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with a transcript of the proceedings before it and a copy of the report and order approving the plan. No plan shall be approved or confirmed by the judge in any proceeding under this section unless the plan shall first have been approved by the Commission and certified to the court.

(e) Upon the certification of a plan by the Commission to the court, the court shall give due notice to all parties in interest of the time within which such parties may file with the court their objections to such plan, and such parties shall file, within such time as may be fixed in said notice, detailed and specific objections in writing to the plan and their claims for equitable treatment. The judge shall, after notice in such manner as he may determine to the debtor, its trustee or trustees, stockholders, creditors, and the Commission, hear all parties in interest in support of, and in opposition to, such objections to the plan and such claims for equitable treatment. After such hearing, and without any hearing if no objection, is [objections are] filed, the judge shall make full and independent judicial reexamination and review of the plan and of the evidence presented at such hearing, in the event of such hearing, and thereafter shall approve the plan if, in the exercise of his independent_judgment based upon such judicial reexamination and review, he is satisfied that [: (1) It complies with the provisions of subsection (b) of this section,] (1) the plan complies with the provisions of subsections (6) and (d) of this section, is fair and equitable, affords due recognition to the rights of each class of creditors and stockholders, does not_discriminate unfairly in favor of any class thereof, [of creditors or stockholders,) and will conform to the requirements of the Constitution and statutes of the United States; [law of the land regarding the participation of the various classes of creditors and stockholders;] (2) the determination of value made by the Commission and certified to the court under the provisions of this subsection is supported by substantial evidence, adequately reflects the true value of the property at the time of hearing, or at the time of certification of the plan by the Commission, in the event no hearing is had before the court, and does not omit consideration of any relevant facts; [(2)] (3) the approximate amounts to be paid by the debtor, or by any corporation or corporations acquiring the debtor's assets, for expenses and fees incident to the reorganization, have been fully disclosed so far as they can be ascertained at the date of such hearing, åre reasonable, are within such maximum limits as are fixed by the Commission, and are within such maximum limits to be subject to the approval of the judge; [(3)] (4) the plan provides for the payment of all costs of administration and all other allowances made or to be made by the judge, except that allowances provided for in subsection (c), paragraph (12) of this section, may be paid in securities provided for in the plan if those entitled thereto will accept such payment, and the judge is hereby given power to approve the same.

If the judge shall not approve the plan, he shall file an opinion, stating his conclusions and the reason therefor, and he shall enter an order in which he may either dismiss the proceedings, or in bis discretion and on motion of any party in interest refer the proceedings back to the Commission for further action, in which event he shall transmit to the Commission a copy of any evidence received. If the proceedings are referred back to the Commission, it shall proceed to a reconsideration of the proceedings under the provisions of subsection (d) hereof. If the judge shall approve the plan, he shall file an opinion, stating his conclusions and the reasons therefor, and enter an order to that effect, and shall send & cert:fied copy of such opinion and order to the Commission. The plan shall then be submitted by the Commission to the creditors of each class whose claims have been filed anu allowed in accordance with the requirements of subsection (c) hereof, and to the stockholders of each class, and/or to the committees or other representatives thereof, for acceptance or rejection, within such time as the Commission shall specify, together with the report or reports of the Commission thereon or such a summarization thereof as the Commission may approve, and the opinion and order of the judge: Provided, That submission to any class of stockholders shall not be necessary if the Commission shall have found, and the judge [shall have affirmed the finding,] in the exercise of his independent judgment, after consideration of the evidence presented at the hearing before the couri, in the event of such hearing, shall also find (a) that at the time of the finding the corporation is insol vent, or that at the time of the finding the equity of such class of stockholders has no value, or thai the pian provides for the payment in cash to such class of stockholders of an amount not less than the value of their equity, if any, or (b) that the interests of such class of stockholders will not be adversely and materially affected by the plan, or (c) that the debtor has pursuant to authorized corporate action accepted the plan and its stockholders are bound by such acceptance: Provided further, That submission to any class of creditors shall not be necessary f the Commission shall have found, and the judge [shall have affirmed the finding,] in the exercise of his independent judgment, after consideration of the evidence presented at the hearing before the court, in the event of such hearing, shall also find that the interests of such class of creditors will not be adversely and materially affected by the plan, or that at the time of the finding the interests of such class of creditors bave no value, or that the plan provides for the payment in cash to such class of creditors of an amount not less than the value of their interests. For the purpose of this section the acceptance or rejection by any creditor or stockholder shall be in writing, executed by him or by his duly authorized attorney, committee, or representative. If the United States of America, or any agency thereof, or any corporation (other than the Reconstruction Finance Corporation) the majority of the stock of which is owned by the United States of America, is a creditor or stockholder, the interests or claims thereof shall be deemed to be affected by the plan, and the President of the United States, or any officer or agency he may designate, is hereby authorized to act in respect of the interests or claims of the United States or of such agency or other corporation. The expense of such sub. mission shall be certified by the Commission and shall be borne by the debtor's estate. The Commission shail certify to the judge the results of such submission. Provided, That, if the plan has not been so accepted by the creditors and stockholders, the judge may nevertheless confirm the plan if he is satisfied and finds, after hearing, that it makes adequate provision for fair and equitable treatment for the interests or claims of those rejecting it; that such rejection is not reasonably justified in the light of the respective rights and interests of those rejecting it and all the relevant facts; and that the plan conforms to the requirements of clauses (1) to (3), inclusive, of the first paragraph of this subsection (e): Provided further. That if, in any reorganization proceeding under this section, the United States is a creditor on claims for taxes or customs duties (whether or not the United States has any other interest in, or claim against, the debtor, as creditor or stockholder), no plan which does not provide for the payment ther of shall be confirmed by the judge except upon the acceptance, certified to the court, of a lesser amount by the President of the United States or the officer or agency designated by him pursuant to the provisions of the preceding paragraph hereof: Provided further, That if the President of the United States or such officer or agency shall fail to accept or reject such lesser amount for more than ninety days after receipt of written notice so to do from the court, accompanied by a certified copy of the plan, the consent of the United States insofar as its claims for taxes or customs duties are concerned shall be conclusively presumed. If the judge shall confirm the plan, he shall enter an order and file an opinion with a statement of his conelusions and his reasons therefor. If the judge shall not confirm the plan, he shall file an opinion, with a statement of his conclusions and his reasons therefor, and enter an order in which he shall either dismisss the proceedings, or, in his discretion and on the motion of any party in interest, refer the case back to the Commission for further proceedings, including the consideration of modifications of the plan or the proposal of new plans. In the event of such a reference back to the Commission, the proceedings with respect to any modified or new plan shall be governed by the provisions of this section in like manner as in an original proceeding hereunder:

