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Article One: Short Title
This Act may be cited as "The Bankruptcy Act".
Article Two: Authority / Enforcement
The Attorney General for the Republic of New Lemuria shall
possess exclusive enforcement powers with respect to this
Act.
Matters of dispute hereunder shall be settled through trial
within the appropriate judicial court of the
Republic of New Lemuria.
Article Three: General
By direction hereunder, the House of Elders of the Republic of New Lemuria hereby adopts certain legislation known as the
Bankruptcy
Laws of The United States of America, as enacted by the US Government,
as amended to include such amendments approved and adopted by the United
States of America.
Hearings, plans of reorganization, creditors’ meetings, and court decisions
may be held or
handed down by phone, fax or other means according to the discretion of the
assigned judge.
Bankruptcy judges may prescribe local rules necessary to administer justice
and encourage
judicial economy. Appointment of bankruptcy judges shall be made in
accordance with the
Constitution of the Republic of New Lemuria.
Article Four: Ratification
This Act has been duly presented and approved for adoption by
the House of Elders of the Republic of New Lemuria.
Article Five: Effectiveness
This Act shall take effect on the 27th day of February, 1991,
unless otherwise determined by the House of Elders.
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