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57.2 Applications for loans, maintenance and equipment; receivers or trustees. (a) Any receiver of a railway company, or any trustee appointed under the provisions of section 77 of the Bankruptcy Act, as amended, seeking a loan under said provision of the National Industrial Recovery Act, shall file application with this Commission for approval of the expenditure proposed to be met with the proceeds of said loan, describing in detail the nature and purpose of the proposed expenditure and stating fully the facts upon which the applicant relies as evidence that such expenditure is desirable for the improvement of transportation facilities.
(b) The following regulations shall govern the filing of said application and procedure thereon:
(1) The application shall be signed by the applicant or applicants, shall be verified under oath, and shall give the name, title and post office address of the officer to whom correspondence in regard to the application should be addressed.
(2) The application shall be accompanied by an order of the court of jurisdiction, authorizing the filing and prosecution thereof. (3) The original application and 15 copies thereof shall be filed with the Secretary of the Commission, Washington, D. C. Each copy shall bear the dates and signatures that appear in the original and shall be complete in itself; the signature in the copies may be stamped or typed and the notarial seal may be omitted.
(4) Procedure upon said application shall conform generally to that provided by the Interstate Commerce Act and the rules of practice for investigations under that Act, and, if deemed necessary, may include inspection of the applicant's property, a hearing or hearings for the taking of evidence, after due notice to the applicant and the public, brief and argument. If not withdrawn or dismissed for cause, the application will be disposed of by report and order, which will be served upon the President and all parties of record.
(c) The application and any exhibits submitted therewith shall conform with § 1.21 (a)-(c). (Sec. 203 (a), 48 Stat. 202; 40 U.S.C. 403 (a)) [In the matter of applications by receivers and trustees of railway companies under the provisions of section 203 (a), of the National Industrial Recovery Act, ICC, Nov. 11, 1933]
PART 58-REORGANIZATION OF RAILROADS
Special Rules of Procedure
58.0 Order of the Commission.
58.1 "Person" and "railroad corpora
58.2 "The debtor."
58.3 "The security."
58.6 Authority to solicit.
58.11 Filing of exhibits.
58.12 Procedure governing application. Ratification of Appointment as Trustee
58.7 Granting of order of authoriza- 58.50 Order of the Commission.
58.51 Filing of petition.
58.52 Petition under oath.
58.53 Number of copies.
58.54 Form; notice accompanying petition.
58.55 Consideration of petition.
SPECIAL RULES OF PROCEDURE
Section 58.0 Order of the Commission. Until further order of the Commission, the following special rules of procedure in §§ 58.158.12 are hereby prescribed to govern applications under section 77 (P) of the Act of July 1, 1898 entitled "An Act to establish a uniform system of bankruptcy throughout the United States," as amended, for authority to solicit, use, employ, or act under or pursuant to, proxies, authorizations, or deposit agreements in or in connection with proceedings under said section or receivership proceedings against a railroad corporation.* [Introduction, In the matter of regulations governing applications for authority to solicit, etc., or act under or pursuant to, proxies, etc., in or in connection with reorganization or receivership proceedings, ICC, Oct. 23, 1935]
*88 58.0 to 58.56, inclusive, issued under the authority contained in sec. 77, 47 Stat. 1474, 49 Stat. 911; 11 U.S.C. 205 and Sup.