"If it shall be necessary to determine the value of any property for any purpose under this section, the Commission shall determine such value and certify the same to the court in its report on the plan. The value of any property used in railroad operation shall be determined on a basis which will give due consideration to the earning power of the property, past, present, and prospective, and all other relevant facts. In determining such value only such effect shall be given to the present cost of reproduction new and less depreciation and original cost of the property, and the actual investment therein, (as may be required under the law of the land] as will conform to the requirements of the Constitution and statutes of the United States in light of its earning power and all other relevant facts.”

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(8) (Proceedings pending under this section (Act of March 3, 1933) on the effective date of this amendatory section shall continue under, and be governed by, the provisions of this amendatory section: Provided, That the enactment of this amendatory section shall not invalidate any action taken before its effective date pursuant to this section as it existed prior to the enactment of this amendatory section.] Proceedings pending under this section (Ac of March 3, 1933, as amended by Ad of August 27, 1935, and Act of June 26, 1936, and Act of August 11, 1939) shall continue under, and be governed by, the provisions of this section as hereby amended, except where the property dealt with by the plan has been transferred and conveyed to the debtor or another corporation or corporations provided for by the plan, or retained by the debtor pursuant to the plan, as provided in subsection of ihis section, or where the plan has been submitted to creditors for acceptance or rejec tion pursuant to subsection (e) and has been accepted by or on behalf of the requisite percentage of creditors of each class to which submission is required, prior to the effective date of this amendment. If such property has not been so transferred and conveyed or retained pursuant to the plan, or if such plan has not been so submitted and so accepted, no final decree shall be entered in any such proceedings unless and until subsequent to such effective date the judge of the court to which the plan was certified by the Commission shall have made a supplemental finding, subject to judicial review, that the plan conforms to the requirements of this section as amended.

Except as provided in this subsection (8) the enactment of this amendatory section shall not annul the record made at any hearing before the Commission or in any court proceeding prior to the enactment of this amendment, but such record may be the reviewing court such amplifications may be necessary or desirable (1) by reason

, of any substantial change or changes that may have occurred since the hearing, of (2) for clarification.

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FOREIGN SERVICE BUILDINGS AND GROUNDS

JANUARY 31, 1945.—Committed to the Committee of the Whole House on the

state of the Union and ordered to be printed

Mr. Bloom, from the Committee on Foreign Affairs, submitted the

following

REPORT

[To accompany H. R. 685)

The Committee on Foreign Affairs, to whom was referred the bill (H. R. 685) to amend the act entitled "An act for the acquisition of buildings and grounds in foreign countries for use of the Government of the United States of America," approved May 7, 1926, as amended, to permit of the sale of buildings and grounds and the utilization of proceeds of such sale in the Government interest, having considered the same, report favorably thereon with amendments and recommend that the bill do pass.

