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COMMITTEE ON THE JUDICIARY

HOUSE OF REPRESENTATIVES

SIXTY-EIGHTH CONGRESS, SECOND SESSION

GEORGE S. GRAHAM, Pennsylvania, Chairman LEONIDAS C. DYER, Missouri.

ROBERT Y. THOMAS, JR., Kentucky.
W. D. BOIES, Iowa.

HATTON W. SUMNERS, Texas.
C. A. CHRISTOPHERSON, South Dakota. ANDREW J. MONTAGUE, Virginia.
RICHARD YATES, Illinois.

JOHN N. TILLMAN, Arkansas.
IRA G. HERSEY, Maine.

FRED H. DOMINICK, South Carolina. ISRAEL M. FOSTER, Obio.

SAMUEL C. MAJOR, Missouri. EARL C. MICHENER, Michigan.

ROYAL H. WELLER, New York. ANDREW J. HICKEY, Indiana.

PATRICK B, O'SULLIVAN, Connecticut.
MATHAN D. PERLMAN, New York,

WILLIAM B. BOWLING, Alabama.
OSCAR J. LARSON, Minnesota.
J. BANKS KURTZ, Pennsylvania.

GUILFORD S. JAMESON Clerk
M. D. TURTON, Assistant Clerk

SUBCOMMITTEE

EARL C. MICHENER, Chairman CHARLES A. CHRISTOPHERSON.

ANDREW J. MONTAGUE. NATHAN D. PERLMAN.

SAMUEL C. MAJOR.

REVISION OF THE BANKRUPTCY LAW

SPECIAL SUBCOMMITTEE OF THE

COMMITTEE ON THE JUDICIARY
ON THE REVISION OF THE BANKRUPTCY LAW,

HOUSE OF REPRESENTATIVES,

Tuesday, January 13, 1925. The subcommittee met at 10 o'clock a. m., Hon. Earl C. Michener (chairman) presiding.

Mr. MICHENER. The committee will please come to order. This hearing is held pursuant to House Resolution 353, passed June 7, 1924, a copy of which I will ask the reporter to insert in the record at this point.

(The resolution above referred to is as follows:)

(H. Res. 353, Sixty-eighth Congress, first session)

Resolved, That the following subcommittee of the House Committee on the Judiciary duly appointed by that committee, namely: Earl C. Michener (chairman), Charles A. Christopherson, Nathan Đ. Perlman, Andrew J. Montague, and Samuel C. Major, be, and they are hereby, authorized to examine the present bankruptcy law of the United States for the purpose of suggesting amendments thereto, securing improvement in its administration, and perfecting the same as far as possible, and for these ends to have power to subpæna witnesses and

make such investigation as they may deem necessary and also to have power to sit during the sessions of the House and after any adjournment or recess of the House and report their recommendations during the next session to the Committee on the Judiciary of the House.

Mr. MICHENER. Five bills, each of which proposes to amend the national bankruptcy law in some particular, are now pending before the committee and these bills will be inserted in the record at this point.

[H. R. 4501, Sixty-eighth Congress, first session] A BILL To amend an act entitled "An act to establish a uniform system of bankruptcy throughout the

United States," approved July 1, 1898, known as the bankruptcy act of 1898 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 29 of the bankruptcy act of 1898 be amended to read as follows:

OFFENSES: (a) A person shall be punished by imprisonment for a period not to exceed five years upon conviction of the offense of having knowingly and fraudulently appropriated to his own use, embezzled, spent, or unlawfully transferred any property or secreted or destroyed any document belonging to a bankrupt estate which came into his charge as trustee.

“(b) A person shall be punished by imprisonment for a period not to exceed two years upon conviction of the offense of having knowingly and fraudulently (1) concealed, while a bankrupt or after his discharge, from the trustee any of the property belonging to his estate in bankruptcy; or (2) made a false oath or account in, or in relation to, any proceeding in bankruptcy; or (3) presented under oath any false claim for proof against the estate of a bankrupt or used any such claim in composition personally or by agent, proxy, or attorney, or as agent, proxy, or attorney; or (4) received any material amount from a bankrupt after the filing of the petition, with intent to defeat this act; or (5) extorted or attempted to extort any money or property from any person as a consideration for acting or forbearing to act in bankruptcy proceedings; or (6) knowingly and within one month of the filing of a bankruptcy petition by or against him, or a corporation of which he is the active head, incurred an obligation to pay a salary or wages to any employee, not exceeding the aggregate amount to any such employee of $300, where the bankrupt estate is unable to pay such salary or wagęs.

(c) A person shall be punished by fine, not to exceed $500, and forfeit his office, and the same shall thereupon become vacant, upon conviction of the offense of having knowingly (1) acted as a referee in a case in which he is directly or indirectly interested; or (2) purchased, while a referee, directly or indirectly, any property of the estate in bankruptcy of which he is referee; or (3) refused, while a referee or trustee, to permit a reasonable opportunity for the inspection of the accounts relating to the affairs of, and the papers and records of, estates in his charge by parties in interest when directed by the court so to do.

"(d) person shall not be prosecuted for any offense arising under this section, except subdivision (b6) thereof, unless the indictment is found or the information is filed in court within one year, nor, under subdivision (66) thereof, unless such indictment is found or information filed within two years after the commission of the offense."

SEC. 2. This act, as amended, shall take effect immediately, except that subdivision (b) (6) thereof shall not take effect until ten days from the passage of this bill and shall not apply to any estatie in bankruptcy now in the process of administration.

(H. R. 5193, Sixty-eighth Congress, first session)

A BILL To amend section 14 of the act entitled "An act to establish a uniform system of bankruptcy

throughout the United States," approved July 1, 1898, as amended Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That clause (5) of subdivision (b) of section 14 of the act entitled "An act to establish a uniform system of bankruptcy throughout the United States" is amended to read as follows: “(5) been granted a discharge in bankruptcy within six years; or."

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