73D CONGRESS 2d Session HOUSE OF REPRESENTATIVES { REPORT TO ESTABLISH A UNIFORM SYSTEM OF BANKRUPTCY JUNE 15 (calendar day, JUNE 18), 1934.-Ordered to be printed ཞོ་ : Mr. GREGORY, from the committee of conference, submitted the following CONFERENCE REPORT [To accompany S. 3580] The committee of conference on the disagreeing votes of the two Houses on the amendments of the House to the bill (S. 3580) to amend an act entitled "An act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, and acts amendatory thereof and supplementary thereto, having met, after full and free conference, have agreed to recommend and do recommend to their respective Houses as follows: That the Senate recede from its disagreement to the amendment of the House, and agree to the same with amendments, as follows: On page 6, second line from bottom, after the word "court," where it occurs the first time, insert the following: otherwise the original appraisal price shall be paid into court. On page 7, line 2, after "act" insert Provided, however, That the provisions of this Act shall apply only to debts existing at the time this Act becomes effective. And the House agree to the same. W. V. GREGORY, JAMES E. RUFFIN, Managers on the part of the House. HUEY P. LONG, PAT MCCARRAN, ARTHUR R. ROBINSON, Managers on the part of the Senate. STATEMENT OF THE MANAGERS ON THE PART OF THE HOUSE The managers on the part of the House at the conference on the disagreeing votes of the two Houses on the amendment of the House to the bill (S. 3580) to amend an act entitled "An act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, and acts amendatory thereof and supplementary thereto, submit the following statement in explanation of the effect of the action agreed upon by the conferees and recommended in the accompanying conference report. The Senate passed the so-called "Frazier-Lemke bill." The House struck out all after the enacting clause and inserted the so-called "McKeown bill." The conference agreement contains the provisions of the McKeown bill with two modifications: First, it is provided that if the reappraised price is not acceptable to the lien holder the original appraisal price shall be paid into court and second, it is provided that the provisions of the act shall apply only to debts existing at the time the act becomes effective. W. V. GREGORY, J. BANKS KURTZ, Managers on the part of the House. 246 May 15, 1935. [S. 1616.] [Public, No. 6o.] Bankruptcy Act of 1898 amendments. Vol. 30, p. 547; Vol. 47, p. 47. U. S. C., p. 321. 74TH CONGRESS. SESS. I. CH. 114. MAY 15, 1935. [CHAPTER 114.] AN ACT To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, and Acts amendatory and supplementary thereto. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (b), as amended and supplemented, of section 4 of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the bank United States ", approved July 1, 1898, is amended to read as follows: ruptcy; who may be adjudged. Liability of officers, etc., of corporation. Vol. 47, p. 1469. U. 8. C., p. 333. Trustee; when may be appointed. tors. "(b) Any natural person, except a wage earner or a farmer, any unincorporated company, and any moneyed, business, or commercial corporation (except a municipal, railroad, insurance or banking corporation, or a building and loan association) owing debts to the amount of $1,000 or over, may be adjudged an involuntary bankrupt upon default or an impartial trial, and shall be subject to the provisions and entitled to the benefits of this Act. "The bankruptcy of a corporation or association shall not release its officers, directors, or stockholders, as such, from any liability under the laws of a State or Territory or of the United States." SEC. 2. That subsection (1) of section 74 of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, as amended and supplemented, is amended to read as follows: (1) If (1) the debtor shall fail to comply with any of the terms required of him for the protection of and indemnity against loss by the estate; or (2) the debtor has failed to make the required deposit in case of a composition; or (3) the debtor's proposal has not been accepted by the creditors; or (4) confirmation has been denied; or (5) without sufficient reason the debtor defaults in any payment required to be made under the terms of an extension proposal when Nomination by credi- the court has retained jurisdiction of the debtor or his property, the court may appoint the trustee nominated by the creditors at the first meeting, and if the creditors shall have failed to so nominate, may appoint any other qualified person as trustee to liquidate the estate. The court shall in addition adjudge the debtor a bankrupt if satisfied that he commenced or prolonged the proceeding for the purpose of delaying creditors and avoiding an adjudication in bankruptcy, or if the confirmation of his proposal has been denied. No order of liquidation or adjudication shall be entered in any proceeding under this section instituted by or against a wage earner or a farmer unless the wage earner or farmer consents." Vol. 47, p. 1473. Term "farmer" construed. SEC. 3. That subsection (r) of section 75 of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, as amended and supplemented, is amended to read as follows: "(r) For the purposes of this section, section 4 (b), and section 74, the term 'farmer' includes not only an individual who is primarily bona fide personally engaged in producing products of the soil, but also any individual who is primarily bona fide personally engaged in dairy farming, the production of poultry or livestock, or the production of poultry products or livestock products in their unmanufactured state, or the principal part of whose income is derived from any one or more of the foregoing operations, and includes the personal representative of a deceased farmer; and a farmer shall be deemed a resident of any county in which such operations occur." Approved, May 15, 1935. FEBRUARY 15 (calendar day FEBRUARY 20), 1935.-Ordered to be printed Mr. HATCH, from the Committee on the Judiciary, submitted the following REPORT [To accompany S. 1616] The Committee on the Judiciary, having had under consideration the bill S. 1616, being a bill to amend the Bankruptcy Act, report the same favorably to the Senate, with the recommendation that it do pass with the following amendment: On line 5, page 2, after the word "means", strike out the words "the words". 79-956 - 77 - pt. 1 - 27 664 August 20, 1935. [S. 305H.] (Public, No. 289.] 74TH CONGRESS. SESS. I. CHS. 576-578. AUGUST 20, 1935. Bankruptcy Act of 1898, amendment. Vol. 30, p. 844; Vol. 48, p. 922. U. S. C., p. 319. Corporate reorgani. zation. lights, etc., of credi tors on inortgage in Housing Act. Vol. 48, p. 1246. To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, and Acts amendatory thereof and supplementary thereto, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That subsection (n) of section 77B of chapter VIII of the Act of July 1, 1898, entitled "An Act to establish a uniform system of bankruptcy throughout the United States ", as amended by the Acts of February 5, 1963, June 15, 1906, June 25, 1910, March 2, 1917, January 7, 1922, May 27, 1926, February 11, 1932, March 3, 1933, and June 7, 1934, be, and it is hereby, amended to read as follows: "(n) Nothing contained in this section shall be construed or be deemed to affect or apply to the creditors of any corporation under sured under National a mortgage insured pursuant to the National Housing Act and Acts amendatory thereof and supplementary thereto or to the stockholders, creditors, or officers of any corporation operating or owning a railroad or railroads, railway or railways, owned in whole Municipally-owned or in part by any municipality and/or owned or operated by a municipality, or under any contract to any municipality by or on its behalf or in conjunction with such municipality under any contract, lease, agreement, certificate, or in any other manner provided by law for such operation: Provided, however, That this paragraph shall not apply to or affect any corporation or the stockholders, creditors, or officers thereof, if not more than 20 per centum of its operating revenue is derived from such operations." railroads. Proviso. Inoperative if reve nue derived is not more than 20 percent. Approved, August 20, 1935. |