THE HONGKONG GOVERNMENT GAZETTE, 30тн APRIL, 1864.
receive the proofs of the debts of the creditors: the Official Assignee shall attend, and give to the meeting the fullest information in his power of the estate and effects of the Bankrupt and of the debts due from his estate; and a majority in value of the creditors present may determine whether any allowance for support shall be made to the Bank- rupt up to the time of passing his last examination, and may fix the amount of such allowance if any be allowed.
As to choice of Creditors Assignees, and their Power.
165
LXVIII. At the first meeting of creditors, or at any adjournment thereof, it Creditors to choose shall be competent to the majority in value of the creditors who have proved debts to choose an Assignee or Assignees of the Bankrupt's estate and effects to be called the Creditors' Assignee: Provided that the Court shall by certificate appoint such Assignee so chosen and shall have power to reject any person so chosen who shall appear to such Court unfit to be such Assignee, and, upon such rejection, a new choice of Credi- tors' Assignee and a new appointment shall be made.
cost until choice of
LXIX. The petitioning creditor shall at his own cost file and prosecute his petition Petitioning creditor until the choice of Assignees by the creditors: and the Court shall at or after the to proceed at his own sitting for such choice make order for the payment thereof out of the estate of the Creditors Assignee. Bankrupt in course of priority to be settled by any General Order to be made in pur- suance of this Ordinance.
Creditors' Assignee.
LXX. Upon the appointment of the Creditors' Assignee all the estate both real Estate to vest in and personal of the Bankrupt shall be divested out of the Official Assignee and vested in the Creditors' Assignee.
render account.
LXXI. The Official Assignee shall forthwith render to the Creditors' Assignce Official Assignee to a full and particular account or balance sheet of the Bankrupt's estate, and of all receipts, payments and other transactions of such Official Assignee and also a list of all the Creditors of the Bankrupt who shall have proved their debts against the
estate.
LXXII. The Creditors' Assignee shall audit such account and may call for such Creditors' Assignee information from the Official Assignee as he possesses concerning the estate.
may call for informa- tion.
LXXIII. No person shall be entitled, as against the Official or Creditors' Assignee, No person to withhold to withhold possession of books of account of the Bankrupt, or to claim any lien possession of books.
thereon.
LXXIV. At the meeting for choice of a Creditors' Assignee or at any other Creditors may ap- meeting called for the purpose, the majority in value of the creditors present may also point manager. determine whether a manager shall be appointed to collect and wind up the estate, under the inspection of the Creditors' Assignee or of a Committee of creditors, and may appoint such person with such remuneration out of the estate and generally upon such terms and for such period and with such directions as the majority shall think fit and the remuneration of such manager shall be subject to the control and review of the Court.
LXXV. A majority in number and value of the creditors may at any meeting Removal of Assignee. duly called for the purpose, remove the Creditors' Assignee or manager or accept his resignation; and one-fourth in value of the creditors who have proved may at any time apply to the Court, by petition for the removal of the Creditors' Assignee or manager, and if on the hearing of such petition, the Court shall be of opinion that sufficient reason has been shown, it may remove such Creditors' Assignee or manager, and appoint a meeting of the creditors to be held for electing a new Creditors' Assignee and if the Assignee shall die, resign, or be removed or remain away from the Colony for three months at any one time, any creditor may apply to the Court to appoint a meeting for electing a new Creditors' Assignee, and the Court may accordingly appoint a meeting, whereof at least seven days' previous notice shall be given in the Hongkong Government Gazette and such other Newspapers as the Court may direct, and such meeting may elect a new Creditors' Assignee accordingly.
LXXVI. In all cases of the election of a new Creditors' Assignee, the proceedings shall take place in like manner as is hereinbefore provided in the case of the first election and the new Creditors' Assignee shall have the same powers and perform the same duties as the Creditors' Assignee first chosen, and shall call to account such Creditors' Assignee, his heirs, executors, administrators, or assigns as the case may require.
Mode of electing new Creditors' Assignee.