An Act to amend sections 337 and 338 of the Bankruptcy Act and to add new section 339
PL 90-158 (H.R.2518), enacted 11/28/1967

516 
PUBLIC LAW 90-158-NOV. 28, 1%7 
[81 STAT. 
52 Stat. 866. 
11 u s e 93. 
Repeals. 
52 Stat. 910; 
66 Stat. 434. 
of this section and claims arising from rejection of execntory contracts 
under subdivision b of this section may be filed Avithin such further 
time as the court may direct. Except as otherwise provided in this 
section, claims against the debtor in possession or trustee shall be 
proved and filed in the manner provided in section 57 of this Act. 
"d. Claims directed to be filed under subdivision c of this section 
but not filed within the time therein provided shall not be allowed and 
shall be barred, and the debtor in possession or trustee shall be forever 
discharged from any liability with respect to such claims. When all 
claims which have been duly allowed have been paid in full, claims 
directed to be filed but not tiled within the time prescribed pursuant 
to subdivision c and claims not allowable under paragraph (4) of sub-
division a of this section because not filed within the time prescribed 
therein may nevei'theless be filed within such time as the court may fix 
or for cause shown extend and, if duly proved, shall be allowed against 
any surplus remaining in such case." 
SEC. 5. Sections 354 and 459 of the Bankruptcy Act (11 U.S.C. 754 
and 859) are hereby repealed. 
Approved November 28, 1967. 
Public Law 90-158 
November 28, 1967 
AN A C T 
[H. R. 2518] 
rp^ amend sections 837 and 338 of the Bankruptcy Act and to add new section 339. 
Bankruptcy. 
5 2 Stat. 908; 
72 Stat. 821. 
Disbursing 
agents, designa-
tion. 
Creditors' com-
mittee, election. 
66 Stat. 432. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assenwled^ That section 337 of 
the Bankruptcy Act, as amended (11 U.S.C. 737), is amended to read 
as follows: 
"SEC. 337. At such meeting, or at any adjournment thereof, the 
judge or referee shall, after the acceptance of the arrangement— 
" (1) designate the receiver or trustee, if any, or the debtor or 
a person specially appointed as disbursing agent to distribute, 
subject to the control of the court, the consideration, if any, to be 
deposited by the debtor; and, if a disbursing agent is so appointed, 
require such person to give bond with a surety to be approved by 
the court in such amount as the court shall fix, and fix the amount 
or rate of his compensation, not in excess of the compensation 
allowable to a receiver serving as a mere custodian under this Act; 
" (2) fix a time within which the debtor shall deposit, in such 
place as shall be designated by and subject to the order of the 
the court, the consideration, if any, to be distributed to the credi-
tors, the money necessary to pay all debts which have priority, 
unless such priority creditors shall have waived their claims on 
such deposit, or consented in writing to any provision of the 
arrangement for otherwise dealing with such claims, and the 
money necessary to pay the costs and expenses of the proceeding; 
and 
"(3) fix a time for the filing of the application to confirm the 
arrangement and for a hearing on the confirmation thereof or any 
objections to the confirmation, unless such times have already 
been named in the notice of the meeting or unless all creditors 
affected by the arrangement have accepted it." 
SEC. 2. Section 338 of the Bankruptcy Act, as amended (11 U.S.C. 
738), is amended to read as follows: 
81 STAT.] 
PUBLIC LAW 90-160-NOV. 28, 1967 
517 
''SEC. 338. At such meeting, the creditors may elect a committee, if 
none has previously been elected under this Act, and, if a trustee has 
not previously been elected or appointed, may nominate a trustee who 
shall thereafter qualify in case it shall become necessary to administer 
the estate in bankruptcy as provided under this chapter." 
SEC. 3. That after section 338 of the Bankruptcy Act, as amended 
Functions. 
(11 U.S.C. 738), a new section is added to read as follows: 
''SEC. 339. (1) The functions of a committee elected as provided in 
section 338 of this chapter may include the following: (a) to examine 
into the conduct of the debtor's affairs and the causes of his insolvency 
or inability to pay his debts as they mature; (b) to consider whether 
the arrangement proposed by the debtor is for the best interests of 
the creditors and is feasible; (c) to negotiate with the debtor con-
cerning the terms of the proposed arrangement and to advise the 
creditors of its recommendations with respect thereto; (d) to report 
to the creditors from time to time concerning the progress of the pro-
ceeding; (e) to collect and file w^ith the court acceptances of the 
arrangement proposed; and (f) to perform such other services as may 
contribute to the confirmation of the arrangement. 
"(2) A committee elected as provided in section 338 of this chapter 
Administrative 
may employ such agents, attorneys, and accountants as may be neces- ^''P^"^®^-
sary to assist in the performance of its functions. Expenses of the com-
mittee for such assistance, whether incurred before or after the filing 
of the petition under this chapter, shall be allowed as an expense of 
administration to the extent deemed reasonable and necessary by the 
court, provided the arrangement is confirmed. Such expenses incurred 
by the committee before its election in accordance with section 338 
snail not be disallowed because of a change in the committee's composi-
tion, provided a majority of the committee when it incurred the expense 
cx)ntinue as members of the elected committee." 
Approved November 28, 1967. 
Public Law 90-159 
AN ACT 
November 28, 1967 
To aineiul the Act of .June 10, 11>::J8. relating to the participation of the United 
[H. R. 2834] 
States in tlie International Criminal I'olice Orieraniscation. 
International 
Criminal PoHce 
Be 'it etHicted by the Senate and Hov.'^e of Reprenentatlres 
of th 
United States of Anier'wa m Congt'e-'i-s a.ssemi>/ed. That the Act o 
June 10, 1038 (52 Stat. 640; 22 IT.S.C 2()3a), as amended, is further organization. 
amended by deleting "$25,000" and inserting in lieu thereof ''$28,500". 
'^^ stat. 921. 
Approved November 28, 1967. 
Public Law 90-160 
J O I N T RESOLUTION 
November 28, 1967 
Designating February, 1968 as "American History Month". 
[S. j . Res.. 26] 
Benolved hy the Senate and House of Representatives 
of the United 
States of America 
in Congress assembled^ That February, 1968 is tor'^Month"" "'^' 
hereby designated as "American History Month", and the President 
of the United States is requested and authorized to issue a proclama-
tion inviting the people of the United States to observe such month in 
schools and other suitable places with appropriate ceremonies and 
activities. 
Approved November 28, 1967.