Act of May 8, 1963, Pub. L. 88-16, 77 Stat. 14
An Act To amend section 47 of the Bankruptcy Act
Eighty-Eighth Congress, Session I · Approved May 8, 1963
Amends clause (2) of section 47 on trustees’ deposits: trustees must deposit all money received in designated depositories, initially in demand deposits, and thereafter, if authorized by the court, in interest-bearing savings deposits, time certificates of deposit or time deposits-open account.
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 clause (2) of the first paragraph of section 47 of the Bankruptcy Act (11 U.S.C. 75(a)(2)) is amended to read as follows:
“(2) deposit all money received by them in designated depositories initially in demand deposits; and subsequently, if authorized by the court, in interest-bearing savings deposits, time certificates of deposit, or time deposits-open account;”.
Approved May 8, 1963.