Sec. 20b Periodical, special, reports. Provisions permissive. Applicability of 20a. Notice. Supplemental orders. Solicitation of proxies. Rules, regulations. (6) The Commission shall require periodical or special reports from each carrier which shall hereafter secure from the Commission approval and authorization of any alteration or modification under this section, which shall show, in such detail as the Commission may require, the action taken by the carrier in the making of such alteration or modification. (7) The provisions of this section are permissive and not mandatory and shall not require any carrier to obtain authorization and approval of the Commission hereunder for the making of any alteration or modification of any provision of any of its securities or of any class thereof or of any provision of any mortgage, indenture, deed of trust, corporate charter, or other instrument, which it may be able lawfully to make in any other manner, whether by reason of provisions for the making of such alteration or modification in any such mortgage, indenture, deed of trust, corporate charter, or other instrument, or otherwise: Provided, That the provisions of paragraph (2) of section 20a, if applicable to such alteration or modification made otherwise than pursuant to the provisions of this section, shall continue to be so applicable. (8) The provisions of paragraph (6) of section 20a, except the provisions thereof in respect of hearings, shall apply to applications made under this section. In connection with any order entered by the Commission pursuant to paragraph (2) hereof, the Commission may from time tc time, for good cause shown, make such supplemental orders in the premises as it may deem necessary or appropriate, and may by any such supplemental order modify the provisions of any such order, subject always to the requirements of said paragraph (2). (9) The provisions of subdivision (a) of section 14 of the Securities Exchange Act of 1934 shall not apply to any solicitation in connection with a proposed alteration or modification pursuant to this section. (10) The Commission shall have the power to make such rules and regulations appropriate to its administration of the provisions of this section as it shall deem necessary or desirable. (11) Any issuance of securities under this section which shall be found by the Commission to comply with cable. Sec. 20b Provisions, of 1933, in Securities Act applicable. the requirements of paragraph (2) of section 20a shall 20a applibe deemed to be an issuance which is subject to the provisions of section 20a within the meaning of section 3 (a) (6) of the Securities Act of 1933, as amended. Section 5 of said Securities Act shall not apply to the issuance, sale, or exchange of certificates of deposit representing securities of, or claims against, any carrier which are issued by committees in proceedings under this section, and said certificates of deposit and transactions therein shall, for the purposes of said Securities Act, be deemed to be added to those exempted by sections 3 and 4, respectively of said Securities Act. inapplicable. (12) The provisions of sections 1801, 1802, 3481, and Tax provisions 3482 of the Internal Revenue Code and any amendments thereto, unless specifically providing to the contrary, shall not apply to the issuance, transfer, or exchange of securities or the making or delivery of conveyances to make effective any alteration or modification effected pursuant to this section. (13) The Commission shall not approve an application filed under this section by any carrier while in equity receivership or in process of reorganization under section 77 of the Bankruptcy Act, as amended, except that the Commission may approve an application filed by a carrier which, on the date of enactment of this Act, is in equity receivership and with respect to which no order confirming the sale of the carrier's property has been entered, or is in process of reorganization under section 77 and with respect to which no order confirming a plan shall have been entered, or, such an order having been entered, if an appeal from said order is pending on said date in a 1 circuit court of appeals or the matter is pending in the Supreme Court on a petition to review any order of a 'circuit court of appeals dealing with said order of confirmation or the time within which to make such appeal or to file such petition has not expired, if prior to the filing of such application with the Commission such carrier shall have applied for and been granted permission to file such application by the district judge before whom the equity receivership or section 77 proceeding is pending. Any such carrier applying for permission to file such application shall file with the court as a pre 1 With respect to circuit courts of appeals, see note to 9. Carriers in reorganization. receivership, Sec. 20b Application filed with court. Grant, or withholding of permission, final. requisite to the granting of such permission (1) a copy of the proposed application, (2) a copy of the proposed plan of alteration or modification of its securities, and (3) assurances satisfactory to the court of the acceptance of such plan from holders of at least 25 per centum of the aggregate amount of all securities, including not less than 25 per centum of the aggregate amount of all creditors' claims, affected by such plan. An order of a district judge granting or withholding such permission shall be final and shall not be subject to review. Upon granting of such permission, such proceeding, so far as it relates to a plan of