The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-05-28
The Daily N ews.
MONDAY MORNING, MAY 2s, 1866.
The Bankrupt Bill

The following is n summary OF the Bankrup,
Bill as 1t has passed the House Of Representa-.
tiyes: ,.,rr' .... Pms a' e.
The first section constitutes the District Courts
OF tho United States Courts OK Bankruptcy. The
gecond section gives the United StateB Circuit
Courts general superintendenoe and Jurisdiction
OF all cases and questions arising under tho act.
Sections three to seven, inclusive, relate to the
cy. Sections eight, nine and ten refer to appeals
and practice. The eleventh sootion provides that
1esdins within the 3uEsdioen Q,
his judicial district setting out bis inability to pay
his ds1ts ip full, and his Willingness to surrender
filing Of such petition shall be an act Of bank
ruptcy, and such petitioner shall be adjudged
bankrupt A warrant shall then be issned By the
Judge, directing the marshal OF the district to
take possession Of the estate and keep the same
until tho appointment Of an assignee. Notice is
then to be given to the creditors to hold meet
ing and choose ono or more assgnees Sections
twelve to- eighteen, inclusive, define in great de-
tail the duties Of assignees. The sections nine
teen & to tWe1tytSus On nslusive relate to debts and
for the sale OF perishsble property.
Section twenty provides for the examination
OF bsnkrugts before the court, and exempts them
proceedings in bankruptcy in civil courts.
Section twenty y-eeven relates to the distribution
OF the bankrupts estate. All creditors whose debts
are duly proved and allowed are to be entitled to
share in the bankrupt property pro rata without
any priority or preference whatever, except that
wages due from him to any operative, clerk OF
dollars for labor performed within six months pre-.
ceding the adjudication of bankruptcy, shall be
entitled to priority and shall be fret paid in full.
are to be entitled TO priority Of preerence and TO
be fret paid in full in the following order: Let.
Fees costs and expenses Of suits and for the GUS
States and all taxes and assessments nnder the
laws thereof Sd. All debts due to tho State in
which the proceedings in bankruptcy are pending
Laws Of suoh states. 4th.' Wages due to sny ope'
rative, clerk or house servant, TO an amount not
exceeding fifty dollars for labor performed within
six months next preceding the first publication Of
the notice Of proceedings in Bankruptcy; 9th: All
debts due. to any person who, by lhe laws Of the
United States are, or may be- entitled to priority
or preference, in like msnner II this act bad not
been passed; always provided that nothing con-
tanned in the act shall interfere with the assess
ment and collection OF taxes by the United States
or any State.
Section tBenty-nine and the FIVE following seo-.
tions relate to the bankrupt's discharge and its
effects. II it shall appear. to tho court that the
bankrupt has in all things oonformed to his uty
under this Act, and that he is entitled, under tue
provisions thereof, to receive discharge, the
court shall grant him discharge from all his
debts, except as hereinafter provided, and sh an
court.
Section thirty-fve declares preferences aud
fraudulent conVeyances void. Section thirty-sx,
of partnerships and corporations and to dates
and depositions. Seotions thirty to forty, iuclu-
sive, provide for the case OF involuntary bank
ruptcy; q departure from the State, avoiding the
service OF legal process, removal or couceaIment
OF property, fraudulent assignment OF property,
arrest and detention for debt for period Of seven
days, confession Of judgment or Suspension of
payment OF commerci. paper for fourteen days,
ahau be doomed an act Of bankruptcy.
Section 49 provides for the superseding of the
bankrupt proceedings by arrangement. Section
A provides penalties sganst bankrupts for con-
cealment OF property, fasHying books or papers,
fraudulent assignment or conveyance Of property,
spending In gaming, permitting fictitious debt
to be proved sgainst him. obtaining goods on
credit fraudulently within three months of the
commencement OF the proceedings in bankruptcy;
these are to be deemed misdemeanors, and
punished by imprisonment, with or without hard
labor, for q term not exceeding three years.
Section forty-fve and forty siS provide penalties
against officers in administering the law. Section
9orty-seven regulates fees aud costs. Section
torty-eight regulates stump duties on petitions,
warrants, &J. Section forty-nlns and fifty defue
the meaning OF terms and tho computation OF
time: Section tyfrst and last, enacts that this
act ahan commence aud take effect as to the ap-
pointment OF the officers created hereby and the
PRONUNCIATION OF rues and general orders. from
and after the date OF its approval, provided that
no petition or other proceeding under this act
shall be filed, received, or CONNIE need before the
first day Of November, 1866. t..