An Act to amend the Bankruptcy Act in regard to the closing fee of the trustee and in regard to the fee for the filing of a petition.
PL 86-504 (S.2052), enacted 06/11/1960

198 
PUBLIC LAW 86-504-JUNE 11, 1960 
[74 ST A T . 
are not required to be appointed for all of the terms beginning the 
next succeeding January 1, in order to reduce the number of elected 
directors to six, the Farm Credit Administration shall designate the 
terms to be filled by appointment or election. 
"(d) Any vacancy in the Board of Directors shall be filled for the 
unexpired term in the same manner, by appointment or election, in 
which the vacant office was filled. Each director elected or appointed 
for a district shall have been a resident of such district for at least 
two years prior to election or appointment and shall have had ex-
perience with the business and financial operation of agricultural 
cooperatives. 
No person shall be eligible for election or appointment 
as a director for a district if such person has, within two years next 
preceding the commencement of the term, been a salaried officer or 
employee of the Farm Credit Administration or of any corporation 
operating under its supervision. 
No person shall be eligible to serve 
as an elected or appointed director for a district for more than two 
full terms of three years, plus any elected or appointed term of less 
than three years which expires immediately preceding his election 
or appointment to a full term. 
Any person who is a member of the 
Federal Farm Credit Board when appointed or elected as director 
shall resign as a member of the Federal Farm Credit Board before 
assuming his duties as director of the Central Bank. 
No person who 
becomes such director shall be eligible to continue to serve if he be-
comes a member of the Federal Farm Credit Board or an officer or 
employee of the Farm Credit Administration or an officer or em-
ployee of any corporation operating under the supervision of the 
Farm Credit Administration. 
Any appointed director may be re-
moved at pleasure at any time by the Farm Credit Administration." 
Approved June 11, 1960. 
June 11, 1960 
[S.2052] 
Public Law 86-504 
AN ACT 
To amend the Bankruptcy Act in regard to the closing fee of the trustee and 
in regard to the fee for the filing of a petition. 
Bankruptcy Act. 
Closing fee. 
52 Stat. 862. 
52 Stat. 886. 
Fees. 
Be It enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled. That the part of 
subdivision c of section 48 of the Bankruptcy Act (11 U.S.C. 76c) 
up to the first colon is amended to read as follows: 
"c. TRUSTEES.—The compensation of trustees for their services, 
payable after they are rendered, shall be a fee of $10 for each estate, 
deposited with the clerk at the time the petition is filed in each case, 
except when a fee is not required from a voluntary bankrupt, and such 
further sum as the court may allow, as follows:". 
SEC. 2. That section 132 of the Bankruptcy Act (11 U.S.C. 532) is 
amended to read as follows: 
"SEC. 132. The filing of a petition nnder this chapter shall be 
accompanied by payment to the clerk of a filing fee of $120 if no 
bankruptcy proceeding is pending, otherwise $70. Where $120 has 
been paid and an adjudication is entered under this chapter, $50 
thereof shall be distributed by the clerk as in the case of a bankruptcy 
proceeding; but, if the proceeding under this chapter is dismissed 
and no order of adjudication is entered thereunder, such sum of $50 
shall be refunded to the person paying it." 
Approved June 11, 1960.