182
Assignees may execute powers which the insolvent might have executed for his own benefit.
Where lease accepted by assignees, the insolvent not liable for the rent.
Assignees not determining whether to accept the lease, the lessor may apply to the Court.
Assignees may sue in their own names; may make composition for debts.
Proviso for consent of creditors to compositions and arbitrations.
ORDINANCE No. 3 OF 1846.
Insolvent Debtors.
13. And be it enacted and ordained, that all powers vested in any such prisoner whose estate shall, by an order under this Ordinance, have been vested in the provisional assignee, which such prisoner might legally execute for his own benefit, shall be and are hereby vested in the assignee or assignees of the real and personal estate of such prisoner by virtue of this Ordinance, to be by such assignee or assignees executed for the benefit of all and every the creditors of such prisoner under this Ordinance, in such manner as such prisoner might have executed the same.
14. And be it enacted and ordained, that in all cases in which any such prisoner shall be entitled to any lease or agreement for a lease, and his assignee or assignees shall accept the same, and the benefit thereof, as part of such prisoner's estate and effects, the said prisoner shall not be or be deemed to be liable to pay any subsequent rent to which his discharge, adjudicated according to this Ordinance, may not apply, nor be in any manner sued after such acceptance in respect or by reason of any subsequent non-observance or non-performance of the conditions, covenants, or agreements therein contained: Provided that in all such cases as aforesaid it shall be lawful for the lessor, or person agreeing to make such lease, his heirs, executors, administrators, or assigns, if the said assignee or assignees shall decline, upon his or their being required so to do, to determine whether he or they will or will not accept such lease or agreement for a lease, to apply to the said Court, praying that he or they may either so accept the same, or deliver up such lease or agreement for a lease, and the possession of the premises demised or intended to be demised; and the said Court shall thereupon make such order as in all the circumstances of the case shall seem meet and just, and such order shall be binding on all parties.
15. And be it enacted and ordained, that it shall be lawful for the assignee or assignees of any such prisoner, and such assignee or assignees is and are hereby empowered, to sue, from time to time as there may be occasion, in his or their own name or names, for the recovery, obtaining, and enforcing of any estate, effects, or rights of such prisoner, but in trust for the benefit of the creditors of such prisoner, according to the provisions of this Act, and to give such discharge and discharges to any person or persons who shall be respectively indebted to such prisoner as may be requisite; and to make compositions with any debtors or accountants to such prisoner, where the same shall appear necessary, and to take such reasonable part of any such debts as can, upon such composition, be gotten in full discharge of such debts and accounts; and to submit to arbitration any difference or dispute between such assignee or assignees and any person or persons for or on account or by reason of any matter, cause, or thing relating to the estate and effects of such prisoner: Provided nevertheless, that no such composition, or submission to arbitration, shall be made, nor any suit in equity be commenced, by any such assignee or assignees, without the consent in writing of the major part in value of the creditors of such prisoner then residing in the said Colony, who shall meet together pursuant to a notice of such meeting, to be published at least fourteen days before such meeting in the two aforesaid newspapers, nor without the approbation of the said Court.