The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1898-07-15

IOTney, or as agent, proxy, or attorney
or t4 received any material amount
of property from a bankrupt after the
filing Of the petition, with intent TO
defeat this Act; or (O extorted or at
tempted to extort any money or prop
erty from any person as considera-
ton for acting or forbearing to act in
bankruptcy proceedings.
h. person shall be punished by fine,
not to exceed $500, and forfeit his of
flee, and the same shall thereupon be-
come vacant upon conviction of the
offense of having knowingly % acted
as referee in case in which he IS
directly or Indirectly interested; or CO
purchased, while referee, directly or
indirectly, any property of the estate
in bankruptcy of which he is referee;
or 90 refused, while a referee or trus-
tee, to permit a reasonable opportunity
for the inspection of the accounts re-
lating to the affairs Of and the papers
and records of, estates in his charge by
parties in interest when directed by the
court so to do
A person shall not be prosecuted for
any offense arising under this Act un-
less the indictment is found or the in
formation is filed in court within one
year after the commission of the Of
Tense
The Bankruptcy Court is given au-
thority to appoint referees with extern
sive powers, subject always to review
by the court. 1t may also appoint trus
tees where the creditors fail to do so.
They must give bonds not to exceed
So 900. Referees receive fee of SO IN
each case referred to them and a COM
mission of i per cent. on all dividends
and commissions paid and one-half IF
l per cent on the amount paid creditors
| as a composition. Trustees shall re-
ceive So in each case and a commission
of 3 per cent. on the first $1,000, = per
cent. on the second $1,000 and per
cent on all sums over $4,000 paid as
| dividends or commissions.
Clerks shall receive SO as full COM
[ pensation in each case. Marshals shall
receive the same fees as are now in
| force in other cases.
| Creditors shall have at least ten days
notice by mail. The court shall cause
the first meeting Of the creditors of
| bankrupt to be held, not less than ten
nor more than thirty days after the
adjudication, at the county seat of the
county in which the bankrupt has his
| principal place of business, resided or
had his domicile.
Whenever the affairs Of the estate
are ready to be closed a final meeting
| of creditors shall be ordered.
| Creditors shall pass upon matters
| submitted to them at their meetings by
| a majority vote in number and amount
| of claims of all creditors whose claims
have been allowed and are present
No change is made in the method Of
| proving claims, but claims shall not
| be proved against a bankrupt estate
| subsequent to one year after the adjud-
| ication.
A preferred creditor is one who has
| received an assignment or transfer OF
| an insolvents property, or has been
suffered to procure a judgment against
an insolvent, in order to give him pref
| erence. The claims of creditors who
| have received preferences shall not be
allowed unless such creditors shall sur
! render their preferences.
Three or more creditors who have
provable claims against any person
which amount in the aggregate, in ex
! cess Of the value of securities held by
| them, if any, to $500 or over, or if all of
| the creditors of such person are less
| than twelve in number, then one of
| such creditors whose claim equals such
| amount may file petition to have him
| adjudged a bankrupt
| The debts to have priority: The ac-
| tual and necessary cost Of preserving
| the estate subsequent to filing the pc
| tition; the filing fees paid by creditors
| in involuntary cases; the cost Of adj
ministration, including the fees and
mileage payable to witnesses; attor-
neys fees; wages due to workmen,
clerks or servants which have been
| earned within three months before the
| date of the commencement of proceed
| ings, not to exceed $500 to each claim
! ant; and debts owing to any person
| who by the laws of the States or the
| United States is entitled to priority.
! Dividends of an equal per cent shall
| be declared paid on all allowed claims,
except such as have priority or are Sc
| cured. The first dividend shall be de-
| clared in thirty days after the adjudi-
| cation.
| The title to the bankrupt's property
| shall vest in the trustees. 1t shall be
| appraised by three appraisers appoint
/ ed by the court.