Section 903 - Reservation of State Power to Control Municipalities
Title 11 of the United States Code - Bankruptcy
ADJUSTMENT OF DEBTS OF A MUNICIPALITY – CHAPTER 7
Reservation of State Power to Control Municipalities - Section 903
11 USCS § 903
This chapter [11 USCS §§ 901 et seq.] does not limit or impair the power of a State to control, by legislation or otherwise, a municipality of or in such State in the exercise of the political or governmental powers of such municipality, including expenditures for such exercise, but--
(1) a State law prescribing a method of composition of indebtedness of such municipality may not bind any creditor that does not consent to such composition; and
(2) a judgment entered under such a law may not bind a creditor that does not consent to such composition.
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