Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-01-13
(RANGEBANKRUPTlAW
BUSINESS MEN BELIEVE in
NATIONAL BANKRUPTCY LAW
But Important Alterations Necessary
to Make II More Effective
Sentiment Brought
Out.

committee Of the National Association
OF Referees in Bankruptcy has com.
piled a report, which shows the result
OF, the investigation into the senti.
ment of the business houses Of the
United States in relation TO the Act OF
Bankruptcy Of 1928.
The report is addressed to the Hon.
George w. Ray. Chairman of the Com
mittee on Judiciary of the House of
Representatives, after whom the Ray |
bill was named.
The proposed amendments to the eN-
isting bankruptcy law to be presented
to Congress during the next session,
are as follows:
Amend section GA, subdivision p,
clause g. by adding at the end of
clause And where any assets be-
longing to the bankrupt's estate and
which have Ueen transferred or con.
cealed either before or after the bank
ruptcy shall be discovered and recov-
cred for such estate By the efforts
and at the expense of one or more of
the creditors, such creditors shall be
allowed anu paid for all such reason.
able expenses incurred by them as the
court shall deem equitable and proper
to allow out Of such assets so recov-
cred as aforesaid"
! Amend section SO, subdivision A, by
putting at the end of clause I, the
Il following: where the bankrupt Is liza.
BILE to pay rent or other debt falling
due at fixed and stated periods the
creditor may prove Tor proportionate
part thereof up to the time of the filing
of the petition and not at such fixed
and stated periods and the bankrupt
al, Lao, oil fat, 20
for the residue of such rent or other
debt"
Amend section :. subdivision A.
clause 3, by striking out last clause,
But no testimony given by him shall
be offered in evidence against him in
any criminal proceeding" and insert.
ing in lieu thereof: But he shall not
be prosecuted or subjected to any
penalty or forfeiture for or on account
Of any transaction. matter or thing
concerning which he may so testify or
give evidence;
Provided. That he shall not be eX.
empt from prosecution and punish.
, mcnt for perjury committed in so ties
tifying."
The report of the committee in refer.
ence to the method employed to test
the commercial sentiment Is In part as
follows:
"a list Of the full membership, of
the National Credit Mems Association
. which is composed OF upward OF $500
representative mercantile firms OF
business corporations. and covering
the entire United States. was secured
A further selected list was used con
sisting of other leading commercial
houses in all lines of business, located
ia all parts of the country, and not in
Cluded in said Credit Mems member
ship; to which was added a selected
list of commercial lawyers and refer
ees In bankruptcy aggregating in the
additional number 10000 names, which
Ayere thus secured and from the mos
reliable sources.
AN the Boards of Trade, Chambers
OF Commerce and commercial or ira l.
organizations throughout the country
: were also included In our mailing list
In all 1850 copies were distribute j
! "A considerable number OF reptile:
were received. some 1909 In all. No
tce was given in the circular that IL
case you do not return this paper n.
requested. II will he assumed that yot
are satisfied with the existing condi
tions under the present National bank
ruptCy law.
THE actual result of our investiga
ton appears TO clearly demonstrate
the following salient facts:
Il. That there Is an almost unani
nous sentiment throughout the coun
try. and among the leading CONNER
cial interests thereof. favoring a uni
form and national bankrupt law.
'2. That such sentiment appears tC
exist to a like extent preIerrlng a ma
tional system Of bankruptcy to State
insolvency systems.
%. That there also appears to be q
general consensus OF opinion amonl
those best qualified to pass upon tn,
questions that the present law need,
amendment In several important di
rections.
"a. That the amendments contained
in the said Ray bill appear to have re
oeived the favorable approval of thu
most important constituent CONNER
clal elements o. the country.
"5. That concerning the question,
involved in section 81 G. OF the present
; act arising by reason OF the construc
ton given to such section by thI
courts, attention should be given 4
the matter by Congress in THE direction
of endeayorisg TO adjust II possible tn,
various interests involved and AFFECT
ed. But, as before stated. we MAKE
no recommendations under our In
structions concerning such section
but call attention to the subject be
cause of its importance and the wide
spread interest manifested therein b,
merchants in all parts of the country
!, "ln conclusion, this committee dc
n al IA
q tlon of the valuable and important as
i slstance you have given us in tn,
. prosecution of our work. We are ais,
under deep obligation for the valuabl,
= aid rendered MS by several of the Fed
Z eral Judges and the officers OF tn,
National Credit Mems Association"