The Portland daily press., 1874-11-25

tors whose respective debts do not exceed two hum
dred and fifty dollars shall not be reckoned. But if
there be no creditors whose debts exceed said
sumof two hundred ana fifty dollars or if The requi-
,,d p aep.S iwo
the creditors having debts of less amount shall be
reckoned for the purposes aforesaid Re
Sec. Is. That section forty of said act be amended
by adding at the end thereof the following worlds
"And it, the return day OF the order to show
as aforesaid the court shall be satisfied that the re-
the number and amount of petitiening creditors has
been complied with, or it, within The time provided
for section thirty-nine OF this act, creditors
sufficient in number and amount shall sign such pc
ttion as to make total of one-fourth in number
of the creditors and opethird in the amount of the
provabe debts against the bankrupt as provided in
said section the court shall so adjulge which judg-
ment shall be inal otherwise it shall dismiss the
proceedings, and, in cases hereafter CONNIE need,
with costs.
Sec. IA. That section forty-one of said act be
amended as follows: After the word Bankruptcy"
in line eight, strike OUT all Of said section and in
sert the words, Or, at the election OF the debtor.
the court may, in its discretion, award venre fa-
cias to the marshal of the district returnable within
ten DAYS before him for the trial of the facts set forth
i'll the Petition al which time the trial shall be had,
unless adjourned for cause And unless, upon such
said court, or Of the jury, the may be, that
the facts set forth in said petition true if it
shall appear that the debtor has paid and satisfied all
liens his property in the existence of such
liens was the sole ground of the proceeding the pro-
ceedng shall be dismissed, and the respondent shall
recover costs; aud all proceedings in bankruptcy
may be discontinued on reasonable notice and hear
ing with the approval of the court and upon the
sent,m writing, of 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 dscontinuance shah be ordered and
tered; and all parties shall be remitted in either
case, to the same rights and duties existing at the
date of the filing of the petition for bankruptcy,
cept so far as such estate shall have been already
have power to make all needful orders and DEGREES
to carry the foregoing provision into effect"
SEC. Is That section eleven of said act be amend-
word Inventory in the twenty lne and that
section orty-two of said act be amended by insert
ing the words ''and valuation after the word sin
ventory'' in the fifteenth line.
SEC. Is. 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 dstrct courts and in line six after
the word States inserting the words ssu5ject
the general superintendent and Jurisdiction con-
frred upon circuit courts by section two of said act
COMPOSITION WITH CREDITORS.
SEC. IL. That the following provisions be added to
section forythree of said act: That all cases of
bankruptcy now pending, or to be hereafter pend
ton in bankruptcy shall have been had not, the
creditors of such alleged bankrupt may, at meet
ing callel under the direction of the court and up
on less than ten days notice toa ech known cred
itor of the time place, and purpose of such meet
ing. such notice to be personal or otherwise. the
court may direct, resolve that composition pro-
posed 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 ma orty in number and three-fourths in value
of the creditors of the debtor assembled at such meet
ing either in person or by proxy and shall be con-
frmed by the signatures thereto of the debtor and
two-thirds in number and one-haf in value of all
the creditors of the debtor. And in calculating
majority for the purposes of a composition under
this section, creditors whose debts amount to sums
not exceeding fifty dollars shall be reck0ned in the
majority in value, but notin the majority in num-
ber; and the value Of the debts of secured credit ors
above the amount of such security to be determined
by the court, shall, nearly as circumstances ad.
init, be estimated in the same way. And creditors,
vote upon to sign snch resolution without first re-
nauiShing such security for the benefit of the es-
tate.
hedebtor, 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 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 statement of
the debtor as to his assets and debts shall be pre-
tce to all the creditors of the debtor Of not less than
five days, ond upon hearing, inquire whether such
resolution has been passed in the 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 alconcerned, cause such
oution 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
validity. And any creditor OF the debtor may i'll
spect such record and statement at all reasonable
times. +
The creditors may by resolution passed in the
manner and under the circumstances aforesaid, add
to vary the provisions Of any composition previ
ously accepted by them, without prejudice to any
9erso o e naer such provisions who
such additional resolution shall be presented to the
court in the same manner and proceeded with in The
same way ana with the same consequences as the
resolution by which the composition was accepted in
the first instance. The provisions of composition
accepted by such resolution in pursuance of CHS
ton 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 reso-
uton shall have been passed, but shall not affect
or prejudice the rights of any other creditors.
