The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-02-18
A NATIONAL BANKRUPT LAW,
Nav Ynrk Tlmes

The various commercial bodies In this city
nave received oopIs Of q joint report Of the
New England and Leather association,
the Boston Merchants association aud the
Boston Grocers' association, containing sug-
gestlons for new national bankrupt law, tho
more important Of which are here given Reg
l.ten to have fixed salaries and no fees 10 be
as few in pumberas possiblei to DO subject TO
their district judges, and TO exercise judicial
functions, Clerks to have fixed salaries
and no fees, and to perform the
duties heretofore performed by tho district
court clerks regarding bankruptcy mattersi
In addition to their other duties, Special
deputy clerks 10 have fixed salaries and no
foes. Creditors 10 the amount Of less than
$50 not 10 be reclS0ncd in determining ma
iOrily of creditors, when tho total indebted
ness Is less than $4,000 whom II exceeds
that sum, creditors 10 the amount Of leas than
$500 ~ be excluded, The chief provisions
Of the English bankruptcy not Of 1863, re-
garding committees Of Inspection TO be
adopted, such committees 10 DO chosen by
,ix,tenths In value and three.tenths In num-
bor Supervisors, with liked salaries and no
foes, 10 be appointed, moi exceeding one in
every judicial district, whose duty II shall be
to examine quarterly In person the ac'
counts Of each register IN their histrl cts
register 10 require full information from the
latter, rs ina case Of bankruptcy, and for
naly 10 examine him in presence OF tho
creditors nj least five days before the creditors
meeting for action upon resolution of COM
dtlon." This Is 10 require lhree-iourths in
value and In number Of all creditors then
proved. Confirmation Of composition TO be
effected not earlier than fifteen days after res.
olution meeting, and by not less I nm three
lOurths in ynluc and number Of all the cred
itors. Settlements 10 be made on the basis
Of net cash, from not later than sixty days
from date of "rCsOlution Of compost ion"
Deferred settlements TO be secured by
property or names satisfactory TO
the regisier and managers for at least
10 meet once year ass National Board Of
Bankruptcy Supervisors" TO determine the
size, form and substance Of all blanks used in
bankruptcy proceedings, and furnish the
same gratuitously to all persons desiring
them trustees to take the place of assignees;
preferred and priority creditors to have no
voice in their selection; compensation to be
such ms may be allowed by the creditors
committee of direction; no fees their pow
ors TO be limited and their administration
controlled and directed by the same COM
mittee and by the supervisor. Petitions for
adjudication TO be made by at least three
creditors whose proyable debts amount to II!
least 5000, or by n single creditor of not less
than one-tenth Of the total Indebtedness
Acts Of bankruptcy 10 include the case Of
person who fails TO dissolve an attachment
for $3.50 or over within fourteen days after
service of process, and that of an insolvent
person whose estate or any part thereof
shall be seized on execution for debt OF
$3.50 or over. Exemptions TO be uniform
in every State, regardless of State laws.
Compositions to be encouraged, 80 as TO
avoid the delay and costs Of bankruptcy.
Upon filing of petition for composition, the
register to become temporary receluer
of the debtors property or business. The
creditors as soon as practicable to appoint
managers, not exceeding Ave, who are to
ascertain the indebtedness and apprass
the property Of the debtor. The
three-fourths the amount Minority cred-
tors not Joining in aid Of the composition not
to be bound by its terms. All proceedings,
from first meeting for action on resolution of
composition to payment of creditors, to be
consummated within sixty days Powers of
attorney in composition matters to be special
for such purposes only. Debtor to pay entry
fee OF $50, and creditors expenses. Dis
charge of debtor in composition to have the
same effect MS discharge in bankruptcy
Fraudulent preferences and conveysnoes to
be void if made within six months previous to
adjudication. Contingent liabilities for rents
reserved under leases to be provided for AS
enacted by chapter 245, Massa-
chusetts statutes of 1879. ID scharse to be
had, /, within thirty days after first meeting,
when the bankrupt is blameless; 2. when the
bankrupt's estate has paid so per cent; 3,
when the estate is closed by consent of four
tenths of the creditors in number and VA ne,
on certificate of trustee, committee of
direction, Judge, or register, that the bankrupt
has acted honestly and in good faith. The
government to receive compensation ms fol-
lows: Fifty dollars on filing ofevery petition,
and per cent. of any surplus assets after
payment of priority and expenses of settle
m mt.