20. The Reorganization Managers may proceed under the Plan and Agreement, or any part thereof, with or without judicial sale, and in case of judicial sale they may exercise any power hereby conferred on them either before or after sale. In every case all the provisions of the Plan and Agreement shall apply equally to and in respect of any physical properties embraced in the reorganization, and to and in respect of any securities representing any such property, it being intended that for all purposes hereunder any such property, and any security representing such property, may be treated or accepted by the Reorganization Managers as substantially identical. In the case of any claim, lien or obligation not herein or in the Plan fully provided for affecting the Old Company or any subsidiary or controlled company or any property or franchises thereof except as specifically excluded by the Plan, the Reorganization Managers may from time to time purchase or acquire the same or cause the same to be purchased or acquired, or make such compromise in respect thereto, or such provisions therefor as they may deem suitable, using therefor any cash received under the Plan or any other resources, or any securities not required for other purposes of the reorganization, and the Reorganization Managers are hereby authorized to make and/or carry out adjustments of debt, as in the Plan provided.
21. Any action contemplated in the Plan and Agreement may be performed by the Reorganization Managers or by anyone approved by them at any time when they shall deem the reorganization advanced sufficiently to justify such course; and, as they may deem necessary, the Reorganization Managers may defer, or permit to be deferred, the performance of any provision of the Plan and Agreement, or may commit such performance to the New Company, and may cause the New Company to pay any indebtedness authorized or incurred by the Reorganization Managers or otherwise in furtherance of the Plan, and to assume any obligation which in their judgment may be necessary or proper to carry out the Plan and Agreement. The Reorganization Managers may, in their discretion, set apart and hold in trust or permit to be set apart and held in trust, or may place in trust, or permit to be placed in trust, with any Trust Company, any part of the new securities to be issued, and any cash which may be received from sales of new securities or otherwise, as they may deem suitable for the purpose of securing the application of the same to any of the purposes of the Plan and Agreement.
22. From time to time, for the purpose of carrying the Plan and Agreement into effect, or of obtaining assents thereto, the Reorganization Managers, either generally or in special instances, may make or ratify, or permit to be made or ratified, contracts with any person or corporation or committee representing securities of any class in respect of any matter connected with the Plan and Agreement, and in their discretion, either generally or in special instances, and upon such general or special terms or conditions as they may deem proper for the purposes of and in conformity with the Plan, they may arrange to procure the deposit of any Old Company securities or creditors, claims, and by loan or guaranty, or by the sale of new securities to be created, or otherwise, on such terms, conditions and rates of interest as they may deem proper, may obtain or permit to be obtained any moneys required to carry out the Plan and Agreement, including such sums as the Reorganization Managers may deem it expedient to provide for the use of the New Company; and for the performance of any such contract, the Reorganization Managers may charge or permit to be charged the deposited securities and the new securities to be issued, and also may pledge the same or permit the same to be pledged for the payment of any moneys borrowed, with interest, and for the performance of any other obligations incurred under the powers herein conferred. The Reorganization Managers may employ counsel, agents and all necessary assistants, and may incur and discharge any and all expenses by them deemed reasonable for the purposes of this Plan, including the expenses and compensation of the Reorganization Managers and the Depositary and all expenses in connection with the preparation of the Plan and Agreement and the issue of certificates, legal expenses, expenses for advertising, printing and all other expenses in any manner connected with the Plan and Agreement or which they may deem it expedient to incur in undertaking to promote any of the purposes thereof.
23. The Reorganization Managers, for the purposes of and in conformity with the Plan may prescribe or approve the form and terms of all charters, rules, regulations and by-laws of any corporation or corporations utilized in reorganization, and of all bonds, certificates of stock and other securities at any time to be issued, and of the mortgages, and other instruments at any time to be issued or executed. They may create and provide for all necessary trusts and may nominate and appoint trustees thereunder. They may select and cause to be selected or otherwise designate or constitute the members of the board of directors of the New Company who are to serve in the first instance, and they may cause said board of directors to be classified so that the terms of office of the different classes of directors will expire in successive years. The Reorganization Managers shall have power to make equitable provision for any case of lost or destroyed bonds, coupons or certificates of stock, and to recognize and admit the same to participation in the Plan and this Agreement, and to provide for and make or cause to be made such issues of scrip as may be necessary properly to represent any fractional interest in the new securities, and to such extent as they shall deem necessary they may distribute such scrip to the Depositors and may, in their discretion, settle for and adjust any such fractional interest in cash and credit or pay such cash to the Depositors in lieu of distributing to them such scrip. In case they shall deem it advisable for any reason the Reorganization Managers are authorized to issue and to cause to be issued temporary or interim certificates to represent the new securities or any of them.