Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-15

such length OF Tune as the Court NAV di
rect, three-fourths in value of the creditor
shall resolve that it is for the interest of the
general body of the creditors that the es.
tate of the bankrupt should be wound nm
and settled, and distribution made. it shall
be lawful for the creditors to certify and re
port such resolution to the Court, and to
nominate one or more Trustrees to take
hold and distribute the estate, under the
direction of such Committee. If it shall
appear to the Court, after hearing the banE
rupt and such creditors as NAV desire tn Lo
heard, that the resolution was duly noese5
and that the interests of the creditors will
be promoted thereby, it shall confirm the
same and upon the execution and flino
by or on behalf of three fourths in value Of
all the creators whose claims have been
proved OF u consent that the estate of the
bankrupt be wound up and settled bv said
trustees according to the terms Of sucb
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. who shall
upon such conveyance and transfer have
and hold the same in the same manner and
with the same powers and rights, in all re-.
spects, as the bankrupt would have had o,
held thesameif noproceCdingsi bankruptcy
had been taken, or as the assignee in bank
ruptcy would have done had such resolution
not been passed; and such consent and the
proceedings Hereunder, slI all be as binding
in all respects OH any creditor whose debt is
provable who has not signed the same, rs il
he had signed it, and on any creditor, whose
debt, if prOyable 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 reso-
luton 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 settle
mCnt of any estate under the provisions OF
this section shall be deemed to be proceed.
ings in bankruptcy under this act and the
said trustees shall have all the rights and
powers of assigrees in bankruptcy. The
court, on the application OF such trustee,
shall have power to summon and examine,
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 III
the execution of their trust, and to compel
the attendance 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 bank,
ruptcy under this act and the bankrupt
shall have the like right to apply for and
obtain discharge after the passage of such
resolution and the appointment Of such
trustees as if such resolution had not boon
passed, and as if all the pre- ceedings had
continued in the same manner provided in
the preceding sections Of this act. If the
resolution shall not be duly reported, or
the consent of the creditors shallnot be duly
filed, or if, upon its filing, the court shall
not think fit to approve thereof, the bank
ruptcy shall proceed as if no resolution
had passed, and the court may make all ne
cessary OrGers for resuming the proceedings.
And the period of tim which shall have
elapsed between the date of the resolution
and the date of the order for assuming pro-
ceeding shall not be reckoned III calcuat-
ing periods of time prescribed by this act
Section A provides that from and afterlthe
passage of this act, if any debtor or bank
rupt shall, after the commencement of pro
ceedlngs IN bankruptcy, secrete or conceal
any property belonging to his estate, or
part with, conceal, or destroy, alter, mutt
late, or falsify, or cause to be concealed,
any book, deed, document or writing, re-
lating thereto, or remove or cause to be re-
moved, the same, or any part thereof, out
of the district, or otherwise dispose of any
part thereof, with intent to prevent 1t from
coming into the possession of the assignee
in bankruptcy, or to hinder, impede or de
lay either of them in recovering or receiv-
ing the same, or make any payment, gift,
sale, assignment, transfer or conveyance OF
any property beIonging to his estate with
the like intent, or spends any part thereof
in gambling; or shall, with intent TO de
fraud wilfully or fraudulently conceal from
his assignee or omit from his schedule any
property or effects whatsoever; orjf, in case
Of any person having, to his knowledge o.
belief, proved false or fictitious debt
against his estate, he shall fail to disclose
the same to his assignee within one month
after coming to the knowledge or belief
thereof; or shall attempt to account for any
of his property by fictitious losses or eXpen-
ses; or shall, within three months before
the commencement of proceedings in bank
ruptcy, under the false color or pretence OF
CARRYING on business and dealings in the
ordinary course of trade, obtain on credit
from person any goods or chattels with IN
tent to defraud his creditors, within three
months next before the commencement oI
proceedings IN bankruptcy, pawn, pledge,
OF dispose of otherwise than by bona fiji,
transactions in the ordinary way Of his trade
any of his goods or chattels which have
been obtained on credit and remain I'M
paid for, he shall be deemed guilty of
and upon conviction thereof
in any court of the United States, shall b.
punished by imprisonment, with or with
out hard labor, for n term not exceeding
three years.
Sections Is, 4G, AZ, 48, 40 and so, pro
vide for the punishment of officers Of the
court who act wrongly with intention in
bankruptcy proceedings, with q fine not
less than $500 or more than $500, and for
Imprisonment for not less than five years
Also provide the same punishment for NAL
feasance on the part of all persons who
shall forge, or cause to be forged, or know
ingly allow the forgery of any seal or com
of either the Judge, register, o.
who shall be guilty of any criminal action
or knowledge in tho provocation of any
false commission OF documents of bank
ruptcy in favor OF any parties. Also, tho
same schedule Of fees for legal service, &c,
is provided as now obtain in proceedings in
the courts of the United States in other