reorganization, shall be suspended until the Commission shall have notified the court that (a) the application filed by such carrier under this section has been dismissed or denied by the Commission or withdrawn, (b) the Commission has approved and authorized an alteration or modification under this section with respect to the securities of such carrier, or (c) twelve months have elapsed since the filing of such application and no such alteration or modification has been approved and authorized by the Commission. Upon receipt by the court of notification that such application has been dismissed or denied or withdrawn or that twelve months have elapsed and no alteration or modification has been approved and authorized, the equity receivership or section 77 proceeding shall be resumed as though permission to file application under this section had not been granted. Upon receipt by the court of notification that the Commission has authorized and approved such alteration or modification of the carrier's securities under this section as, in the judgment of the court, makes further receivership or section 77 proceeding unnecessary, the court shall enter an order restoring custody of the property to the debtor, and making such other provision as may be necreorganization, essary to terminate the equity receivership or section 77 proceeding. Resumption Termination, receivership, proceeding. NOTE. The balance of the act of April 9, 1948, i. e., §§ 3, 4, is a part of the bankruptcy law, and appears herein after § 77 thereof, title 11, infra, and is numbered in the U. S. Code as 11 U. S. C., § 208 (a), (b), with the original § 4 appearing as a Separability Clause. Reference in § 20b (9) to § 14 of the Securities Exchange Act of 1934 is cited in the U. S. Code as 15 U. S. C., § 78n. Sec. 3 (a) (6) of the Securities Act of 1933, (par. (11)), is § 77e of To be "tipped in" at the top of page 103 of THE To amend part I of the Interstate Commerce Act to provide for filing of equipment trust agreements and other documents evidencing or relating to the lease, mortgage, conditional sale, or bailment of railroad equipment. Interstate 49 U.S.C. Railroad Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That part I of the Interstate Commerce Act, as amended (U. S. C., title 49), is hereby amended by inserting, after section 20b, the following new section: "SEC. 20c. Any mortgage, lease, equipment trust agreement, conditional sale agreement, or other instrument evidencing the mortgage, lease, conditional sale, or bailment of railroad cars, locomotives, or other rolling stock, used or intended for use in connection with inter- equipment. state commerce, or any assignment of rights or interest under any such instrument, or any supplement or amendment to any such instrument or assignment (including any release, discharge or satisfaction thereof, in whole or in part), may be filed with the Commission, provided such instrument, assignment, supplement or amendment is in writing, executed by the parties thereto, and acknowledged or verified in accordance with such requirements as the Commission shall prescribe; and any such instrument or other document, when so filed with the Commission, shall constitute notice to and shall be valid and enforceable against all persons including, without limitation, any purchaser from, or mortgagee, creditor, receiver, or trustee in bankruptcy of, the mortgagor, buyer, lessee or bailee of the equipment covered thereby, from and after the time such instrument or other document is so filed with the Commission; and such instrument or other document need not be otherwise filed, deposited, registered or recorded under the provisions of any other law of the United States of America, or of any State (or political subdivision thereof), territory, district or possession thereof, respecting the filing, deposit, registration or recordation of such instruments or documents. The Commission shall establish and maintain a system for the recordation of each such instrument or document, filed pursuant to the provisions of this section, and shall cause to be marked or stamped thereon, a consecutive number, as well as the date and hour of such recordation, and shall maintain, open to public inspection, an index of all such instruments or documents, including any assignment, amendment, release, discharge or satisfac- 66 Stat. 724. tion thereof, and shall record, in such index the names and addresses 66 Stat. 725. of the principal debtors, trustees, guarantors and other parties thereto, as well as such other facts as may be necessary to facilitate the determination of the rights of the parties to such transactions." Approved July 16, 1952. rinai clause or above 8 21 is considered repealed by act or May 29, 1928, § 2, 45 Stat. 986, although repeated in the amendatory act of May 23, 1935, above cited. RESTRICTIONS SEC. 22. [As amended March 2, 1889, February 8, 1895, August 18, 1922, February 26, 1927, March 4, 1927, June 27, 1934, August 9, 1935, July 5, 1937, August 25, 1937, 24 Stat. 387. 28 Stat. 643. 25 Stat. 862. 42 Stat. 827. 44 Stat. 1247. 48 Stat. 1264. proceeding. NOTE. The balance of the act of April 9, 1948, i. e., §§ 3, 4, is a part of the bankruptcy law, and appears herein after § 77 thereof, title 11, infra, and is numbered in the U. S. Code as 11 U. S. C., § 208 (a), (b), with the original § 4 appearing as a Separability Clause. Reference in § 20b (9) to § 14 of the Securities Exchange Act of 1934 is cited in the U. S. Code as 15 U. S. C., § 78n. Sec. 3 (a) (6) of the Securities Act of 1933, (par. (11)), is § 77e of |