Article XVI-When Chapter Takes Effect

Sec. 276. (11 U.S.C. § 676.) Proceedings to Which Chapter

Applies

a. This chapter shall apply to debtors by whom or against whom petitions are filed on and after the effective date of this amendatory Act and to the creditors and stockholders thereof, whether their rights, claims, or interests of any nature whatsoever have been acquired or created before or after such date;

b. a petition may be filed under this chapter in a proceeding in bankruptcy which is pending on such date, and a petition may be filed under this chapter notwithstanding the pendency on such date of a proceeding in which a receiver or trustee of all or any part of the property of a debtor has been appointed or for whose appointment application has been made in a court of the United States or of any State;

c. the provisions of sections 77A and 77B of chapter VIII, as amended, of the Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved July 1, 1898, shall continue in full force and effect with respect to proceedings pending under those sections upon the effective date of this amendatory Act, except that

(1) if the petition in such proceedings was approved within three months prior to the effective date of this amendatory Act, the provisions of this chapter shall apply in their entirety to such proceedings; and

(2) if the petition in such proceedings was approved more than three months before the effective date of this amendatory Act, the provisions of this chapter shall apply to such proceedings to the extent that the judge shall deem their application practicable; and

(3) sections 268 and 270 of this Act shall apply to any plan confirmed under section 77B before the effective date of this amendatory Act and to any plan which may be confirmed under section 77B on and after such effective date, except that the exemption provided by section 268 of this Act may be disallowed if it shall be made to appear that any such plan had for one of its principal purposes the avoidance of income taxes, and except further that where such plan has not been confirmed on and after such effective date, section 269 of this Act shall apply where practicable and expedient.

This section in no way alters the declaration of section 7 of the Chandler amendatory Act, p. 300 post, prescribing the date when the amendments went into effect. Subdivision e merely specifies the extent of the application of the amendments after September 22, 1938. Claridge Apartments Co. v. Commissioner of Internal Revenue, 323 U.S. 141, 65 S.Ct. 172, 89 L.Ed. 139 (1944).

Chapters X-XIII

TABLE OF CORRESPONDING SECTIONS

Chapters X-XIII, introduced by the Chandler Act, were drawn with similar structures so far as practicable. Chapter X is the longest and most elaborate, embodying inter alia provision for hearing and court approval upon the plan, and, at least in large cases, for submission of plans to the Securities and Exchange Commission for report before submission to creditors. No comparable participation of a nonjudicial agency and no comparable procedure for avoiding premature solicitation of votes for plans are to be found in the other three chapters in question. Chapter XII has more similarity to chapter X than the other two chap'ters, by reason of covering secured claims. Chapter XIII is the shortest and least elaborate of the four chapters, being tailored to fit small cases only. The correspondence between chapter XIII and XI seems to be the closest correspondence between any two of these chapters.

The following table gives the section numbers in the four chapters which most closely correspond. In some instances the similarity relates to the problem dealt with and not to the specific provisions.