The New York herald., 1867-03-05


cpsv estate rights or credits give any warrant 10
taken on legal process with intent give preference
10 one or Of his creditors, or to any
person or persons p VINO ban are ,,o,,. OF may se liable
or with the INTENT by such disposition OF his
property, defeat or delay the operation Of tbs
act; or who, being banker, merchant trader has
fruduleEtly stopped or suspended and not Presumed
payment OF his commercial paper within q period OF
fourteea days, shall be deemed have committed an
act bankruptcy and subject 10 the conditions here
inafter prescribed, shall be adudged bankrupt the
petition of or more OF his creditors the aggregate
OF whose debts provabe under this act amount to at
least two hundred and fifty dollars provided such pc.
titiou is brought within six months after the Of
bankruptcy shall have been committed. And II such
person shall ba adiudged bankrupt the assignee NAV
recover back the money other property paid
veyed sold assigned transferred contrary this act
provided the person receiving such payment
had reasonable to believe that a fraud on
this intended that the dobtor was inso
and such creditor shall not DO allowed TO his debt
In bankruptcy.
sEc 20 And be il further enacted, That upon the
hng OF the petition authorized BY the next preceding
section, " II shall appear that sufficient grounds exist
therefor the court shall direct the entry Of order
requiring the debtor TO appear and show cause,
fed in the order not less than i've days from the
thereof why the prayer Of the petition should not be
granted and may Also oy lis inluneons restrain the
making any transfer or disposition Of any part Of the
debtors property not excepted by this act from the
operation thereof and from interference therewh
and II Il shall appear that there probable cause for
believing that the debtor about leave the district
TO remove conceal his goods and chattels or his
evidence Of property make any fraudulent convey
Ance or disposition thereof the court may issue a
warrant TO the marshal OF the DISTRICT commanding
him 10 arrest the alleged bankrupt and him safely
keep. unless he shall give bail TO the satfacon OF
the court for his appearance from time TO time as re-
Quired by the court until the decision Of the court
the petition the further order Of the court and forth
with to lake possession professionally Of all the property
and effects OF the debtor and safely keep the
Gil the further order OF the copy Of the petit
ton and OF such order TO show shall be served
such debtor by delivering the TO him personally
leaving the his last usual place of abode or
II such debtor cannot be fonnd his place of residence
ascerained service shall be made by publication, in
such manner the judge may direct. No further pro-
ceedng unless the debtor appear and thereto
shall be had until PROOF shall have been given to the
satisfaction Of the court of such service publications.
and IL such proof be gwen the return Of
order the proceedings shall be adjourned and order
made that the notice be forthwith so served or pub
ishsd Fs aN#
SIC a. And be it further enacted That on such re-
turn day or adjourned day, If the notice has been
duly served or published, shall be waived by the
appearance and consent or the debtor the court Shall
proceed summarly to hear the allegations Of the petit
time to time, good cause shown and SHALL il the
debtor on the same day 50 demand in writing order
jury sha be attendance ascertain the fact of such
alleged bankruptcy; and if upon such hearing or trial.
che debtor proves TO the satisfaction Of the court or Of
the jury the may be- that the facts set forth in
the petition not true or that the debtor has paid and
satisfied all liens upon his properly, in case the exist
of such liens the sole ground OF the proceed
ing the proceedings shall be dismissed and the respond
ent shall recover bis costs
SEC A. And it further enacted That If the
forth In the petition found TO be true III default
be made by the debtor to appear pursuant to the order
due proof Of service thereof being made the court
shall adjudge the debtor TO be bankrupt and such
subject the provisions of this act and shall forth with
issue warrant 10 take possession Of the estate of the
debtor The warrant shall be directed and the property
Of the debtor shall be taken thereon, and shall be
assigned and distributed In the manner and with
similar proceediDgs to those herenbefore provided for
the taking possession, snment aud distribution OF
the properly Of the debtor upon hisown petition The
order Of adjudication of bankruptcy shalt require the
bankrupt forthwith or within such number Of days not
exceeding five after the date Of the order notice thereof
shall by the order be prescribed to make and deliver
schedule Of the creditors and an inventory OF his
estate in the form and verified in the manner
required Of petitioning debtor by section thirteen
If the debtor has failed 10 appear In person,
Or by attorney, cer,ned copy of the adjudi-
cation shall be forthwith served on him by deiiv.
