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THE HONGKONG GOVERNMENT GAZETTE, 31st OCTOBER, 1863. . LXXVII. 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.
LXXVIII. 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 meeting may elect a new Creditors' Assignee accordingly.
LXXIX. In all cases of the election of a new Creditors' Assignee, the proceedings Mode of electing new 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.
Bankrupts property.
LXXX. No valuation of a Bankrupt's property shall be made unless the Court As to valuation of shall so direct and any valuation required by the creditors shall be made in such manner and upon such terms as general orders shall from time to time direct.
LXXXI. The Creditors' Assignee shall manage, and except as herein provided, Duties of Creditors' realize and recover the estate belonging to the Bankrupt wherever situate, and shall Assignee. convert the same into money, and shall pay all monies not necessarily retained for current expenses, all bills, notes, and negotiable instruments belonging to the estate forthwith upon the receipt thereof into such bank as a General Order shall direct to the account of the Official Assignee in his official character.
Creditors' Assignee
to render accounts to
LXXXII. The Creditors' Assignee shall from time to time and so often as any General Order shall direct, render to the Official Assignee a debtor and creditor official Assignee. account of all monies received and paid by him on account of the Bankrupt or his estate verified on oath as a full, true and faithful account of his receipts and pay-
may examine ments as such Creditors' Assignee, and the Court
any account which may be made by or may come into the hands of the Official Assignee.
manage estate.
to sell Bankrupt's book
LXXXIII. The Assignees may with the approbation of the Court appoint the Assignees may ap- Bankrupt himself to superintend the management of the estate, or to carry on trade point Bankrupt to for behoof of the creditors, and in all or any other respects they may think fit to aid them in administering the Bankrupt's estate and effects in snch manner and on such terms as they may think best for the benefit of the persons interested in the estate.
LXXXIV. At any time after the expiration of twelve months from adjudication, Power for Assignees or at any earlier period with the approbation of the Court the Assignees may sell by debts. Auction or Tender, or with the sanction of the Court by private contract, all or any of the book debts due, or growing due to the Bankrupt and the books relating thereto, and the goodwill of his trade or business, and assign the same to the purchaser: and such purchaser shall by virtue of the assignment have power to sue in his own name for the debts assigned to him as effectually, and with the same privileges con- cerning proof of the requisites of Bankruptcy and other matters, as the Assignee himself.
LXXXV. When the affairs of the Bankrupt are fully wound up, the Court may, Disposal of Bank- subject to the directions of any General Order make from time to time such orders as rupts books, after his in each case seems fit respecting the disposal or custody of any books, papers or
affairs are wound up.
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