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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: recent Court: us supreme court Year: 1943 Page 1 of about 3 results (0.119 seconds)

Nov 22 1943 (FN)

Sec Vs. C. M. Joiner Leasing Corp.

Court : US Supreme Court

Decided on : Nov-22-1943

..... and 77q(a)(2), (3). [ footnote 2 ] 318 u.s. 755. [ footnote 3 ] the following are extracts from letters signed by the joiner company and by joiner: "we are pleased to report our concho county well drilling at approximately 2,510 feet in a very good formation. we are sending out ..... costs which he would incur if he attempted to develop his own acreage. on the other hand, it assured the prospect that the joiner company was engaged in and would complete the drilling of a test well so located as to test the oil-producing possibilities of the offered leaseholds ..... of these acres for "practically nothing except to drill a well." anthony was a driller, and agreed to do the drilling, which the joiner company undertook to finance, expecting to raise most of the funds for this purpose from the resale of small parcels of acreage. the sales campaign was ..... ., 3d sess. (1939) pt. i, p. 350. [ footnote 6 ] section 2(1) of the act, 15 u.s.c. 77b(1), provides: "the term 'security' means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, preorganization certificate or ..... construction come down to us from sources that were hostile toward the legislative process itself, and thought it generally wise to restrict the operation of an act to its narrowest permissible compass. [ footnote 7 ] however well these rules may serve at times to aid in deciphering legislative intent, they long .....

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Mar 15 1943 (FN)

Ecker Vs. Western Pacific R. Corp.

Court : US Supreme Court

Decided on : Mar-15-1943

..... a commitment to bid at public sale, was accepted by the debtor. the specifications referred to in the notice calling for bids on the debentures contain the following: "the main line of railroad of the company extends from san francisco, california, to salt lake city, utah, with branches, and aggregates 1050.5 miles more or less of first ..... delivered the opinion of the court. petitioners seek review of a decree of the circuit court of appeals in the reorganization of the western pacific railroad company under section 77 of the bankruptcy act. that decree reversed the order of the district court which had approved the plan for reorganization certified to it by the interstate commerce commission. [ footnote ..... , operating 15.86 miles of terminal switching line in the city of alameda on san francisco bay." "none of the above subsidiary or affiliated companies has filed a petition under section 77 of the bankruptcy act, as amended." [ footnote 3 ] these figures represent reported consolidated earnings "adjusted to take into account (a) rehabilitation expenditures in the years ..... to reorganize railroads unable to meet their obligations. [ footnote 10 ] the amendments of 1935 were primarily designed to cure defects disclosed by practical experience. [ footnote 11 ] both acts are bottomed upon the theory of debtor rehabilitation by adjustment of creditors' claims. such treatment was essential for embarrassed railroads, as ordinary bankruptcy liquidation or judicial sales were impossible because .....

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Mar 01 1943 (FN)

Helvering Vs. Sabine Transportation Co.

Court : US Supreme Court

Decided on : Mar-01-1943

..... (a)(4). [ footnote 7 ] indebtedness is defined as indebtedness existing at the close of business december 31, 1937, and evidenced by bond, note, debenture, certificate of indebtedness, mortgage or deed of trust issued by the corporation and in existence at the close of business december 31, 1937, or a bill ..... tax net income after credits) less the so-called "dividends paid credit." by 27, the act defined the latter as comprising dividends paid during the taxable year, including (27(d)) dividends in obligations of the company to be reckoned at face value or market value, whichever was lower. the subsection also ..... it is a specific provision, qualifying an earlier general provision of 27, must be rejected. it remains to consider the treasury regulations promulgated under the 1938 act. [ footnote 9 ] these forbid a credit such as that claimed in this case, calling it a "double credit." we think the regulations are ..... fairness dictated that in such case the corporation should have a further dividends paid credit for this excess of value paid by it. the revenue act of 1938 adopted a different plan of corporate taxation. with respect to a corporation having the amount of income earned by the respondent, 13 ..... of the board of tax appeals sustaining an order of the commissioner disallowing a credit in the computation of respondent's tax under the revenue act of 1938. mr. justice roberts delivered the opinion of the court. in this case, the circuit court of appeals held the respondent entitled .....

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