Public Law 72–38

That section 4 of the Act entitled “An Act to establish a uniform system of bankruptcy throughout the United States,” approved July 1, 1898, as amended (U. S. C., title 11, sec. 22), is amended to read as follows:

“Sec. 4.

Who may become bankrupts.—

(a)(a)

Any person, except

Who may become bankrupts.

Building and loan associations, etc., excepted.

a municipal, railroad, insurance, banking corporation, or a building and loan association, shall be entitled to the benefits of this Act as a voluntary bankrupt.

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“(b)“(b)

Any natural person, except a wage earner or a person engaged

Involuntary bankruptcy.

chiefly in farming or the tillage of the soil, any unincorporated company, and any moneyed, business, or commercial corporation (except a municipal, railroad, insurance, or banking corporation, or a building and loan association) owing debts to the amount of $1,000 or over, may be adjudged an involuntary bankrupt upon default or an impartial trial, and shall be subject to the provisions and entitled to the benefits of this Act.

“The bankruptcy of a corporation or association shall not release

Liability of officers, etc., of corporation.

its officers, directors, or stockholders, as such, from any liability under the laws of a State or Territory or of the United States.”

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