Preliminary Stays in Municipal Bankruptcy Compositions: Hearings Before the Special Subcommittee on Bankruptcy and Reorganization of the Committee on the Judiciary, House of Representatives, Seventy-seventh Congress, First Session, on H.R. 2673 ... May 9, 1841U.S. Government Printing Office, 1941 - Broj stranica: 31 |
Uobičajeni izrazi i fraze
51 percent American Bar Association amount appears Asbury Park attorney Avon Park bankruptcy proceeding bonds Borough CAMPBELL Chairman CHAUNCEY W Christmas circuit court City of Asbury Clerk Congress consents court of appeals creditors damus decision discretionary district court enacted enjoin Erie Railroad Co exceeding 60 days Federal courts Finance Commission Act Florida Fort Lee FRANK CONNELL granted HATTON W hearing on H. R. held holders House Judiciary Committee indebtedness injunction issue Jersey Municipal Finance judgment jurisdiction legislation litigation MCLAUGHLIN MICHENER Municipal Bankruptcy Act Municipal Bankruptcy bill Municipal Finance Commission municipal section opinion PATTERSON period permit PETERSON petitioner place for hearing plan of composition preference preliminary stay proposed amendment protection R. E. Crummer refunding plan ruptcy Act section 83 securities situation statement statute stay order SUBCOMMITTEE suggestion suit or process Supreme Court tax levy Telegram Tompkins Vero Beach West Palm Beach writ of mandamus
Popularni odlomci
Stranica 19 - Nothing contained in this chapter shall be construed to limit or impair the power of any State to control, by legislation or otherwise, any municipality or any political subdivision of or in such State in the exercise of its political or governmental powers, including expenditures therefor...
Stranica 2 - ... section 83 (a) stating (a) that the petitioner is insolvent or unable to meet its debts as they mature; (b) that it desires to effect a plan for the composition of its debts, a copy of which is filed and submitted with the petition; (c) that a creditor of the petitioner holding a security affected by the plan or a person claiming to be such a creditor (naming him and giving his address and the name and address of his attorney of record, if any) , is attempting or threatening to obtain payment...
Stranica 20 - The creditors of the district were helpless. The natural and reasonable remedy through composition of the debts of the district was not available under state law by reason of the restriction imposed by the federal constitution upon the impairment of contracts by state legislation. The bankruptcy power is competent to give relief to debtors in such a plight and, if there is any obstacle to its exercise in the case of the districts organized under state law it lies in the right of the state to oppose...
Stranica 28 - Mandamus is an extraordinary remedial process which is awarded, not as a matter of right, but in the exercise of a sound judicial discretion.
Stranica 19 - In the instant case we have co-operation to provide a remedy for a serious condition in which the States alone were unable to afford relief. Improvement districts, such as the petitioner, were in distress. Economic disaster had made it impossible for them to meet their obligations. As the owners of property within the boundaries of the district could not pay adequate assessments, the power of taxation was useless. The creditors of the district were helpless. The natural and reasonable remedy through...
Stranica 2 - ... creditors of the petitioner owning not less than 51 per centum in amount of the securities affected by the plan (excluding, however, any such securities owned, held, or controlled by the petitioner), have accepted it in writing.
Stranica 18 - Authority of the Circuit Courts to issue process of any kind which is necessary to the exercise of jurisdiction and agreeable to the principles and usages of law, is beyond question, and the power so conferred cannot be controlled either by the process of the State courts or by any act of a State legislature.
Stranica 19 - The bankruptcy power is exercised in relation to a matter normally within its province and only in a case where the action of the taxing agency iu carrying out a plan of composition approved by the bankruptcy court is authorized by state law.
Stranica 20 - ... state law it lies in the right of the State to oppose federal interference. The State steps in to remove that obstacle. The State acts in aid, and not in derogation, of its sovereign powers. It invites the intervention of the bankruptcy power to save its agency which the State itself is powerless to rescue. Through its cooperation with the national government the needed relief is given. We see no ground for the conclusion that the Federal Constitution, in the interest of state sovereignty, has...
Stranica 19 - X, § 83 (e) provides as a condition of confirmation of a plan of composition that it must appear that the petitioner "is authorized by law to take all action necessary to be taken by it to carry out the plan," and, if the judge is not satisfied on that point as well as on the others mentioned, he must enter an order dismissing the proceeding. The phrase "authorized by law" manifestly refers to the law of the State.