Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1874-09-10

dS IHe court may Q1T6cC, resolve I4uL
a composition proposed by 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 passed by a
majority IN lumber and three-fourths in value
of the creditors of the debtor assembled at
such meeting either in person or by proxy ,and
shall be confirmed by the signatures thereto of
the debtor and two-thirds in number and one
half in value of all the creditors of the debtor.
And IN calculating majority for the purscses
of composition under this section, creditors
whose debts amount to sums not exceeding
fifty dollars shall be reekened 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-
termlned by the court, shall, as nearly cir
cumstances admit, be estimated in the same
way. And creditors whose debts are fully
secured shall not be entitled to the vote upon
or to sign such resolution without first relin
gushing 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, if he is so
prevented from being at such meeting, some
one in his behalf, shall produce to the meeting
statetement showing the whole of his assets
and debts, and the names and addresses of
the 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 not less than five days, and upon hearing,
inquire whether such resolution has been pass
ed 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
resolution to be recorded and statement of as
4 ,1S &c 70 haH la1. u
cord and filing shall have taken place, such
resolution shall be of no validity. And any
creditor of the debtor may inspect such re-
cord and statement at all reasonable times.
The creditors may, by resolution passed in
the manner and under the circumstances afore-
said, add to; vary the provisions of any
composition previously accepted by them
without prejudice to sany persons taking in
terests under such provisions who do not as
sent to such addition or variation. And any
such additional resolution shall be presented
| to the court IN the same manner and proceed
ed with in the same way and with the same
| consequences as the resolution by which the
composition 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 tn amounts of the
debts due to whom are shown in the state
! ment of the debtor produced at the meeting
at which the resolution shall have been pass
ed, but shall not effect pre- judice the rig hts
of any other creditors
Where a debt arises on bill of exchange OF
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 tt
state the amount of such bill or note, the date
on which it falls due, the name of the accept
or and of the person to whom it is payable
| and any other particulars within his knoWl
edge respecting the same; and the insertion o
such particulars shall be deemed sufficient de
scrptIon by the debtor in respect to sucf
debt.
Any mistake made inadvertently bv a debt
or in the statement of his debts NAV be cor
rected upon reasonable notice, and with tn
consent of general meeting of his creditors
Every such composition shall, subject to pri
critics declared in said act, provide for pra-
rata payment or satisfaction, IN money to the
creditors of such debtor in proportion to the
amount of their unsecured debts, or thei
debts in respect to which any such security
shall have been duly surrendered and givel
up.
The provisions of any composition made il
pursuance of this section may be enforced by
aOl1r+=e1a motion Summary rllan n
ner by any person interested, and on reasona
bic notice; and any disobedience of the orde
of tile court made such motion shall
deemed to be a contempt of court. Rules an
regulations of court may be made in relation
+ to proceedings of composition herein provide
for in the same manner and to the same ex
| tent as now PROVIDED DY law relation I
proceedings in bankruptcy.
! If it shall at any time appear to the cour
( on notice. satisfactory evidence, and hearing
, that composition under this section cannot
in consequence of legal difficulties, or for an
sufficient cause, proceed without Injustice {
= = undue delay to the creditors or to the debtor
l the court may refuse to accept and confir1
; such composition, or may set the same aside
! and in either case, the debtor shall be proceed
! ed with bankrupt in conformity with tn
i e 1o-
had accordingly; and the time during whic
such composition shall have been in force sha
not, in such case, be computed in calculatin
periods Of time prescribed by said act.
! Sec. Is. That from and after the passag
q of this act the fees, commissions, charges, an
- allowances, excepting actual and neeessar
c disbursements, of, and to be made by the OF
= | fcers, agents, marshals, messenge eFs, assignee
and registers in cases of bankruptcy, shall
; reduced to half of the fees, commissions
y charges and allowances heretofore provide
: | for or made in like cases: Provided That tn
u preceding provision shall be and remain
= force until the justices of the Supreme Court
u of the U United States shall make and promu
&c s gate new rules and regulations in respect
= the matters aforesaid, under tie powers col
. ferred upon them by sections ten and forty
- | seven of SAID act, and no longer, which duti
they shall perform as soon as may be. An
- said justices shall have power under said SEE
- tiOns, by general regulations, to simplify an
of so far as in their judgment will conduce
- the benefit of creditors, to consolidate the du
ties OF the register, assignee, marshal, ar
=, clerk. and to reduce fees, costs, and charge
=, to the end that prohxitY, delay, and unneoe
= sarY expense may be avoided. And no regi
re ter or clerk OF court, or any partner or clerk
such register or clerk of court or any persC
- having any interest with either in anv fees
a emoluments in bankruptcy, or with who
~ ~ such register or clerk of court shall have an
80 interest IN respect to any matter in bankrup
~ cy, shall be of COUNSEL solicitor or attorne
either IN or out of court, in any suit or matt
4 pending IN bankruptcy in either the circuit
- district court of his district, or in an appe
- therefrom. Nor shall they, or either of thel
l. be executor, administrator, guardian, commi
"A sioner, appraiser, divider, or assignee of
a. upon any estate within the jurisdiction
either OF said courts of bankruptcy; nor
y interested, directly, or indirectly, in the fe
re or emoluments arising from either of 50
he trusts: And the words "except such as
4 established by this act or by law in secti
~ ten OF said act, are hereby repealed.
bo SEC: ~. That it shall be the duty of
az marshal of each district, in the month of Ju
I'D of each year. to report to the clerk of the d
ha trlct court of such district in q tabular for
on to be prescribed by the justices of the Suprel
oh Court OF the United States, as we'll as su
10 other or further information as may be reuuil
4 by said justices.
.me "n First, the number of cases in bankrupt
"a IN which the warrant prescribed in seeti
M eleven OF said net has come to his hands d
IN ing the year ending June thirtieth, precee
~ ~ ing;
n%t. % Secondly, how many such warrants were
tor turned, with the fees, costs, expenses, a
'b he emoluments thereof, respectively and sep
aM J ately;
o. o. Thirdly, the total amount of all other fe
> "f costs, expenses, and emoluments, respectiv
"a and separately, earned or received by him d
is ing such year from or in respect of any mi
III ter in bankruptcy;
de- r, otS, = :" SullliilNFlAeu W statement OF 81
al disbursements in bankruptcy, received
bo earned for such year;
40 Filthy, summarized statement of all
~" tual disbursements in snch cnsns for q,