The Providence news. (Providence [R.I.]) 1891-1906, 1899-11-04
BUSINESS MEN.
Annual Meeting Of Association Held
Last Evening.
Nathan W. llttlsheIi Explains the National
Bankruptcy Law.

The annual meeting Of the Rhode
Island Business Mems association was
held last evening, in room 2lf' lhuus-
trial Trust building, and atter tue
transaction OF the usual routine Dusi"
ness. the following board OF Officers
was elected: president Leanaer N'pei
cher; vice president, Aaron D. McCin-
lis; secretary. George a. Lt'leheil'
treasurer, Nathan 4. Briggs eNecu-
tive committee uncluding ne ap0xSy'
Charles G. Nichols. George w, WI
llams. James l.. Tourtellot ChdIIeS
Bush. Charles S. Sisson, james
Kenyon.
After Col. II. Martin Brown had peen
elected 10 membership. the piTsiiutine it,ile
oiilcer introduced Nathan w L'e.'e
field, Esq, the referee IN DallhIup'cy
for Providence county who read
very instructive paper on ne "a "a
uonal bankruptcy Law ~ the olu'eu
states" Mr. Littleneld said IN part
IL Will be noticed first that ohly per-
sons can file voluntary petitions ulutr Sl,
dhis act. Corporations are expressly
excepted. In this respect the prese,ll '@1 ~
differs from the law Of lSo' anu diso
from our state Insolvency law, WhlCh
was in force when the present panh-
rupt act was passed. Under th' jam
! ruptcy law of 1867 "a business money 0u
or commercial corporation could ne
voluntary petition, and also coulu w
proceeded against as a bankrupt py lts
creditors. II will also be nul4''u thdt
any person who owes debts can ne
voluntary petition. The amount OF IN
debtedness is not limited Wheh ahe pc
| tition is voluntary
An insane person cannot ME per-
! tion i'm bankruptcy but If Whlle sane
he has committed an act OF ins0NehCy;
| his creditors may have him adJuuseu
| bankrupt after he becomes insane
! Aliens who have property Withln the
! jurisdiction of any bankruptcy court or
/ the United States, or who have been ad-
/ judged bankrupts by courts OF compe-
! tent jurisdiction without the Uhlteu
! States. and have property Wlthn the
| Jurisdiction of any bankruptcy court
| OF the United States. may be declared
4 bankrupt upon their own petition or up
on the petition of their creditors against
them.
Turning now to the provisions relat-
ing TO involuntary proceedings, we tlnu
that ANY natural person, except a
wage Garner or a person engaged chiei-
ly in farming or the tillage OF the SOIL
any unincorporated company. ana any
corporation engaged principally IN
! manufacturing trading, printing, pun
fishing or mercantile pursuits, owing
debts to the amount Of $1,000 or over,
may be adjudged an involuntary bank
rupt upon default or an impartial trial
and shall be subject 10 the prvisions
and entitled to the benefits Of this act.
After the debtor has BEEN adjudged
bankrupt. upon the petition of any
creditors showing that II Is necessary
I FOR rfTu preservation N me property q
receiver may be appointed 10 take pos
session and to hold the bankrupts es-
tate. This is a very proper thing 10 do
in almost all cases. and in some cases
ID Is very unwise 10 permit the prop
erty 10 remain in the bankrupts hands
before appointment OF trustee All suits
| which are founded upon claims from
which a discharge in bankruptcy would
be a release which are pending against
person at the time Of fling peti-
ton. will be stayed until after an adj
Indication or dismissal Of the petition.
and IL the person Is adiuiged a bank
rupt may be further stayed until twelve
months after the date OF such adjudica-
tion or If within that time the bank
rupt applies for a discharge. then until
the question of his discharge is deter-
mined.
mot only are proceedings stayed
prior TO the recovery Of Judgment but
supplementary proceedings after judg-
ment which are had under the laws of
| some StdltS are dlSO SidAeu. Ut Ddllk-
rupt fs also exempted from arrest upon
civil process in all cases except when
issued from the court Of bdnkruptcyfor
contempt or dsobedience Of its lawful
orders, or when issued from a state
court having jurisdiction and served
within such state upon a debt or claim
from which n discharge in bankruptcy
would not be release.
Any bankrupt who has not committed
an offence punishable by Imprisonment
as provided by the act;. or who has not
with fraudulent intent TO conceal his
true financial condition and in contem-
piation Of bankruptcy destroyed. con-
cealed or failed to keep books Of account
or records from which his true condi-
tion might be ascertaned. is entitled ia
a discharge In bankruptcy as a matter
Of right No discretion whatever is
given to the court TO refuse a discharge
upon any other ground than those spec
flied by the act.