58.1 "Person" and "railroad corporation." The terms "person' and "railroad corporation" are used in §§ 58.0-58.12 as they are defined in section 77 (m) of the Bankruptcy Act.*†
In §§ 58.1 to 58.12, inclusive, the numbers to the right of the decimal point correspond with the respective rule numbers, In the matter of regulations governing applications for authority to solicit, use, employ, or act under or pursuant to, proxies, authorizations, or deposit agreements, in or in connection with reorganization or receivership proceedings, Interstate Commerce Commission, Oct. 23, 1935. 58.2 "The debtor." The term "the debtor" as used in §§ 58.058.12 means any railroad corporation by or against which proceedings have been instituted and are pending under section 77 of the Bankruptcy Act, or against which receivership proceedings have been instituted and are pending in any State or Federal Court, being the proceedings in connection with which the applicant proposes to act.** 58.3 "The security." The term "the security" as used in §§ 58.058.12 means any security for which the applicant proposes to act or the deposit of which he expects to solicit and to which the application relates.**
58.4 "Affiliated interests." The term "affiliated interests" as used in §§ 58.0-58.12 means any person (a) by which the person designated is employed; (b) of which he is an officer, director, trustee, stockholder, or partner; (c) in which he has a direct or indirect pecuniary interest; (d) which he controls, whether by stock ownership, lease, agency, or otherwise; or (e) by which he is controlled in any manner whatsoever.**
58.5 "Connection." The term "connection" as used in §§ 58.058.12 means the prior or present relationships as employee, director, stockholder, trustee, partner, creditor, debtor, or attorney at law.*+
58.6 Authority to solicit. Any person seeking authority (a) to solicit, or permit the use of his name to solicit, from any creditor or shareholder of a railroad corporation by or against which proceed
*For statutory citation, see note to § 58.0.
ings under section 77 of the Bankruptcy Act, or against which receivership proceedings have been instituted and are pending, any proxy, or authorization to represent or act for such creditor or stockholder in such proceedings or in any matters relating to such proceedings, or (b) to solicit the deposit by any such creditor or shareholder of his claim against or interest in such railroad corporation, or any instrument evidencing the same, under any agreement authorizing such representation or action for such depositor, or to act under such agreement, or (c) to use, employ, or act under or pursuant to any such proxy, authorization, or deposit agreement, which has been solicited or obtained prior to the institution of such proceedings, shall make application for authority, and such application shall, unless otherwise authorized by the Commission, be filed sufficiently in advance of the date of such proposed solicitation, use, employment, or action, to give the Commission reasonable time, not less than 30 days, for the consideration and hearing required by law.**
58.7 Granting of order of authorization. An order of authorization will be granted only upon application therefor as provided in §§ 58.0-58.12.**
58.8 Applicant desiring to act for more than one issue of securities. Where the applicant desires authority to act for more than one issue of securities, the information required in §§ 58.0-58.12 other than that required in § 58.9 (a), (b), (c), shall be supplied for each issue.**
58.9 Contents of application. Each applicant shall show, in the following order:
(a) Full name and address of the applicant.
(b) (1) If the application is by an individual who proposes to act as a member of a protective committee, partnership, association, or other unincorporated organization, the name and address of such committee, partnership, association, or organization, with date when he became a member.
(2) If the application is by a protective committee, partnership, association, or other unincorporated organization, the names and addresses of the individual members thereof and of the secretary and counsel, if any, with date of organization, and dates when each individual became a member, or secretary, or counsel, designating which members, if any, are officers of the organization.
(3) If the application is by a corporation or a joint-stock company, the names and addresses of the officers and directors of the applicant and the names and addresses of the 20 stockholders of the applicant who, at the date of the application, if known, or if not known, who at the date of the latest closing of the stock book or compilation of list of stockholders of the applicant (if within 1 year prior to the date of the application) had the highest voting powers in the applicant, together with names and addresses of counsel, if any, the date of incorporation, and the dates on which each officer and director was elected or appointed.
(c) Principal occupations, for the last 10 years prior to the date of the application, of the applicant, if an individual, of each mem
*For statutory citation, see note to § 58.0.
ber, the secretary, and counsel, if the applicant is a committee, partnership, association, or other unincorporated organization, and of each officer, director, and principal stockholder (not more than 20) if applicant is a corporation or joint-stock company.
(d) Nature of the authority sought, i. e., whether to solicit, use, employ, or act under or pursuant to proxies or authorizations to represent any member or shareholder of the debtor, or to solicit the deposit by such member or stockholder of his claim against, or interest in, such debtor under a deposit agreement, or to act for depositors under such agreement.