cry publication in the hercinbefore provided
for the service of the order to show cause and the
bankrupt is absent or cannot be found such schedule
and inventory stall be prepared by the messenger and
che assignee from the best information they obtain
II the peoning creditor shall not appear and proceed
on tho return day. or adjourned day, The court may
upon the petition Of any other creditor to the required
amount proceed to adjudcate on such petition, without
recurring new service or publication Of notice TO the
debtor.
Or suPERsEpuG BANKauPT PROCEEDINGS ARRANGE
= MENT.
SEC 49, And be II further enacted, That at the rst
meeting Of creditors at any meeting OF creditors to
be specially called for that and OF which previous
notice shall have been gwen for such length OF time
and In such manner as the court may direct, three
eourhs In value OF the creditors whose claims have been
proved shall determine and resolve that II is for the
Interest Of the general body Of the creditors that the
estate OF the bankrupt should be wound up and set
tied and distribution made among the creditors BY
rustoee under the inspection and direction Of COM
ntee Of the creditors shall be lawful for the cred
tors to certify and report such resolution to the cour
and g nominate enc or more trustees 20 ana % snn
committee. II shall appear TO the court after hearing
the bankrupt and such creditors az may desire to DC
heard thai the resolution duly passed and that the
fntcress OF the creditors will be promoted thereby II
shall confirm the same; and upon the execution and
nlng by or on behalf of threefourhs in value Of all The
creditors whose claims have been proved Of consent
shat OF the bankrupt be wound up and settled
BY said trustees according to the terms OF such feso
SION the bankrupt his assignee in bankruptcy, II ap
pointed the may be, shall under the direction Of
She court andl under OATH convey transfer and deliver
ali the properly OF the bankrupt u the said
Srustee or trustees who SHALL such conveyance and
6ransfer have and hold the in the same manner,
and with the powers and rights, In all respects
g the bankrupt would have had held the same
mo proceeding In bankruptcy mad been taken or as
che assignee N bankruptcy wound nave done nau s.cn M
proceeding Hereunder shall be as binding In ll respects
On any creditor whose debt Is provable who has not
signed the he had signed IT, and on any credit
Or whose debt II provabe Is not proved, as he had
proved It. and the court by order shall direct all acts
and things needful be done TO carry into ect such
resolution OF the creditors and the shall
wind up and settle the estate under the drec
on and inspection Of such committee Of the creditors
for the equal benefit Of all such creditors and the wind
Ing up and settlement Of any estate under the pro-
visions Of this section shall be deemed to be
shall have the rights and powers OF assgness in bank
ruptcy The court, On the application OF such trus
tses, shall have power 70 summon and examine on
cath otherwise, the bankrupt and any creditor
and any person indebted TO the estate or known or
suspected or having any Of the estate in his posses
sion, or any other person whose examination may DO
material necessary aid the trustees the execution
- their trust and 70 compel the attendance of their
evu and compel the attendance Of such persons and
ahe Production Of books and 10 the same manner
- In osr proceedings In bankruptcy under this act;
aad The bankrupt shall have the right apply for and
obtain dcnargs after the passage Of such resolution
and the appointment OF such trustees such resoiu
eton had not passed and n all the proceedings
had continued the manner provided In the preceding
sections Of this II the resolution shall NOT be duly
reported or the consent Of the creditors shall not be
duly nlsd, or u, upon hs niing, the court shall not
thnk nj 70 approve thereof the bankruptcy shall
ssed though rssoution had been passed and the
court may make all necessary orders for resuming the
psocesdIng2 And the period Of time which shall have
elapsed between the date Of the resolution aAd
Of tho order for assuming proceedings shall not be
rackQnad In calculating perQda OF nreacrihed hE