The New York herald., 1867-03-05
GENERAL BANKRUPT Law.
Relief for Old and New
BankrUpts.
Provisions for Voluntary and InyOI-
untary Bankruptcy.
PROPERTY. EXEMPTED UNDER THE ACT.
&c. &c. &c.

~rhe following Is the text of the very important Bank
rupt bill agreed upon by the Conference Committees and
adopted by each house OF Congress Tho President has
signed It, and the bill is therefore now a law Of the
land
AN Aor TO ESTABLISH A UNIFORM SYSTEM BAsKRuPrcY
THROUGHOUT THE UNITED Stairs
Be it enacted by the Senate and House of Representa-
tives OF the United States of America In Congress
bed That the several district Of United States
ruptcy and they shall have original jurisdiction their
respective districts in all matters and proceedings in
bankruptcy and they hereby authorized hear and
adudcate upon the according the provisions OF
this The said courts shall be always open for the
transaction of business under this act and the powers
and jurisdiction hereby granted and conferred shall he
exercised as we'll in vacation in term time, and
Judge sitting at chambers shall have the powers aud
jurisdiction. including the power Of keeping order and
OF Furnishing any contempt of his authority as when
sitting IN court. And the jurisdiction hereby confer
red shall extend to all cases and controversies arising
between the bankrupt and creditor creditors who
shall claim any debt or demand under the bankruptcy
to the collection Of all the assets of the bankrupt to the
asceranmen and liquidation OF the sns and other spe
cic claims thereon TO the adjustment OF the various
prorities and conflicting interests of all partes and to
the narshalng and disposition OF the different funds and
assets the nights of all parties and due
distribution Of the assets all the credtors and TO
ali acts matters and things TO be done under and in vr
of the bankruptcy until the final distribution and
settlement the estate OF the bankrupt and the close of
the proceedings IN bankruptcy. The said courts shall
have full authority compel obedience all orders and
DEGREES passed by them bankruptcy, by process OF
and other remedial process to the extent
that the circuit courts now have in any suit pending
therein in equity Said courts sit for thetansacton
OF business in bankruptcy at place in the district of
which place, and the time of holding court, they shall
have given notice. well as al the places designated by
law for holding such courts.
SEC And be il further enacted, That the several
circuit of the United States within and for the
districts where the proceedings in Bankruptcy shall be
pending shall have general superintendent and juris
dicton OF all cases and questions arising under this ac
and except when special provision s otherwise made,
may, upon BILL petition, other proper process Of
party aggrieyed hear and determine the Court
OF Equity The powers and Jurisdiction hereby granted
may be exercised either by said by any justice
thereof in term time or vacation. Said circuit courts
shall also Jurisdiction with the district
courts Of the district Of all suits at law In
equity which shall he brought by the assignee
in bankruptcy against any person claiming an adverse
interest such person against such assignee touch
ing property or rights of property OF said bankrupt
transferable 70 vested in such assgnee but no suit
al law in equity shall in any case be maintanable by
against such assignee, or by against any person
claiming adverse interest," touching the property and
rights of property aforesaid in any court whatsoever
unless shall be brought within years from
the time tho OF action accrued for against such
assignee provided that nothing herein contained shalt
revive right OF action barred at the time such assignee
is appointed
or rnE ADMINISTRATION OF rHx LAW IN COURTS BANK
RuPTcY
SIC And be further enacted, That It shall be the
duty of the Judges OF the District Courts OF the United
States within for several districts appoint in
each Congressional district In said districts upon the
and recommendatio OF the Chief Justice Of
the Supreme Court OF the United States one more
registers in bankruptcy to assist the Judge Of the Dis
Court in the performance OF his duties under this
act. No person shall be eligible to such appointment
unless he be counsellor Of said court Of
Of the Of Record Of the State in which he resides
Before entering the duties Of his Office every per-
appointed q register in bankruptcy shall give
bond 10 the United States with condition that he will
faithfully discharge the duties OF his Office IN q
less than 81 ooo to be nxed by said court with suretes
satisfactory said court TO either OF the said justices
thereof and he shall in open court take and subscribe
the oath prescribed in the act entitled "An act to pre-
scribe oath of office, ana for other purposes" ap
proved July 2 1862, and also that he Will not during
his continuance In Office be- directly indirectly, inter-
esed 10 or benefited by the fees emouments arising
from any suit pending in bankruptcy in either
the district circuit court in hts district.
src And be further enacted that every re giser
power and 1t shall be his duty, to make adjudication
OF bankruptcy, TO receive the surrender OF any bank
rup administer oaths in all proceedings before him,
to hold aud preside at meetings Of creditors to take
proof of debts to make all computations OF dividends
and orders OF distribution and TO furnish the assignee
with a certified copy Of such orders, and Of the
schedules Of creditors and assets filed in each case
audit and pass accounts OF assgnees, to grant pro-
tcction pass the last examination OF any bankrupt
in whenever the assignee or creditor do not
oppose, and to sit in chambers and despatch there
such part the administrative business Of the court aud
such uncontested matters as shall be defined general
rules ORDERS the District Judge shall in
tcular matter drcct and he shall also make short memo
randa of proceedings each which he shall act
docket be kept by him for that purpose aud he shall
forthwith. the proceedings are taken, forward to
the Clerk of tho District Court n certified copy OF
said memoranda which shall be entered by said clerk
in the proper minute book TO be kept in his office,
register thereof Provided. however that nothing in.
this section contained shall empower register 10 COM
init for contempt or 70 hear disputed adjudication or
any question OF the allowance suspension Of order
discharge but in all matters where an Issue Of fact
or OF law raised and contested by party to the pro-
ceedings before him, IL shall be his duty 10 cause the
question or be stated by the opposing parties
writing, and he shall adjourn the into court for
decision by the judge. No register shall be coun se
attorney, either in out Of court, in any suit
matter pending in bankruptcy in either the Circuit or
District Court OF his district or IN an appeal hererom;
ufufth fso
missioner appraiser dvider assignee OF upon any
within the jur sdicton of either OF said OF
bankruptcy he Interested In the fees eouments
arising from either OF said trusts The fees OF said
registers established By this act and by the general
rules orders required 10 be framed under IT, shall
be paid to them by the parties for whom the
be rendered in the course OF proceedings authorized
by this act
the District Court direct register to attend any
place within the district tor the purpose Of hearing such
voluntary applications under this act may be op
posed OF attending any meeting OF creditors or reces
ing any proofs Of debts and generally for the prosecu
ton OF any bankruptcy or other proceedings under this
act aud the travelling and incidental expenses Of such
Register and Of any clerk or other officer attending
him incurred acting shall be settled by said
in accordance with the rules prescribed under The tenth
respect OF which such register has acted
f there be such assets II the assets shall be in
costs in the or cases in which tho register shall
have acted in such journey, TO be apportoncd oy the
judge ana such egster 50 sna nave ana
In District Court for the summoning and examina
ton persons witnesses, and FOR requiring the pro.
duction Of books papers and documents Provided
always fnat all depositoDs of persons and witnesses
taken before said register, and all acts done by him,
shall be reduced writing and be signed by him, and
sha be hed IN the clerk Office part OF the proceed
ings such register shall be subject 70 removal by the
Ssage o. the District Court, and all vacancies occurring
oy such removal or by resignation change OF res donce
uea,h or DISABILITY, shall be promptly filed by other ht
persons unless said court shall deem the continuance OF
the particular Office unnecessary
SIC. o And be Il further enacted, That any party
shall, during tho proceedings before Register be at
qery 70 take the opinion Of tho District Judge upon amy
point OF matter arising IN the course OF such proceedings
or upon the result OF such proceedings which shall be
stated by the Register In the shape Of short certificate
the Judge who shall sign the same II no annrove
thereof and such certificate 50 signed shall he bna,py
on ali the parties 70 the proceeding but every such GER
tileate may be discharged varied by The J,dse "A
chambers in open court. In any bankruptcy or in
any other proceedings within the Jurisdiction OF he
court under this act the parties concerned or snhn
ting such jurisdiction. may at any stage Of lie pro
ceedngs by consent state any question questions in
special case for the opinion OF the Court and the ud
mont on the Court shall DC final unless ne agreed eps