Where debt arises on bill Of exchange or prom
issOry note, il the debtor shall be ignorant Of the
holder of any such bill of exchange pr0miss0ry
note he shall be required to state the such
of the acceptor and of the person to whom 1T is
able Iand any other particulars within his knowledge
respecting the same; and the insertion of such par
ticuars shall be deemed sufficient description by
the debtor in respect to such debt.
ANY mistake made inadvertently by debtor in the
statement OF his debts may be corrected upon reason-
able notice aud WITH the consent of general meet
ing of his creditors.
Every such composition SHALL subject to priorites
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 unse-
cured debts, or their debts in respect to which any
such security shall have been duly surrendered and
given up,
Teh provisions of any composition made in pursu-
OF this section may be enforced by the court on
motion made in summary manner by any person
interested and on reasonable notice. and any DISC
bedience Of the order of the court made such
ton snail be deemed to be a contempt of court.
Rules and regulations OF court may be made in rela-
ton to proceedings of composition herein provided
for in the same manner and to the same extent as
now provided by law in relation to proceedings in
bankruptcy sri
1t it shall at any time appear to the court, on no.
tice, satisfactory evidence, and hearing, that
position under this section cannot in Consequence of
gal difficulties or for any sufficient cause, proceed
without injustice or undue delay to the creditors
40 m rpfn IN nr,In
firm such composition, or may set the same aside;
and, in either case, the debtor shall be proceeded
with bankrupt in conformity with the provisions
oflaw, and proceedings NAV be had accordingly 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
SEC. IS. That from and after the passage of this
act the fees, commissions, charges, and allowances
excepting actual and necessary disbursements, Of
and to be made by the officers, agents. marshals.
messengers assignees, and registers cases of bank
ruptcy, shall be reduced to onehalf OF the fees
for or made in like cases: Pr0rided, That the pre-
ceding provision shall be and remain in force until
the justices of the Supreme Court of the United
States shall make and pr0mulgate new rules and
regulations in respect to the matters aforesaid under
the powers conferred upon them by sections ten and
fortyseven of said act, and longer, which duties
they shall perform as soon as may be- And said
justices shall have power under said sections, by gen.
eral regulations, to simplify and so far in their
to consolidate the duties of the register, assignee,
marshal and clerk, and to reduce fees, costs, and
cuarges. 0olne emu taC pTonxlty, dRIay, anu unnec
.essary expense may be avoided. And no register or
clerk Of court, or any person having any interest
with either in any fees or emouments in bankrupt
cy, or with whom such register clerk of court shall
have any interest in respect to any matter in bank
ruptcy shall be of counsel, solicitor or attorney
either in or out of court in any suit or matter pend
ing in bankruptcy in either the circuit or district
court of his district or in appeal thercrom Nor
shall they, either OF them, be executor adminis-
traitor, guardian. commissioner, appraiser divider
assignee of OF upon any estate within the juris-
dction of either OF said courts of bankruptcy: nor
be interested directly indirectly in the fees or
emouments arising from either of said trusts. And
the words "except such as are established by this
act or by law, in section ten Of said act hereby
repealed.
Sec. 10. That it shall be the duty of the marshal
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, to be prescribed by the
justices of the Supreme Court of the United States
as well as such other or further information may
be required by said justices.
First, the number of cases in bankruptcy in which
the warrant prescribed in section eleven of said act
has come 10 his hands during the year ending June
thirtieth preceding;
Secondly, how many such warrants returned,
with the fees, costs, expenses, and emoluments |
thereof, reske ctyeiy and separately;
Thirdly, the total amount Of all other fees COSTS
expenses and emouments respectively and separate
ly earned or received by him during such year from
OR in respect of any matter in bankruptcy;
Fourthly, summarized statement of such fees
costs and em0luments, exclusive of actual dsburse-