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

timed on reasonable notice and hearing
with the approval of the court, and up0r
the assent, in writing, OF such debtor, and
not less than One-hAlf OF his creditors il
number and ameunt; or, in case all thu
creditors and such debtor assent thereto
such discontinuance shall be ordered anc
entered; and all parties shall be RENTED, il
either case, to the same rights and dutiei
existing at the date of the fling of the petit
ton for bankruptcy, except 80 far as such
estate shall have been already administered
and disposed Of And the court shall have
power to make all need ul orders and de-
crees to carry the foregoing provisions into
effect"
SEC Is That section eleven of said act be
amended by inserting the words and valua.
ton" after the word Inventory" in the
twenty-frst line; and the section fOrty-two
of said act be amended by inserting the
words ''and valuation" after the word sin.
ventory" in the fifteenth line.
SEC I6. That section fOrty-nine of said
act be amended by striking out after the
word .'the" in line five, the words supreme
courts" and inserting in lieu thereof
'district courts" and in line six after the
word States" inserting the words subject
to the general superintendence and juris-
diction conferred upon circuit courts by
section two of said act"
COMPOSITION WITH CREDITORS.
Sec. IL. That the following provisions be
added to section fOrty-three OF said act:
That in all cases of bankruptcy now pend
ing, or to be hereafter pending. by or
against any person, whether an adjudica-
ton in bankruptcy shall have been had or
not, the creditors of such alleged bankrupt
may, at meeting called under the direc-
ten of the court, and upon not less than ten
days notice to each known creditor of the
time, place, and purpose OF such meeting,
such notice to be personal or other wise. as
the court may direct, resolve that a compost
tion proposed by the debtor shall be accept.
ed 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 creditors Of the debtor assem-
bled at such meeting either in person or by
proxy. AID shall be confirmed by the sigma
lures thereto of the debtor and two-thirds
in number and One.half in value of all the
creditors of the debtor. And in calculating
q majority for the purpose OF cOmpo-
sition under this section. creditors whose
debts amount to sums not exceeding fifty
dollars shall be reckOned in the majority in
value, but not in the majority IN number;
and the value of the debts OF secured cred
itOrs above the amount OF such security,
to be determined by the court, shall, as
nearly as circumstances admit, be est.
mated in the same way. And creditors
whose debts are fully secured shall not be
entitled to vote upon or to sign such reso-
luton without first relinquishing such Sc
curity 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 an
swer any inquiries made OF him; and he,
or, if he is so prevented from being at such
meeting, some one in his behalf, shall pro-
duce to the meeting statement 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 state.
ment of the debtor as to his assets and
debts, shall be presented to the court; and
the court shall, upon notice to all the cred
itOrs of the debtor of not less than live
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, 1t 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 assets and
debts to be filed; and until such
record and filing shall have taken
place, such resolution shall be of no validi-
ty. And any creditor of the debtor may in
spect such record and statement at all rea-
sOnable times.
The creditors may, by resolution passed
in the manner aud under the circumstance
aforesaid, add to, or vary the provisions of
any composition previously accepted BY
them, without prejudice to any persons
taking interests under such provisions WHIT
-, l.%.o ovro fsnv,
And any such additional resolution shall be
presented to the court in the same manner
and proceeded with in the same way an(
with the same consequences as the sOlu
ton by which the composition was &C
cepted in the first instance. The pro
visions of composition accepted by sucl
resolution in pursuance of this section
shall be binding on all the creditor
whose names and addresses ant
the amounts of the debts due to whom ar
shown in the statement of the debtor pro
duced at the meeting at which the resOlu
| ton shall have been passed, but shall no
affect or prejudice the rights of any othe
| creditors.
Where debt arises on bill of exchang
| or promissory note, If the debtor shall b
exchange or promissory note, he shall b.
required to state tie amount Of such bill o
| note. the date on which it falls due. tn
name of the acceptor and of the person tt
| whom it is payable, and any other particu
lars within his knowledge respecting tn
same; and the insertion of such particular
| shall be deemed sufficient description b.
the debtor in respect to such debt.
ANY mistake made inadvertently by
debtor in the statement of his debts may b
corrected upon reasonable notice, and wit
oE of h
creditors.
Every such composition shall, subject
priorities declared in said act, provide fo
a pro rata payment or satisfaction,
money, to the creditors of such debtor
proportion to the amount of their insecure
debts, or their debts in respect to whic
any such security shall have been duly su
rendered and given up.
| The provisions of any composition mad
in pursuance of this section may be enforce
by the court, on motion made in summal
manner by any person interested, and 9
reasonable notice; and any disObedience I
the order OF the court made on such motto
shall be deemed a contempt of court. Rul!
and regulations of court may be made
relation to proceedings of composition her
in provided for in the same manner and
the same extent as now provided by law
relation to proceedings in bankruptcy.
If it shall at any time appear to the coul
on notice, satisfactory evidence, and hea
ing, that composition under this secti'
can not, in consequence of legal ditficultle
or for any sufficient cause, proceed witho
injustice or undue delay to the creditors
to the debtor. the court may refuse ts 6
cept and confirm such composition, or mi
set the same aside; and, in either case, t
debtor shall be proceeded with as ban
rupt in conformity with the provisions
law, and proceedings may be had accol
ingly; and the time during which gu
composition shall have been in force shi
not, in such case, be computed in calcul