Smyrna times., 1867-10-09
o Il FFICI n L.
LAWS OF THE UNITED STATES,
Passed at TIE Second Session of the 1Hirty- mint
Congress.

Passed at TIE Second Session of the IHirty-Rinth
Congress.
IPUBLIC-No. 81
AN ACT to establish uniform system of bankrupt
cy throue hout the United States.
OF sUPERsEDING TIE BANKRUPT PROCEEDINGS BY AR
RANGEMENT.
SIC. 40. And be it further enacted, That if at
the first meeting OF creditors, or at any meeting of
creditors be specially called for that purpose, and
of which previous notice shall have been gwen for
s ch length of time and III such manner the court
may direct three fourthS in value of the creditors
whose claims have been proved shall determine and
resolve that 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 tine creditors by trustees under the
inspection and direction of committee ofthe cred
tors, it shall be lawful for the creditors to certify
and report such resolution to the court and to nom
nate one more trustees to take and hold and dis
tribute the estate, under the direction of such COM
mitee If it shall appear 10 the court ter hearing
the bankrupt and such creditors may desire to be
heard, that the TeSOutoR was duly passed and that
the interest of the creditors will be promoted there
by, 1t shall confirm the same and upon the exccu.
tlOn and filing, 10y behalf of three fonrhs in
value OF all the creditors whose claims have been
proved of consent th-t the of the bankrupt
be wound up and settled by sand according
TO the terms of such resolution, the bankrupt, his
assignee III bankruptcy, II appointed, the Case
may be- shall, under the direction Of the coIrt, and
under OATH convey transfer, and deliver all the pro.
Ptry and estate OF the bankrupt TO the said trustee
or trustees, who shall, upon such conveyance and
transfer have and hold the same in the
ner, and with the same powers and rights, IN all
spects, as the bankrupt would have had held the
same if no proceedings in bankruptcy had been Ia.
ken, as the assignee in bankruptcy would have
done had such resolution not been passed and such
consent and the proceedings hereunder shall be
binding IN all respects on any creditor, whose
a.. ll, .,
he had signed it, and any creditor whose debt, if
prOvdble is not Proved If he had proved it and
the court, by order, shall direct all and things
neediul to be done to carry into effect such resulu
ton of the creditors, and the id trustees shall pro-
coed to ind up and settle the estate under the d.
rcction aud inspection of such committee of thg
creditors for the equal benefit of all such ;credtors
and tine winding up and settlement Of any estate un
der the PROVISIONS Of his section :, ali be deemed TO
b. proceedings in blnk rupicY under this act and
the sad trustees sh4i have all the rights and powers
OF lsSIgnees IN bankruptcy. Inc court the ap.
Pile tIon Of such trustees sh Al have power to sum
mon and ,mine on oath 0 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 posscssIOn any other person
whose examination may be material or necessary to
AID the trustees III the execution OF their trust and
t. pei the attendance of such pc sons and the
production OF books and papers IN the same manner
as IN other proceedings IN bankruptcy under this
uC aud the bankrupt shall have the like right to ap-
ply for and Obtain discharge after the passage of
such resolution and the appointment of such trus-
tees ii such resolution had not been passed, and
if all the proceedings had continued IN the man.
ner provided 10 the preceding ctluns of this act
If the resolution shall not he duly rep,rted, the
consent of the creditors shall not be duly filed or it,
upon its fling, the court snail think fit TO ap
prove thereof the bankruptcy >h Ii prcce, thong
e resolution had been passed, and the court may
make all necessary orders for resuming the proceed
ngs. And the period of time which shall have
elapsed between the date o. the order for assuming
n proceedings shall not be reckonod in calculating pc
: rlOds Of time prs scrlbcd by tins act.
= PENALTIES AGAINST BANKRUPTs
SEC. A. and be it further enacted, That from
and after the passage of this act, If any debtor O
bankrupt shall, after the commencement Of proceed
r ing in bankruptcy, seer nc al any property
e btIongng to his estate, part with, conceal dc
- stroy, alter nutIate, fasIty, to be COZ!
% ceaied sstrnyed Uttered ltllaed t.. iied an,
t. book, decd document, or writing relating thereto
d remyve, o to te removed, the same or an,
part thereof, with intent TO prevent 1t from comm!
into the possession OF the assignee in bankruptcy
;, to hinder, impede, delay either OF them in
~. erng receiving the same, make any paymen
On gift, sale, assignment transfer, or conveyance of
property belonging to his estate with the like inten
to deiraud wlltully and traudulently conceal troI
his assignee or omit r0n his schedule any propert
" effects whatever, if, in of any person ha,
nd ing, to his knowledge belief, proved false fiji
titous debt against his estote, he shall fail to d
close the same to his assignee within month
= ter coming to the knowledge belief thereof;
shall attempt TO account for any OF his property
ficticOus losses or expenses shall, within thrC
months before the commencement Of proceeding
bankru tcy, under the false color, and pretcnce
ng carrying on business and dealing in the ordnar
course of trade, obtain credit from any perso
w any goods or chattes with intent to Gefraud
W shall, with intent to defraud his creditors, with
"a three months next before the commencement of PR
IL ceedings in bankruptcy, pawn pledge dispose q
us otherwise than by bona fde transactions in the
ly dnary way Of his trade, any Of his goods chate
Va which have been obtained credit and remain al
'at paid for, he shall be deemed guilty of mlsdemea
ay or aLd upon conviction thereof in any court of Il
MS United States, shall be punished by Imprisonment
~ with or without hard labor, for term not cxcecdir
est three years.
P NALTIEs AGAINST OFFICERS.
10 SEC As. Aad be 1t further enacted, That if ar
Judge register, clerk, marshal, messenger, as,lgne
or anv other OF the several courts OF bankruptcy sha
nd for any thing done pretended TO be done under III
IN | ACT or under color Of doing anything thereunde
wuiuly demand or take, or appoint or allow any pc
son whatever lake lOr him on his account, or !.
or on account OF any ether person. or IN trust Tor hi
or for an, other person. any fee, emOlument, grauII
sum of money, or anything OF value whatever, 9th
rhan ia allowed by this acl, whish shall be allow
under the authority thereof, such person, when co
vicI ed thereof shall forfeit and pay the sum OF n
.lntlo and nOf