- itors have no value, or that the plan provides for the payment in cash to such class of creditors of an amount not less than the value of their interests . For the purpose of this section the acceptance or rejection by any creditor or stockholder shall be in writing, executed by him or by his duly authorized attorney, committee, or representative . If the United States of Am eri ca, or any agency When United states isa cred itor or stock . the reof, or any cor poration (other than the Reconst ruction Finance holder. Corporation) the majority of the stock of which is owned by the United States of America, is a creditor or stockholder, the President of the Unit ed State s or any officer or agen cy he ma y design ate, is hereby authorized to act in respect of the interest or claims of the United States or of such agency or other corporation . The expense of such submission shall be certified by the Commission and shall be borne by the debtor's estate . The Commission shall certify to the judge the results of such submission . Upon receipt of such certification, the judge shall confirm the Co nfirm atio n by pl anif sat isfied that it has been acc eped by or on behalf of cre ditors C ond iti ons neeee. of each class to which submission is required under this subsection sary. h olding m ore than two-thi rds in a mount of the tot al of th e allowe d claims of such class which have been reported in said submission as voting on said plan, and by or on behalf of stockholders of each class to which submission is required under this subsection holding more than two-thirds of the stock of such class which has been reported in said submission as voting on said plan ; and that such acceptances have not been made or procured by any means forbidden by law : Provided, That, if the plan has not been so accepted by the urdgbo may overrule c reditors and sto ckholder s, the j udge may neverth eless co nfirm th e rejection if satisfied plan if he is satisfied and finds, after hearing, that it makes adequate ments .mee ts re quire - provision for fair and equitable treatment for the interests or claims of those rejecting it ; that such rejection is not reasonably justified in the light of the respective rights and interests of those rejecting it and all the relevant facts ; and that the plan conforms to the requirements of clauses (1) to (3), inclusive, of the first paragraph of this subsect ion (e) . If the judge shall confirm the plan, he shall enter an order and file an opinion with a statement . of his conclusions and his reasons therefor . If the judge shall not confirm the plan, Proceedings if not he shall file an opinion, with aa statement of his conclusions and his confirmed . reasons therefor, and enter an order in which he shall either dismiss
