ORDINANCE No. 5 of 1864 . C03
Bankruptcy and Insolvency.
74. At the meeting for choice of a Creditors' Assignee or at any Creditors
may appoint
other meeting called for the purpose, the majority in value of the creditors manager.
present may also 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.
75. A majority in number and value of the creditors may at any Removal of
Assignee.
meeting 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.
76. In all cases of the election of a new Creditors ' Assignee, the Mode of
electing new
Creditors'
proceedings shall take place in like manner as is hereinbefore provided in
Assignee.
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.
77. No valuation of a bankrupt's property shall be made unless the As to
valuation of
Court shall so direct : and any valuation required by the creditors shall
property.
be made in such manner and upon such terms as general orders shall from
time to time direct .
78. The Creditors ' Assignee shall manage, and except as herein Duties of
Creditors'
provided, realize and recover the estate belonging to the bankrupt , and Assignee.
shall convert the same into money, and shall dispose of all monies not