The Albany register. [volume] (Albany, Or.) 1868-18??, 1874-11-20

III case the existence of such lines was
the sole ground of the proceeding, the
3roceeding shall be dismissed, and the
Respondent shall recover costs and all
proceedings in bankruptcy may be
discontinued OH reasonable notice and
hearing, with the approval OF the
court, and upon the assent, i'll writing,
cf such debtor, and not less than one
half of his creditors in number and
amount; or, in case all the creditors
and such debtor assent thereto, such
discontinuance slIall be ordered and
entered and all parties shall be re-
mitted, in either case, to the same
rights and duties existing at the date
of the filing of the petition for bank
ruptcy, except so far as such estate
shall have been already administered
and disposed of. And the court shall
have power to make all needfli orders
and decrecs to carry the foregoing pro
vision into etfect".
Sec. Is. That section eleven of said
act be amenden by inserting the words
land valuation after the word ''in-
ventory'' in the twenty first line; and
that section forty-two OF said act be
amended by inserting the words land
valuation after the word ''inventory'
in the fifteenth line.
Sec. 49,. That section forty-nine of
said act be amended by striking out
after the word the i'll line five, the
words supreme cOurts'', and insert
ing in lieu thereof ''district courts,
and in line six, after the word States,
Inserting the words ''subjcct to the
general superintendence and jurisdic-
ton conferred upon circuit courts by
section two OF said act"
COMPOSITION WITH CREDITORS.
Sec. II. That the following provis-
ions be added to section forty-three of
said act: That in all cases of bank
ruptcy now pending, or to be here
after pending, by or against any per-
son, whether an adjudication in bank
ruptcy shall have been or not, the
creditors ofsuch alleged bankrupt may,
at meeting called under the direction
of the court, and upon not less than
ten days notice to each known credi-
tor of the time, place, and purpose of
such meeting, such notice to be per-
sonal or otherwise, as the court may
direct, resolve that a composition pro-
posed by TIE debtor shall be accepted
i'll satisfaction of the debts due to them
from the debtor. And such resolution
shall, to be operative, have been passed
by n majority in number and three
fourths in value of the creditors of the
debtor assembled ut such meeting
either in person or by proxy, and
shall be cantirulcd by the signatures
thereto of the debtor and two-thirtls in
number and one-haif in value OF all
the creditors of the debtor. And in
calculating majority for the purposes
of composition under this section.
creditors whose debts amount to sums
not exceeding fifty dollars shall be
JoaI-nnnl In ho ,lt1a hI1f
not in the majority in number; and
the value of the debts of secured credi-
tors above the amount fsuch security,
to be determined by the court, shall,
as nearly as circumstances admit, be
estimated i'll the same way. And
creditors whose debts are full secured
shall not lie entitled to vote upon or to
sign such resolution without first re-
linquishing such security for the bene-
tit OF the estate.
The debtor. unless prevented by
Sickness or other cause satSfactor to
such meeting, shall be presented at the
same, and shall answer any inquiries
made of him; and lac, or, if he SO pre-
vented from being at such meeting,
some one in his behalf. shall produce
to the meeting statement showing
the whole OF his assets and debts, and
lIiC liNltAlCS tLiINA Va LAiN NISOE-
tors to whom such debts respectively
are due.
Such resolution, together with the
statement of the debtor as to his assets
and debts. shall be preseHted to the
court; and the court shall, upon notice
to all the creditors of the debtor of not
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,
catlse such resolution t. be recorded
aud statement of assets and debts to
be iiicd; and until such record and
fling shall have taken place. such res
oIution shall DC of 10 validity. And
any creditor af the debtor may inspect
such record and statement at all rea-
sonahle times.
The creditors may, by resolution
passed i'll the manner and under the
circumstances aforesaid, add to, or
vary the provisions of, any compost
ton previously accepted by them,
without prejudice to any persons taxi
ing interests under such provisions
who do not assent to such addition or
variation. And any such additional
resolution shall be presented to the
court III the same manner aid pro-
cceded with in the same way and with
the same consequences as the resolu-
ton by which the composition was
accepted i'll 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 produced at the meeting at
which the resolution shall have been
passed, but shall not affect or prejudice
the rights of any other creditor.
Where 4 debt arises on a bill of eX-
change or promiSsory note, if the debt
or shall be ignorant of the holder of
any such bill OF exchange or promis-
sorry note, he shall be required to state
the amount of such bill or note, the
date OH which it falls due, the name of
the acceptor and ofthc person to whom
it is payable, and any other particulars
within his knowledge respecting the
same; and the insertion of such partic-
lars shall be deemed a sufficient de-
scription by the debtor in respect to
such debt.
Any mistake made inadvertently by
Il debtor i'll the statement of his debts
may be corrected upon reasonable
notice, and with the content of a gen.
eral meeting of his creditors.
Every such composition shall. sub
.ject to prirorities declared in said act,
provide for pro-rata payment or sat
isfaction, in money, to the creditors of
such debtor i'll proportion to the amount
of their unsecul cd debts, or their debts