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THE HONGKONG GOVERNMENT GAZETTE, 31ST OCTOBER, 1863.
One partner may
Exchequer Bills shall be kept, and cause such Exchequer Bills to be sold when it shall appear to such Court expedient, and may direct the proceeds thereof to be again laid out in the purchase of Exchequer Bills, or to be applied for the benefit of the Creditors.
CLXV. In all joint petitions for adjudication under which any partner shall have receive allowance al- obtained his discharge, if a sufficient dividend shall have been paid upon the joint estate and upon the separate estate of such partner, he shall be entitled to his allowance, although the other partner may not be entitled to any allowance.
though other not enti- tled.
If produce of estate pay 2018, in the pound
Bankrupt after pay- ment of interest on debts.
CLXVI. If the produce of the estate of any Bankrupt shall be sufficient to pay and leave surplus,such twenty shillings in the pound, and interest as hereinafter mentioned, and to leave a surplus to be paid to surplus, the Court may order such surplus to be paid to such Bankrupt, his executors, administrators or assigns; and every such Bankrupt shall be entitled to recover the remainder if any of the Debts due to him; but such surplus shall not be paid until all the Creditors who have proved, shall have received interest upon their debts to be cal culated and paid at the rate and in the order following; viz: all Creditors whose debts are by law entitled to carry interest in the event of a surplus, shall first receive interest on such debts at the rate of interest reserved or by law payable or provable thereon, to be calculated from the date of the filing of the petition for adjudication; and after such interest shall have been paid: all other Creditors who have proved shall receive interest on their debt from the date of such petition at the rate of four pounds per centum per annum.
After three months
provided certain for- malities are complied with.
As to trust deeds for the benefit of Creditors.
CLXVII. If any person shall execute any conveyance or assignment by deed of all conveyance of all his estate and effects to a trustce or trustees for the benefit of all the Creditors of such Debtors property not an act of Bankrupcy person, the execution of such deed shall not be deemed an act of bankruptcy unless a petition for adjudication be filed within three months from the execution thereof pro- vided that the conditions which are herein ordained to be observed with regard to every deed or instrument made or entered into between a Debtor and his Creditors or any of them as trustee for the rest or a trustee on their behalf, have been observed in any such conveyance or assignment by deed.
What deeds to be
conditions.
CLXVIII. Every deed or instrument made or entered into between a Debtor and his valid and upon what Creditors or any of them, as trustees for the rest, or a trustee on their behalf, relating to the debts or liabilities of the debtor, and his release therefrom, or the distribution, inspection, management, and winding up of his estate, or any of such matters, shall be as valid and effectual and binding on all the Creditors of such Debtor as if they were parties to, and had duly executed the same, provided the following conditions be observed; that is to say :-
1. If such deed provides for the conveyance of the whole estate of the debtor:
2. If a majority in number, representing three-fourths in value, of the Creditors of such Debtor whose debts shall respectively amount to ten pounds and upwards shall, before or after the execution thereof by the Debtor in writing assent to or approve of such deed or instrument:
3. If the trustee or trustees shall execute the same:
4. If the execution of such deed or instrument by the Debtor shall be attested by a Practitioner-in-law: an Attorney or Solicitor:
5. If within twenty-eight days from the day of the execution of such deed or instrument by the Debtor the same shall be produced and left (having been first duly stamped) at the office of the
for the purpose of being registered:
6. If together with such deed or instrument there shall be delivered to the an affidavit by the Debtor or some person able to depose thereto, or a certificate by the trustee or trustees, that a majority in number, representing three-fourths in value of the Creditors of the Debtor, whose debts amount to ten pounds or upwards have in writing assented to or approved of such deed or instrument, and also stating the amount in value of the property and credits of the Debtor comprised in such deed.
7. Such deed or instrument shall, before registration, bear such ordinary and ad valorem stamp duties as are hereinafter provided: