Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-02-26
VOL. LXXN.

THE AMENDAToRY BANKRUPT BILL. The
following is synopsis OF the amendatory bank
rupt bill as passed by the Senate :-''That the
court may direct ahe receiver or the assignee to
take possession of the property, ,and carry on the
business ofthe debtor when, in its judgment,
the interest of the estate Of the creditors will be
promoted thereby. That the assignee shall sell
the property of the bankrupt 10 such parts or
parcels as shall be best calculated to produce
the greatest amount at the least expense, and
the court shall have supervisory power over such
sales, notices of such sales to be published 10
newspapers designated by the court. The court
may order any real estate of the bankrupt to be
sold for one fourth cash at the time OF sale, and
the residue in instalments bearing interest CT
seven per cent. at intervals Of not more than
six MONTHS to be secured by mortgage and lien.
Assignees shall keep accouots Of moneys re-
ceived or expended, violation of which pro-
vision is attended with certain penalties A
creditor proving his debts shall not be held to
have waived the right OF action against the
bankrupt 10 al! causes the alleged bankrupt
shall be competent witness.
In any case requiring the payment OF any
proportion of the debts of bankrupt az con
diion OF his discharge be may be discharged 10
the same manner as if he had paid such per ct.
Of his debts, or as If the required proportion OF
his iscreditors had assented Iu voluntary cases no
discharge shall be granted debtor whose assets
shall not be equal to 33 per ct. of the claims
against bis estate Any person who shall
icpart from the State of which he is resident,
or shall conceal bimself to avoid service OF pro-
cess, or shall make any assignment, etc, shall
be deemed 10 have committed an act OF bank
ruptcy, these provisions to apply to suits CON-
meuced in December l. 1873, and since that
date. In cases OF composition with creditors,
n cases now pending, whether an adjudication
shall have been made or not, creditors may, at a
meeting called by the court, upon not less than
ten days notice, resolve that a composition
proposed by the debtor shall be accepted in
Satisfaction of the debts due them from the
debtor to be operative when passed by a ma
inritv in number and three -fourths of the value
Of the creditors. Iu calculating majority,
creditors whose debts amount to less than fifty
dollars shall be reckoned In the majority in
value, but not in lumber. The creditors may
vary any composition previously accepted by
them, the composition to be binding on all
parties.
A debt arising on bill of exchange or prom
issory note, the bankrupt shall be required to
state the amounts aud the names OF parties to
the paper. The court nay, on satisfactory eVl-
dcpce, refuse to confirm such composition, or
set it aside, and the debtor shall be proceeded
with as q bankrupt. Fees, commissions and
allowances Of assgnees andsothers to be reduc-
ed one hall heretofore provided 10 like cases. ln
addition to the officers now authorized to take
proof OF debts against the estate of bankrupt,
uotaries public are authorized to take such proof
in the manner and under the regulations pro-
yided by law, such proof to be certified BY the
notary aud atested by his signature and official
seal.