Act of May 10, 1956, ch. 257, 70 Stat. 151
An Act To amend section 40 of the Bankruptcy Act, so as to increase salaries for part-time and full-time referees
Eighty-Fourth Congress, Session II · Approved May 10, 1956
Rewrites section 40a to raise the ceilings on referees’ salaries, fixed by the Judicial Conference on the recommendation of the circuit councils, to not more than $15,000 per annum for full-time referees and $7,500 for part-time referees, with salaries to be set in light of the number, types and gross assets of cases in the referee’s territory over the preceding ten years.
This is an unofficial transcription, prepared by Robert J. Pfister for ease of reading and copying. The authoritative text is the United States Statutes at Large.
United States Statutes at Large (PDF, 1 page) (opens in a new tab) Unofficial transcription (PDF, 1 page) (opens in a new tab)
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 40a (11 U.S.C. 68(a)) of the Bankruptcy Act approved July 1, 1898, as amended, is amended to read as follows:
“Sec. 40. Compensation of Referees; Referees’ Salary and Expense Funds; Retirement of Referees. a. Referees shall receive as full compensation for their services salaries to be fixed by the conference, in the light of the recommendations of the councils, made after advising with the district judges of their respective circuits, and of the Director, at rates not more than $15,000 per annum for full-time referees, and not more than $7,500 per annum for part-time referees. In fixing the amount of salary to be paid to a referee, consideration shall be given to the average number and the types of and the average amount of gross assets realized from, cases closed and pending in the territory which the referee is to serve, during the last preceding period of ten years, and to such other factors as may be material. Disbursement of such salaries shall be made monthly by or pursuant to the order of the Director.”
Approved May 10, 1956.