National Republican. (Washington City (D.C.)) 1872-1888, 1874-08-08
AatinaaI gtpnbIifaa.
LAWS OF THE UNITED STATES
PASSED ATTHE FIRST SESSION OF THE
FORTY-THIRD CONGRESS-.

valuation" after the word "inventory" in the
fifteenth line.
Sec. 16. That section forty-nine Of said act
be amended by striking out after the word
t'ths'' in line five, the words t'supreme courts
and inserting in lien thereof "district courts,
aud in line SIX, after the word Estates insert
ing the words "subject 70 the general suPerln-
tendence and Jurisdiction conferred upon circuit
courts by section two Of said act"
COMPOSITION WITH CREDITORS.
Sec. IT. That the following provisions be
added to section forty-tbree Of said act; That
In all cases Of bankruptcy now penang, OF 70
be hereafter Dsnlipp, by or against any person.
whether an adiudication in bankruptcy shall
have been had or not, the creditors OF sueo al
legged bankrupt may, at meeting eslieo IN
der tho direction Of the court, and upon not
les than fen davs' notice to each known credi-
tor Of The time, place, and purpose Of such
TDeetin7-- such notice TO be personal or other
10 &c the court may direct resolve that q
co13ositiou proposed by the debtor shall be
accented in satisfaction Of the debts due TO them
from The debtor. And such resolution shall, TO
be operative, have been passed BY q majority IN
number and three fOurths IN value of the cred
Jtors of the debtor assembled at such meeting
either in person or by proxy, and shall be con-
frrnei by the signatures thereto Of the debtor
and two-thiris in number and one-half in value
of all the creditors Of the debtor. And In cal
culaLing 8 majority for the purposes Of COM
position under this section, creditors whose
debts amount to sums not exceeding fifty dol
lars shall be reCkoned In the majority in Val1el
but not in the majority in number; and the
value Of the debts sf secured creditors above
the amount of such security, 70 be determined
by the court, shall, as nearly as circumstances
admit, he estimated In the same way. And
creditors whose debts are fully secured shall
not be entitled to vote upon or TO sign such
resolution without first relinquishing such Sc
curity for the benefit Of the estate.
The debtor, unless prevented by sickness OF
other cause satisfactory to such meeting, shall
be present at the same, and shaQ answer any
inquiries made OF him; and he, or, II he is 50
prevented from being az such meeting, some
one in his behalf, shall produce TO the meeting
q statement showing the whole Of his assets
and debts, and the names and addresses Of
tie creditors to whom such debts respectively
are due.
Such resolution, together with the statement
of the debtor as to his assets and debts, shall
be presented to the court; and the court shall,
upon notice to all the creditors Of the debtor
OF no; less than five days, and upon hearing,
inquire whether such resolution has been passed
in The manner directed BY this section; and If
satisfied that It has been so passed, It shall,
subject to the provisions hereinafter contained,
and upon being satisfied that the same is for the
best interest Of all concerned, cause such resO-
luton 10 be recorded and statement of assets
and debts to be fled; and until such record and
filing 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 al reasonable times.
The creditors may, byTesolution pass ed In
the manner and under the circumstances a0re-
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
addition or variation. And any such sddi-
tionaI resolution shall be presented to the
court in the same manner and proceeded with
In the same way and with the same coDse-
ouences as the resolution By which the COM
position was accepted 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 70 whom are shown In the statement
Of the debtor produced at the meeting at which
the resolution shall have been passed, but
shall not affect or prejudice the rights Of any
other creditors.
Where a debt arises on q bill Of exchange or
promissory note, If the debtor shall be igno-
rant Of the 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
which It falls due, the name of the acceptor
and Of the person to whom 1t is payable, and
any other particulars within his knowledge re-
specting the same; and the insertion Of such
particulars shall be deemed q sufficient de-
scription by the debtor in respect to such debt.
Any mistake made inadvertently by debtor
In the statement Of his debts may be corrected
upon reasonable notice, and with the consent
Of q general meeting Of his creditors.
Every such composition shall, subject TO pFi-
critics declared in said act, provide for 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
IN respect TO which any such security shall
have been duly surrendered and given up.
Tie 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 made on such motion shall be deemed
to be n contempt Of court. Rules and reguls-
uons OF court may be made in relation to pro-
ceedings Of composition herein provided for in
the same manner and 70 the same extent as
now provided by law IN relation 70 proceedings
IN bankruptcy. Cd
II It shall at any tine appear to the court on
notice, satisfactory evidence, and hearing, that
E composition under this section cannot, in
Consequence Of legal difficulties, or for any suf-
hcient cause, proceed without injustice or IN
due delay to the creditors or to the debtor, the
composition, or may set the same aside; and,
In either case, the debtor shall be proceeded
with as a bankrupt in conformity with the proYI-
sioDs Of law, and proceedings may be had ac--
cordingly; and the time during which such
composition shall have been in force shall not,
in such case, be computed in calculating periods
Of time prescribed by said act.
Bee. Is. That from and after the passage Of
this act the fees, commissions, charges and
allowances, excepting actual and necessary
disbursements, Of, and 10 be made by the Off
GERS, AGENTS, marshals, messengers, Rssignees
and registers In cases Of bankruptcy, shall be
reduced 70 one half Of the fees, commissions,
charges ard allowances heretofore provided
for or made in like cssesy PTOVided, That the
preceding provision shall be and remain in
force until the justices Of the Supreme Court
Of the United States shall make and promul-
gate new rules and regulations in respect 10
the matters aforesaid, under the powers coz
ferred upon by them by sections ten and forty
seven Of said act, and no longer, which duties
they shall perform as soon as may be. And
said justices shall have power under said sec
tions, by general regulations, to simplify and,
50 far as in their judgment viii cOnduce to the
benefit Of creditors, 70 consolidate the duties
of the register, assignee, marshal and
clerk, and to reduce fees, costs and
charges, to the end that prolixity, delay
and unnecessary expense may be avoided.
And no register or clerk Of court, or
any partner or clerk Of such register or clerk
OF eourt, or any person having any interest with
either In any fees or emolUments in bank
ruptcy, or with whom such register or clerk of
court shall have any interest in respect 10 any
matter In bankruptcy, shall be of counsel, So
Icitor, or attorney either in or out of court, in
any suit or matter pending in bankruptcy in !
eGher the circuit or district court OF his dis |
tnct,oT In an appeal therefrOm. Nor shall they, |
or either Of them, be executor, administrator, 1
guardian, commissioner, appraiser, diVider, or 1
assignee o. or upon any estate within the juris- /
oiction Of either Of said courts Of bankruptcy: |
Dor De interested, directly or indirectly IN the 1
fees or emoluments arising from either Of said I
trusts. And the words Except such as are
established by this act or By law" in section /
ten OF said act, are hereby repealed.
Sec. 10. That it shall be thedu Of the mar
shal 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. 10 be 4
prescribed by the justices Of the Supreme Court 1
Of the United States, as well as such other On /
further information as may be required BY said
justices.
First, the number Of cases in baukruntcv In
which the warrant prescribed 10 section eleven 1
Of said act has come to his hands during the
year ending June thirtieths preceding;
Secondly, bow many such warrants were re-
turned, with the fees, costs, expenses, and
emoluments thereof, respectively and sspE-
rRtelV: