The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-06

The following Is the substitute recommended BY
che Senate Judiciary Committee and reported by
Senator Edmunds to-day. to take the place OF the
House bill to repeal the Bankruptcy law
Section THAT the Court may, It's discretion on .ut
shown ana upon notice and direct
and carry on the business OF the debtor or any part
as Of credtos Be Sersbs sui
S % sF s ons the time
CONTROL or THE COURT OWN SALES OF ESTATES
az suction fs
calculated to produce greatest amount with the lea
p
oyer such sales so that the property sold shall realize
and the Srss
interest At the he. rate Of seven per centa@ per
months Sssxssn spS two psymsnts and e secured y
s me- rig s or lien the sold and
account all moneys received Or expended BY him
fa neglect to faithfully discharge his duties in the
be SUCH
iulnents to which he might be entitled in connection
with such sale and i assignee shall! in any manner
sell dispose of or in any manner iraudnlsntly cor
@ sa e 81
Be Sfd
he aa @ aG s
sSa @ IKE ssA
s.e ,Ss SiIsx.Ss xsTa: sssh e added to
section % Of said hat in al causes and trials ars
any pary Be-
81 ac
~ s4
pS a his the
gaI.o;y ,Ss period S tour
%sn Is hereby CHANGED to two months but TT this sproy
@ G c ss ns m thu s sns
SIX months mentioned in SAID SECTION 80 is hereby
take effect until three months after the passage OF this
e-Thst section IS of said act and the
int the Fine ss
ssaue:tr seizure = thirdly after the word and
ssC aIThat section 50 81 s.,a act OF March p 1861 be
{"szc; ssThat any person residing and owing debts
such n OF
conceal himself avoid the service Of legal in
s beng Of @
GIT sale conveyance or transfer Of his estate.
rights n Within The
ana led "
execution issued out ~ Court Of any State
has properly founded upon demand in Is nature prov
ns c s anf
force and not discharged by payment in any other
Territory applicable thereto period Of 20 days.
ia % ai ssSn Tor %
Of @ Or npwars q who bns bnk s.
o ersd 81 sny 70 us
his to be taken on IL eg pro-
him II 4, Or
defeat delay the opsEa9n Of this act who Dsings
%
period, Of 20 days shall be deemed to have
dios lite prescrbed Shall sdudssa al BANK
rppS on the petition Of more Of his creditors who
and me agsrssaie Of whose debts provaDis under this
month: after such act q bsnkruptey shall have been
sssSIy al ssss
meneed nes said ISIS and PRIOR to the passage
to the eredtoTs whether n number and one
thar auSed
TONED the Court shall grant reasonable time not exceed
Ing in eases eCmmsnced 70 days and in case.
creditors may Join in such petition and If after the s1
shall comply with the REQUIREMENTS OF this section the
oa o. saeS te %s sasS if a. sp sna
shall II. a b sns
person shall be adluagsd bankrupt the assignee may
On q PAID
70 @ ws
nsovent and knew that fraud on this act intended.
taai fraud his part allowed prove for more than
Fl a as debt aps h on the
Sntary bankrnpey and the petition Of creditors under
the first AYE sgaers thereof il 50 many there be-
ns sac q. osWSs Be ~ sa
Ike S Se as K s 1 ss
ton Of said act as 70 the number and amount Of pst
tionng creditors has been comgied with, II within
suicient and amount shall sign such petit:
the Of the psob
ns debts against the bankrqpts the Court shall ad
dismiss the proceedings in cases hereafter commenced
ESTATES PARTIALLY ADMINISTERED
SEC s.That section n Of said act be amended as fol-
out Of and words Unless sass
upon such hearing or trial i shall appear to the salts
that the fact, ,s set forth s in said petition
liens upon his property In the existence such
liens was the sole grounds Of the proceedings the whole
proceedings shall be dismissed and the shall
may may be Discontinued on reasonable notice and
assent in writing Of said debtor and not less than
all the creditors and such debtor assent thereto such dis
3 re s ps H
and Or and the
Court shall have power 10 make oil needfuI
n fleet
COMPOSITION WITH CREDITORS.
SIC l0-That the following provision be added to
ton 43 OF said act:-
That in all cases Of bankruptcy pending or to be
hereafter pending by against any person whether
Adjudication in bankruptcy shall have had or not
the creditors Of snch alleged bankrupt may meeting
called under the direction of the Court upon
than 10 days notice to each other known creditor
time, place and purpose of such meeting notice
be personal otherwise the Court may direct re-
solve that comDositioE proposed by the debtor shall
te accepted in satisfaction of the debts due them
from tine debtor. and such resolution shall be
operative, having been passed by majority in
number and three.iourtlis in value OF the crcdi-
tors Of the debtor assembled at such meeting,
either In person or by proxy and shall be confirmed BY
and value Of the creditors of the debtor; and,
IN calculating majority for the purposes OF compost
ton under this section, creditors whose
Ii.h.