, 1874-01-06

On sufficient cause, ehall take possession OF the
property md carry on the business OF the debt
or, when, in its judgment, the interests Of the
estate, as well IS of tho creditors may be pro-
noted thereby, but not for longer period than
nine months from the time the debtor is de-
clared bankrupt.
The second section authorizes the Assignee
to sell tho property of the bankrupt, real or per-
to produce the greatest amount with
the least expense the Court to have
complete supervisory power over such Bales.
and at it's discretion may order real estate sold,
one-fourth cash, balance in three equal pay
ments bearing interest at per cent per annum,
net over Eix monthe between any two payments,
and properly secured. Amy Assignee failing in
or neglecting to faithfully discharge his duties
shnu be subjected to fine and imprisonment.
Sec. adds to Sec. &c the words - in all eauses
arising under this SCI the alleged bankrupt, and
any party belonging thereto, shall be competent
witness.
Sec. provides that, in cases Of compulsory
or Involuntary bankruptcy, tho provision Of lie
law requiring the payment Of any portion OF the
Indebtedness or consent OF portion Of the
creditors rs q condition Of discharge shall not
apply, but q complete discharge, if Otherwise en-
titled thereto, shall be given in al cases.
Sec. S provides that, in chees Of Involuntary
bankruptcy, the term Of four months mentioned
in Sec IS, old law, be changed to two MONTHS
this provision not to take affect for two months
utter adoption, and the period six months there
C.
three months after the adoption OF this act.
Sec. s. That Sec. IS OF said act be and Same is
hereby amended rs fbllowe: First, after The
word land " IN lac II insert the word - know
shine line insert the words "sequcstration,
eeizure;" thirdly, alter tho word - and " in line
20 inscrt tho word knowing"
Sec. al:crs Sec. 80, old Law. providing TINT
any abscouliag deDtor, OF Gcb-or transferring
property with intent to daf1uud creditors, may
In 9ar1n rad hnr ff
the number Of creditors whosr claims aggre-
gate one-third the total indebted less; provided
tie petition is brought wiRaiL SIX mouths
after such act OF bankruptcy is oommittcd.
begun sinco 1873 prior to tn, passage Of
tins acr.. as we'll as heretofore, and in
al! cases commenced since said 1878 and prior to
tho passage Of this act. as well as to thoec COM
upon reasonable notice to creditors, whether
one-four.h in number and oEe-thud ia anaounr
thereof. al aforesaid, have pettioned that debt
or be adjudged bankrupt and, it it shall appear
that such number and amount have not 90 Pc
t'toEet, the court shall grant reasonable tins'
twenty DAYS, and in cases hereafter COM
meuced FIVE days, within which other
creditors may join in and petition
aud IT. after the expiration OF such tins 30 In1-
the requ.r encnss Of this section, the matter OF
bankruptcy may proceed; but If, at he e1pira-
tion OF such limited tune, euch E:lmbe- and
amount shall not answer tho 1equ:: :cmcnte Of
in cases hereafter commenced, with costs; and,
il such person shall DO adjudGed ts1tkrupt- the
Assignee may recover back-money or proper
~ so paid, conveyed, sold, assigned, or trana-
forled contrary to the provisions Of this acs,
Egeb p1ebdea aaat tue se'enS
reasonable cause to believe t!lat tho debtor .:as
irsolvout. aud knew that fraud On this act Vas
ioteuded; and such person, II 3 creditor. shnl1
not in cases OF actua! fraud On his pa.t bo al
debt and tl4is limitation, or proof OF debts ehau
apply to cases Of voluntary as well IS involun
tary bankruptcy, and the petition Of creditor:
under this section may be sufficiently verified BY
oaths Of the first five signers thereof Of how
many there be.
Sec. 9 alters Sec. II, to provide, in ease
satisfaction is given to creditors proceedings
be stopped by consent Of the Court aftor proper
Investigation.
Sec. 10 provides in oil cases now pending, rs
we'll as hereafter instituted, whether adjutica-
tion in bankruptcy Ehcll have been had or not, .
majority Of tina creditors, atter due notice Of
meeting, under direction Of the Court, may ae-
cept terms OF compensation proposed By debtor
to be binding upon the signature of T. ma ajority
in number and thrcc-foulths il ya1uo Of the
debts represented ut such meeting, after eaid
resolution DO recoraed In calculating major
~, Ao tbis sAo .ccon c,edfo,s hoaa dets
sEn,,,t az. to s,,,a ,,ot n1ceoSr1
:a5n .s,, h, Tectoned ;r thc majority in rane'
ont MI ;o 1naior;tv in nnmher mi tbe yaina n
Jaht. ~ H eacnyod :,et1;tora otoya tho annnot #
snch socnr;tv - ha detormined hr fi1o C1nrt
s1,all A. ncar7v as crcumstcnccs adr,ir. he es1i
matea in thc sana NV md crcditors whose
dnhts ,re T,I1x sornrcd s1,niI MT ho entite1 to
voto nnon a. to sirn s,,ch resoluton without
Suet ra,'ra,;ah;n., sr,cI nacr-;,v ~ tha hen.
at of the estate Anv mistake made inad-
snrtant,v ~ hv t1a debsnr IN tho statc1ncnt If
10 Jaht - ~ carra.+od nnon -noso,-
aha nnt;ce .,5 c,nscnt of ro1nral
moet;nr nf c,od,fors Tvcrv sncb com,meiton
~ snhiact ~ I'm ,,;o~;fioa Ie,1s rcd n aid
oct az o nroy,5o ~ nr6 rnta navmcnt or sa.1s.
factinn ~ money tn fi,o credtor Of nuci dab:or
~ nrnnort;on tn t,,e amonn. al t,cir unsecured
Ja',ta ~ thc;r delta in reanect IN which anv
ench secnr;tv sl,ali havo hnc,t div surrendered
md qiyen nj Tie provisions Of any composi- |
t1on 7nni1a IN nursua,lcn nf This section maT ho |
enforecd hv tina Court If IT. shall nj nnv tme
onncar fo the Conrt m noticn of xati.fac:rv cv;-
1et,co md hea,inc that q composiuou under this t
section cannot III caoseouence OF LEGAL dIf1icui-
ties or for anv s:,f1icicnt cnnse nroceed w,thont
in i1,st;ce or nnflne dc'nv to cfea,tnr or t, |
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