The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1874-09-24
sTAUNTON. VIRGINIA, THURSDAY. SEPTEMBER d. 1874.

| III number OF the creditors and one-thir( i,
the amount Of the provable debts against tn
bankrupt as provided in said section. the cour
shall so adjudge, which Judgment shall be fl
nal; otherwise it shall disnlissthe proceedings
and, in cases hereafter commenced, with costs.
SEC. IA. That section forty-one of said &C
| be so amended as follows: After the wore
s'bankruptcy,'' in line eight. strike out all O
said section and insert the words. 'sOr, at TIN
the election OF the debtor. the court may, il
! its discretion, award a venire facias to the mar
shall OF the district, returnable within ten dav
before him for the trial Of the facts set forth
the petition, a. which time the trial shall b,
had, unless adjourned for cause. And unless
upon such hearing or trial. it shall appear t.
the satisfaction Of said court, Or of the jury, as
the case may be, that the facts set forth in sale
petition are true, OF if it shall appear that thu
debtor has paid and satisfied all liens upon hi
property, in case the existence OF such liens
was the sole ground of the proceeding, the pro-
ceeding shall be dismissed, and the respondent
shall recover costs; and all proceedings in
bankruptcy may be; discontinued on reasona
BILE notice and hearing. with the approval Of
the court, and upon the assent, in writing. OF
such debtor, and not less than one-half Of his
creditors in number and amount or, i'll case
all the creditors and such debtor assent there
to, snch discontinuance shall be ordered and
entered and all parties shall be RENTED, in
either case, to the same ri gifts ami duties eN-
listing. at the date of the fling OF the petition
for Bankruptcy. except so Mr as such estate
shall have been already administered and dis
posed Of And the court shall have power to
make all nj iful orders and DEGREES to carry
the foregoing provision into effect"
Sec. Is. That section eleven of said act be
amended by inserting the words 'and valul-
tom after The word Inventory i'll the TWEEN
tv.frct 1iun and that snotio, f,,rty.tyo of S,jd
act be amended by inserting the words land
valuation after the word inv ntory'' in the
fifteenth line.
Sec. 16 That section forty-nine of said act
be amended by striking out after the word the
in line five, the words 'isupreme conrts,' and
inserting in lieu thereof s:distrct courts,'' aud
in line six, after the word Estates" inserting
the words subject to the general slperinten-
dence and jurisdiction conferred upon circuit
courts by section two of said act"
COMPOSITION WITH CREDITORS.
Sec. II. That the following provisions BIS
added to section forty -three Of said aet That
in all cases of bankruptcy now pending, OF to
be hereafter pending, by Or against any per-
son, whether an adjudication in bankruptcy
shall have been had or not, the creditors of
such alleged bankrupt may. at a meeting call
ed under the direction OF the court, aud upon
creditor of the time, place, and purpose of
such meeting, such notice to be personal or
otherwise, as the court may direct, resolve that
composition pfoposedby the debtor shall be
accepted, in satisfaction Of the debts due to
them from the debtor. And such resolution
shall, to be operative, have been pas7ed by
majority in number and three-fourths in value
of the creditors Of the debtor assembled att
such meeting either iii person or by proxy. and
OH ha a6 nv IA Of
the debtor and two-thirds iii number and one
half in value OF all the creditors of the debtor.
And in calculating asmajority for the purposes
Of composition under this section, creditors
whose debts amount to Sims not exceeding fiji
ty dollars shall be reckoned in the majority in
value, but not in the majority in number; and
the value of the debts of secured creditors
above the amount of such security, to be de
termned by, the court, shall. as nearly as cir
cumstances admit, be estimated in the same
way. And creditors whose debts are fully Sc
cured shall not be entitled to vote upon or to
sign such resolution without first lelnquishing
such security for the benefit OF the estate.
The debtor, unless prevented by sickness or
other cause satisfactory to such meeting. shall
be present at the same. and shall ansWer~any
inquiries made OF him and he, or. il he is so
prevented from being at such meeting, some
one in his behalf, shall produce to the meeting
a statement showing the whole of his assets
and debts, and the names and addresses OF the
creditors to whom such debts arc respectively
due. l., ,4, "a. s-.....
Such resolution, together with the statement
Of tbs debtors 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
not less than five days, and upon hearing, in
qllre whether SUCH resolution has been passed
in the manner directed by this section; and if
a. "a r.. - ,l,II
subject to the provisions hereinafter contained.
and upon being satisfied tEatthe same is for
the best interest of all concerned, cause such
resolution to be recorded and statement OF as
sets and debts to be fled; and until such re-
cord and filing shall have taken place. such
resolution shall be of no validity; And amy
creditor of The debtor may inspect such record
and statement 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 Oh, any
composition previously accepted by them,
without prejudice to any pei sons taking inter
ests under such provisions who do not assent
to such addition or variation. And any such
additional resolution shall be presented to the
court in the same manner and proceeded with
ia the same way and with the same consequent
ces as the resolution by which the composition
was accepted in the first instance. The pro-
visions Of a composition accepted by such reso-
luton In pursuance OF this section shall be
binding on all the creditors whose names and
addresses and the amounts OF the debts clue to
whom are shown in the statement OF the debt
or produced at the meeting at which the reso-
luton shall have been passed, but shall not at
feet or prejudice the rights OF any other credl-
tors. ~, fr f.,7-,
Where debt arises Oh bill ri exchange or
promisory note if the debtor shall be ignorant
| 6f the holder of any such bill OF exchange or
pronisory note, he shall be required ito state
the amount of such bill or note, the date on
which it falls due, Che name OF the acceptol
and of the person to whom it is payable, and
any other particulars within his knowledge
respecting the same; and the insertion of such
particulars shall be deemed. sufficient descrip
ton by the. debtor in respect to such debt.
+ ANY mistake made inadvertently by a debt
or in the statements of his debts may be. cor
recteu upon reasonable notice, and with the
consent Of y general meeting OF his creditors.
Every such composition shall, subject to
priorities declared in said act. provide for a
pro-raGa payment OF satisfaction. in money, tc
the creditors of such debtor IN proportion to
the amount Of their unsecured debt, or Their
debts in respect to which amy such security
| shall have been duly surrendered and given
finp.ti; .>.fs ~ -.s:si- Ii. <.yf. .,l...r.,
The provisions OF any composition made in
pursuance Of this section may be enforced by
tile court, on motion made i'll silnna-
| nv manner by any person interested. and on
reasonable notice; and any dsobeeenee Of
the order of the court made OH such motto,
shall be deemed to be a contempt Of COURT
Rules and regulations Of court may be made il
NO ot;on to n,ncea(inwS of 'nolnD0stiGf leua,