The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-02-19

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The following is synopsis of the Amen,
datory Bankrupt bill as passed by the Sen.
ate: That the court may direct the rseeiv.
er or assignee to take possession Of the prop,
erty and carry on the business Of the debtor
when in its judgment tho interest Of the a.
tate or creditors will DO promoted thersby.--.
That the assignee shall sell the propsstJ Of
the bankrupt 10 such parts and paresls -
shall be best calculated to produce the great.
est amount at the least expense, and the couses
shall have supervisory power over such sales;
notices of such sales to b published in news
papers designated BY the court, The. court
may order any real estate of the bankrupt to
to be sold for one-fourth cost at the time Of
sale, and the residue 10 instruments bearing
interest OF seven per cent. at interest Of not
more than six months, to be secured BY mort,
gage aud lien. Assiguees shall keep accounts,
OF moneys received or expended, violation
of which provision is attended with certain
penalties Conspiring to wrongfuly dispose
Of property is attended with certain psnal.,
ties. A creditor proving his debt, shall not
be held to have waived his right OF action.
against the bankrupt. In all causes the az
legged bankrupt shalt bea competent Witness
ln cases requiring the payment of any pros
portion of the debts of q bankrupt a. CON.
dition Of his discharge he may be, discharged
10 the same manner as if he had paid such
per centum Of his debts, or as ifthe required
proportion of his creditors had assented 10
voluntary cases no discharge shall be granted
debtor whose assets shall not be equal to-
80 per cent of the claims against his estate.
Any person who shall depart from the State
of which he is resident, or shall conceal
himself to avoid service of pDposss. or sbali
mako any assignment, So, shall be deemed
to- have committed an act of bankruptcy;
these provisions to apply to suits commenced
in December l, 1873, and since that date.--.
In cases Of composition with creditors, il
cases DOW pending, whether an adjudicitiou
shall have been had or not, creditors may, u
meeting called by heeourt, upon net less
than ten days. notice, resolve that q compo.
sltion proposed by the debtor shall be 60
eepted in satisfaction of the debts duo them
from the debtor to be operative when passed
BY a majority 10 number and thres-fouzshs
of the value Of the creditors, 10 calculating
a majority, creditors whose debts amount to
less than ffiy dollars shall be reek onsd ID
the majorityqiu value, but not in nambst.-a
The creditors may vary any composition pre-
yiously accepted by them, the cornpostiont to
be binding on all parties. A debt arising
on bill of exchange or promissory nots,
the bankrupt shall be required to state the
amounts, and the names Ut parties to the pa
per- The court may. on satisfactory svi-
dence, refuse to confirm such composition,
or set it aside, and the debtor shall be pro-
ceeded with as a bankrupt. Fees, commits.
sions and allowances of assiguees aud otE.
ers to be reduced one half heretofore provid.
ed in like cases. In addition to the officers
now authorized to take proof Of debts against
the estate of bankrupt, notaries public are
authorized to take such proof in the man.
ner and under the regulations provided by
law, such proof to be certified by the notary
and attessed by his signature and official seal.