CAP. 61
[s. 71 cont.]
Final dividend.
4 & 5 Geo. 5, c. 59, s. 67.
No action for dividend.
4 & 5 Geo. 5. c. 59, s. 68.
Right of bankrupt to surplus.
4 & 5 Geo. 5. c. 59, s. 69.
Appointment of Official Receiver.
Bankruptcy.
thereof is assessed in the proof, the amount realized or assessed shall be appropriated to the satisfaction of principal and interest in the proportion that the principal bears to the sum payable as interest at the agreed rate.
72. (1) When the trustee has realized all the property of the bankrupt, or so much thereof as can be realized without needlessly protracting the trusteeship, he shall declare a final dividend, but before so doing he shall give notice in manner prescribed to the persons whose claims to be creditors have been notified to him, but not established to his satisfaction, that if they do not establish their claims to the satisfaction of the court within a time limited by the notice, he will proceed to make a final dividend without regard to their claims.
(2) After the expiration of the time so limited or if the court on application by any such claimant grants him further time for establishing his claim, then on the expiration of such further time, the property of the bankrupt shall be divided among the creditors who have proved their debts, without regard to the claims of any other persons.
73. No action for a dividend shall lie against the trustee, but if the trustee refuses to pay any dividend the court may, if it thinks fit, order him to pay it and also to pay out of his own money interest thereon for the time that it is withheld and the costs of the application.
74. The bankrupt shall be entitled to any surplus remaining after payment in full of his creditors, with interest, as by this Ordinance provided, and of the costs, charges and expenses of the proceedings under the bankruptcy petition.
PART IV.
OFFICIAL RECEIVER.
75. (1) Subject to the provisions of subsection (2), the Governor may appoint such persons as he thinks fit to be Official Receiver and deputy official receiver of debtors' estates under this Ordinance and may remove such persons from such offices.
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