(e) Whether the applicant made such solicitation, or used, employed, or acted under or pursuant to, such proxies, authorizations, or deposit agreements prior to the date of the application.
(f) (1) The name of the security.
(2) Date of default, if any, in the security.
(3) Principal amount or number of shares of the security presently outstanding.
(g) (1) Name of the railroad corporation originally issuing the security.
(2) Names of the persons currently obligated to meet the principal and interest of the security.
(3) Names of all parties involved in any controversy with respect to the obligation to meet the principal and interest of the security. (h) (1) Name and title of the proceedings in or in connection with which the committee proposes to act.
(2) The court having jurisdiction in such proceedings. (3) The nature of such proceedings.
The name or names of the debtor or debtors.
(j) (1) The manner in which the applicant proposes to make such solicitation, or to use, employ, or act under or pursuant to, such proxies, authorizations, or deposit agreements.
(2) The name and address of the persons, if known, to be employed or compensated directly or indirectly by the applicant to solicit proxies or authorizations to represent holders of the security or to solicit the deposit of the security.
(3) The rates of compensation to be paid to the persons to be so employed.
(4) The maximum amount estimated to be required to pay each person so employed as advances for or in reimbursement of expenses.
(5) The rate of compensation to be charged by the applicant for his services.
(6) The maximum amount estimated to be required in reimbursement of the applicants expenses.
(k) Arrangements contemplated by the applicant to obtain funds for financing his operations before his expenses are approved by the court and the Commission.
(1) Names and addresses of other persons, including committees or other organizations in process of formation, known to the applicant, who represent, propose to represent, or have sought to represent, the security.
(m) Names and addresses of the original underwriters of the security.
(n) Any present and prior connection of the applicant and each of the affiliated interests of the applicant with:
(1) The original issuer of the security and each of its affiliated interests.
(2) The debtor and each of its affiliated interests.
3) The person who originally sold or underwrote or participated in the selling or underwriting of the security.
(4) The trustee of the debtor and of the original issuer.
(5) The trustee of the instrument, if any, under and pursuant to which the security was issued.
(6) The depositary under the proposed agreement, if any, under which the security is to be deposited.
(7) Any other person acting for any securities of the original issuer or of the debtor.
(0) The number of shares of each class of stock, and the principal amount of each class of bonds, notes, certificates, or other obligations, direct or indirect, of the debtor and of each of its affiliated interests, owned by the applicant, any of his affiliated interests, and any member of his immediate family on or about the date of the application.
(p) Whether the applicant, any of his affiliated interests, or any of his immediate family, have, within 6 months prior to the date of the application, purchased or sold any securities or other obligations of the debtor or of any of its affiliated interests.
(q) The names of any depositaries with which the applicant has arranged or proposes to arrange for the deposit of the securities, and the terms and provisions of all contracts and agreements entered into by the applicant and by any of its affiliated interests, with such depositaries.
(r) The terms and provisions of all contracts and agreements entered into by the applicant and by each of his affiliated interests with any other person, including its own members and officers, if the applicant is a committee, or its own officers, directors, or principal stockholders, if it is a corporation, representing or seeking to represent any creditor or stockholder of the debtor, whether such representation is to be as an individual, a committee, an association, an unincorporated organization, a corporation, or a joint-stock company, or as a member, officer, director, or principal stockholder, of the applicant or of any other person.*†
58.10 Application by other than an individual. If the application is by any person other than an individual, the applicant shall, in addition to furnishing the information as to itself required by § 58.9 (n)-(r) attach to said application a statement or statements under oath by each of its members, its secretary, and counsel, or by each of its officers, directors, and principal stockholders (not more than 20), as may be appropriate, setting forth for each individual so connected with the applicant such information as to his connections, securities, ownership, purchase and sale of securities, and terms and provisions of contracts, as is required of the applicant by said para
*For statutory citation, see note to § 58.0.