New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-07-26

Laws Of the United States, Passed 1t the
Elrst session Of the RoFsy.Third Cor
greDs.
GENERAL NArURE-No. 74.1

An act to amend and supplement an act en-.
titled ian act to establish uniform sys-
tenn of bankruptcy throughout the United
States, approved March second, eighteen
hundred and sixty-seven, and for other
purposes
Be it enacted by the Senate and House
of Representatives OF the United States of
America in Congress assembled. That the act
entitled IAN act to establish q uniform sys-
tenn of bankruptcy throughout the United
States" approved March second, eighteen
hundred and sixty-seven, be and the same
ia hereby amended and supplemented "a
follows: That the court may in its discre
ton, on sufficient cause shown, and upon
notice and hearing, direct the receiver or
assignee to take possession Of the property,
and carry ON the business of the debtor, or
any part thereof, under the direction Of the
court, when, in its judgment. the interest
of the estate az we'll as Of the creditors will
be promoted thereby, but not for period
exceeding nine months from the time the
debtor shall have been declared bank
rupt; provided, that such order shall not
be made until the court ehall be satisfied
that it is approved by a majority in value
of the creditors.
SEC, 2. That section one of said act be
and is is hereby amended by adding there
to the following wOrds: Provided, that the
court having charge of the estate of any
bankrupt may direct that any OF the legal
assets or debts of the bankrupt, as con-
tradistip guished from equitable demands,
shall, when such debt does not exceed tive
hundred dollars, be collected IN the courts
of the State where such bankrupt resides
having Jurisdiction of claims OF snch nature
and amount"
SEC. 3. That section two of said act be,
and il hereby is. amended by striking out,
in line ten. the words 1.-THE same" aud in
serting the word amy and by adding
next after the words adverse interest" IN
line twelve, the words cor owing any debt
to such bankrupt
SEC a. That unless otherwise ordered by
the court. the assignee shall sell the prop
erty of the bankrupt, whether real or per-
sonal. at public auction, in such parts or
parceIs and at such times and places as
shall he best calculated to produce the
greatest amount with the least expense.
All notices of public sales under this act by
any assignee or officer of the court shall be
published once week for three consecu'
tive weeks in the newspaper or news
papers, to be designated by the
iudge, which, in his opinion, shall
| he hest calculated to give general
notice of the sale. And the court, on the
annlication of any party in interest, shall
have complete supervisory power over such
sales, including the power to set aside the
same and to order resale, so that the prop.
erty sold shall realize the largest sum. And
The court NAV, in its discretion, order any
real estate of the bankrupt, or any part
thereof. to be sold for one-fourth cash at
the time of sale, and the residue within
aiohtaen months in such installments as the
court NAV direct, bearing interest at the
rate of seven per centum per annum, and
secured by proper mortgage or llen upon
the property so sold. And 1t shall be the
duty Of every assignee to Keep regular
account Of all moneys received or expended
nv him as such assignee, to which account
every creditor shall, at reasonable times.
have tree access If any assignee shall
fail or neglect to well and faithfully
discharge his duties in the sale or
disposition of property as above con-
templated, it shall be the duty OF the
court to remove such assignee, and he ehall
| forfeit ali fees and emOluments to which he
might he entitled in connection with such
sale. And if any assignee shall, IN any
| manner. in violation Of his duty afOre-
| said. unfairly or wrOngfully sell or dispose
| of or in any manner fraudulently or cor
rnntIv combine, cOnspire, or agree with any
| person or persons, with intent to unfairly or
| wrongfully cell or dispose OF the property
| committed to his charge. he shall, upon
proof thereof, be removed, and forfeit an IA
| fees or other compensation tor any and all
| services in connection with such bankrupt 8
| estate. and, upon conviction thereof, before
| any court of competent jurisdiction, shall be
| liable to a fine of not more than ten thou'
sond dollars, or Imprisonment in the peniten-
| tiary for a term not exceeding two years, or
| both fine and imprisonment at the dlscre'
ton OF the court. And any person 80 com
bining, cOnspiring, or agreeing WIN suen
| assignee for the purpose aforesaid shall,
upon conviction, be liable to like punish
ment That the assignee shall report, under
oath. to the court, at least as often as once
in three months, the condition OF the estate
in his charge, and the state OF his accounts
in detail, and at all other times when the
court, on motion or otherwise, shall so
order. And on any settlement OF the &C.
counts of any assignee, he shall De requires
| to account for all interest, benent, or 40.
vantage received, or in any manner agreed
to be received, directly or indirectly, from
the use, disposal, or proceeds of the bank.
rupt's estate. And he shall be required,
upon such settlement, to make and ME IN
court an affidavit declaring, according to
the truth, whether he has or has not, as the
case may be, received. or is or Is
not, as the case may be, TO re-
ceive. directly or indirectly, any IN
terest, benefit or advantage from the use
or deposit of such funds; and such assignee
may be examined orally upon the same
subject; and if he shall willfuuy swear
falsely. either in such affidavit or examln
alton, or to his report provided for 10 this
section, he shall be deemed to be guilty OF
perjury, and, on conviction thereof, De
punished by imprisonment in the peniten
tiary not less than one and not more thar
five years.
SEC. 5. That section eleven of said act OF
amended by striking out the words las the
warrant specifies" where they first occur
and inserting the words 'as the marsha
shall select, not exceeding two; and IN
sorting after the words specifies" where i
last occurs the words "But whenever thu
creditors of the bankrupt are 30 numerous
as to make any notice now required oy law
to them, by mail or otherwise, great ant
| disproportionatee expense to the estate, tn
court may, in lieu thereof, in its discretion
order such notice to be given by publication
in a newspaper or newspapers, to all sucl
| creditors whose claims, as reported, do no
exceed the sums, respectively, OF fifty dol
lars"
SEC. 6. That the first clause of section
twenty of said act be amended by adding
at the end thereof, the words "or IN case
of compulsory bankruptcy, after the act Q
bankruptcy upon or in respect OF wnlch Tn
adjudication shall be made, and with vie'
of making such a set OFT" d.
Sec T. That section twenty-one OF SAL
act be amended by inserting the foilowln
words in line six, Immediately after there
by" "But creditor proving his debt o
claim shall not be held to have waived hi
right of action or suit against the Dankrup
where discharge has been refused or tn
proceedings have been determined wlthou
. discharge
Sec. 8. That the following words shall b
added to section twenty-six OF said ac'
THAT in all causes and trials arising Q
| ordered under This arf the alleged DALE