This bill amends an act for the acquisition of buildings and grounds in foreign countries for use of the Government of the United States of America, approved May 7, 1926, as amended, by adding a new paragraph at the end thereof numbered 9. In accordance with clause 2-A, rule 13, there is inserted in this report the provisions of the act of May 7, 1926, as amended (the amendatory language being shown in italics)

PUBLIC Law No. 186-SIXTY-NINTH CONGRESS, APPROVED May 7, 1926, ENTITLED "AN ACT FOR THE ACQUISITION OF BUILDINGS AND GROUNDS IN FOREIGN COUNTRIES FOR USE OF THE GOVERNMENT OF THE UNITED STATES OF AMERICA"

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of State is empowered, subject to the direction of the commission hereinafter established, to acquire by purchase or construction in the manner hereinafter provided, within the limits of appropriations made pursuant to this Act, or by exchange, in whole or in part, under such terms and conditions as in the judgment of the commission may best protect the interests of the United States, of any building or grounds of the United States in foreign countries, and under the jurisdiction and control of the Secretary of State, sites and buildings in foreign capitals and in other foreign cities, and to alter, repair, and furnish such buildings for the use of the diplomatic and consular establishments of the United States, or for the purpose of consolidating, to the extent deemed advisable by the commission, within one or more buildings, the embassies, legation, consulates, and other agencies of the United States Government there maintained, which buildings shall be appropriately designated by the commission, and the space in which shall be allotted by the Secretary of State under the direction of the commission among the several agencies of the United States Government.

Sec. 2. (a) There is hereby established a joint commission, to be known as the Foreign Service Buildings Commission, and to be composed of the Secretary of State, the Secretary of the Treasury, the Secretary of Commerce, the chairman and the ranking minority member of the Committee on Foreign Relations of the Senate, and the chairman and the ranking minority member of the Committee on Foreign Affairs of the House of Representatives. A member of the commission may continue to serve as a member thereof until his successor bas qualified.

(b) It shall be the duty of the commission to consider, formulate, and approve plans and proposals for the acquisition and utilization of the sites and buildings authorized by section 1, and of sites and buildings heretofore acquired or authorized for the use of the diplomatic and consular establishments in foreign countries, including the initial furnishings of such buildings and the initial alteration and repair of purchased buildings and grounds. The commission established by the Act entitled "An Act making appropriations for the Diplomatic and Consular Service for the fiscal year ending June 30, 1922," approved March 2, 1921, is hereby abolished.

(c) The commission shall prescribe rules and regulations for carrying into effect the provisions of this Act, and shall make an annual report to the Congress.

(d) The commission may appoint, without regard to the civil-service laws or regulations, and fix compensation of, without regard to the Classification Act of 1923, as amended, such clerical and other assistants at the seat of government as the commission deems necessary. The total amount authorized to be expended under this subdivision shall not exceed $5,000 for any one year.

Sec. 3. Buildings and grounds acquired under this Act or heretofore acquired or authorized for the use of the diplomatic and consular establishments in foreign countries may, subject to the direction of the commis.ion, be used, in the case of buildings and grounds for the diplomatic establishme as Government offices or residences or as such offices and residences; or, in the case of other buildings and grounds, as such offices or such offices and residences. The contracts for all work of construction, alteration, and repair under this Act are authorized to be negotiated, the terms of the contracts to be prescribed, and the work to be performed, where necessary, in the judgment of the commission, without regard to such statutory provisions as relate to the negotiation, making, and performance of contracts and performance of work in the United States,

Sec. 4. For the purpose of carrying into effect the provisions of this Act there is hereby authorized to be appropriated an amount not exceeding $10,000,000, and the appropriations made pursuant to this authorization shall constitute a fund to be known as the Foreign Service Building Fund, to remain available until expended. Under this authorization, not more than $2,000,000 shall be appropriated for any one year, but within the total authorization provided in this Act the Secretary of State, subject to the direction of the commission, may enter into contracts for the acquisition of the buildings and grounds authorized by this Act. In the case of the buildings and grounds authorized by this Act, after the intitial altera tions, repairs, and furoishing have been completed, subsequent expenditures for such purposes shall not be made out of the appropriations authorized by this Act.

Sec. 5. The Secretary of State is empowered, subject to the direction of the Commission, to collect information and to formulate plans for the use of the Commission and to supervise and preserve the diplomatic and consular properties of the United States ia foreigą countries and the properties acquired under this Act. In the collection of such information and in the formulation of such plans he may, subject to the direction of the Commission, obtain such special architectural or other expert technical services as may be necessary and pay therefor, not exceeding in any case 5 per centum of the cost of construction or remodeling of the properties in respect to which said special services are rendered, from such appropriations as Congress may make under this Act, without regard to civil-service laws or regulations and the provisions of the Classification Act of 1923.

Sec. 6. The authority granted to acquire sites and buildings by purchase shall, in cases where it is impossible to acquire title, be construed as authority to acquire the property by lease for a term sufficiently long, in the judgment of the Commission, to be practically equivalent to the acquisition of title.

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