Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-08-11
rorFrcIAL.l
LAWS OF THE UNITED STATES
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II
added TO section forty three OF said act; That
IN All cases OF bankruptcy po~ pending, or 70
&c hereafter pending. by or against any person,
have been had or not, the creditors OF such al
legged bankrupt may, NJ o meeting called under
rem asSs On,, NE oSuIt' ana upon net Iess tasa
ume, place, and purpose OF such meeting, sacn
notice TO be personal or otherwise, rs the court
| by the debtor shall be accepted in satisfsstion
OF the debts due TO them nom the debtor. And
such resolution shall, to be operative, have been
passed by a majority in number and three
foIrths in value OF the creditors OF the debtor
assembled 1t such meeting either in person or
by proxy, and shall be confirmed by the sigma
lures thereto OF the debtor and two-thirds In
number and one-half in value of all the cred
itors OF the debtor. And in calculating q ma
tority for the purposes of a composition under
this section. creditors whose debts amount TO
sums not exceeding nifty dollars shall be reck-
oLed IN The majority in value, but not In the
majority In NUMBER and the value OF the debts
II securtd creditors above the amount OF such
security, 10 be determin- I'll by the court,
shall, ss nearly as circumstances admit, be es-
umsted in the same way. Aud creditors whose
debts are fully secured shsn not be entitled 90
vote upon or TO sign such resolution without
hfst renhquishipg such security for the benefit
Of the estate.
The debtor, unless prevented by sickness or
other cause satisfactory 10 such meeting, shall
b. present at the same, and shall answer sny iu-
qniies made OF him, and he, or, If he Is 80 pre-
vented from being III such meeting, s1me one in
his behalf, shall produce to the meeting a state
ment showing the whole of his assets and debts
ana the DANES ana addresses OF the creditors
10 whom such Ge DTS respectively are due.
such resolution, together with the statement
oil the Debtor as 10 his assets and debts shall be
Presented TO the court; and the court shall,
upon notice TO all the creditors of the debtor OF
not less than i've days, and upon hearing, In
qulre whether such resolution has been passed
In the manner directed 10y this section; and III
satisfied that il has been passed IL shall sub
Ject 10 the provisions hereinafter contained and
upon being satIsfed that the same is for the
hes INF st ~ NpTw
luton TO Re recorded and statement of assets
and debts TO be filed; and until such record and
nllDg shall have taken place, such resolution
shall be Of no validity. And any creditor of
the debtor may inspect such record and state
ment at all reasonable times.
The creditors may, by resolution passed in
the manner and under the circumstances afore-
said, add TO, or vary the provisions Of any COM
position previously accepted by them, without
prejudice to any persons taking interests under
such provisions who do not assent TO such addi-
ton or variation. And any such additional
resolution shall be presented 70 the court in the
same manner and proceeded with In the same
way and with the same consequences rs the
resolution by which the composition wss ac-
cepted in the first instance. The provisions of
composition accepted by such resolution in
pursuance OF this section shall be binding on
all the creditors whose names and addresses and
the amounts OF the debts due to whom are
shown in the statement OF the debtor produc
at the meeting at which the resolution shall
have been passed, but shall not affect or preju-
dice the rights OF any other creditors.
EXCHANGE d
promsscry note, IL the debtor shall be ignorant
OF tie holder of any such bill OF exchange or
promissory note, he shall be required 70 state
the amount OF such bill or note, the date on
when II falls due, the name of the acceptor aud
OF the person to whom is payable and any other
particulars within his knowledge respecting the
same; and the insertion Of such particulars shall
be deemed a sufficient description by the debtor
In respect TO sCch debt.
Any mistake made Inadvertently by a debtor
IN the statement of his debts may be corrected
reasonable n0ffRQ NJ xrft fhar -
general meeting of his creditors.
Every such composition shall, subject 20 pri-
critics declared IN said act, provide for a pro-
rata payment or satisfaction, in money, to the
creditors Of such debtor in proportion to the
amount OF their unsecured debts, or their debts
1 IN respect to which any such security shall have
| been duly surrendered and given up.
The Provisions Of any composition made in
pursuance of this section may be enforced by
/ the court, on motion made in q summary man.
/ ner by any person interested, and on reasonable
| notice; and any disobedience of the order OF the
| court maze ON such motion shall be deemed TO
/ be contempt OF court. Rules and regulations
| OF court may be made in relation TO proceed
4 ings of composition herein provided for IN the
| same manner and TO the same extent a. now
| provided by law IN relation to proceedings in
II it Shall at any time appear to the court, on
nOuce, satisfactory evidence, and hearing, that
| composition under this section cannot, IA con-
s,qUeLce OF legal difficulties, OF for any SUP
hCiont cause, proceed without injustice or IN
due delay 20 the creditors or TO the debtor, the
Il
| composition, or may set the same aside; and IN
| either case, the debtor shall be proceeded y IT'D
| as bankrupt iu conformity with the provisions
| OF law, and pToc6 eJings Ciay be had according
Is; ana the time during which such cOmyo sitton
sEan have been in force shall not, in such case
| be computed in calculating periods Of time pre-
| scrined by said act.
SEC. Is. That from and after the passaye OF
| this act the fees, commissions, charges. AID
| aliowa1ces, excepting actual anu necessary dis
| bursements of, ano 10 be made by the OH ;ets
Il 81
| registers in cases OF bankruptcy, shall be re-
| dGced TO one-halt OF the fees, commissions
charges, and allowances heretofore provided FOR
| or made IN like cases PrOrided, That the pre-
ceding provision shall be and remain in force
| until the justices Of the Supreme Court of the
| United States shall make and promulgate new
rules and regulations in respect to tbs matters
aforesaid, under the powers conferred upon
| them by sections ten and forty seven of said
act, and no longer, which duties they shall per-
form as soon as may be. And said justices shall
have power under said sections, by general reg
ulatiOns, TO simplify and, far as in their iudy-
ment Will conduce TO the benefit of creditors, to
consolidate the duties of the register, assignee
| marshal, and clerk, and to reducs fees, costs
| and charges, TO the end that proli1ity, delay
ana unnecessary expense may be avoided. Aud
10 register or clerk or court, or any partner or
clerk OF such register or clerk of court, or any
/ person having any interest with either in any
| fees or emoluments in bankruptcy, or with
| whom such register or clerk OF court shall have
| any interest in respect TO any matter in bank
ruptcy, shall be of counsel, solicitor, or attor-
Il bSgJ Jul VI COURT I'D or N At
l ter pending In bankruptcy in either the circuit
or district court OF his district, or in appeal
| therefrom. Nor shall they, or either OF them
| be executor, administrator, guardian, commits
sioDer, appraiser, diyider, or assignee of or upon
| any estate within the jurisdiction of either of
| said courts of bankruptcy; nor be interested,
directly or indirectly, in the fees or emoluments
| arising from either OF said trusts. And tue
/ words Except such as are established by this
| act or by law" In section ten OF said act, are
| hereby repealed.
SEC. 10. That il shall be the duty OF the mar
| shall OF each district, in the month of July OF
each year to report to the clerk Of the district
| court Of such district, in tabular form, to be
| prescribed by the justices of the Supreme
| Court of the United States, as well as such
| other or further information as may be required
| by said justices.
| First, the number of cases in bankruptcy In
| which the warrant prescribed in section eleven
| OF said act has come TO his hands during the
| year ending June thirtieth, preceding;
| Secondly, how many such warrants were re-
| turned, with the fees, costs, expenses, and
emoluments thereof, respectively and sepa-
| rately;