626 ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
name of each creditor who has proved under the estate ( subject to the
provision herein contained as to dividends reserved ) the dividend to
which he is entitled out of the net produce of the estate so set apart for
a dividend, and shall forward by post to every such creditor a statement
of the dividend to which he is so entitled and such dividends shall be
paid in such manner as General Orders shall direct .
Proceedings 156. Proceedings for the making up and auditing of the accounts
for paying
dividends to of the estate and the declaration and payment of a dividend shall con
be had until
the whole of tinue to be had until the whole of the estate is divided amongst the
the estate is
divided. creditors and a dividend is declared to be final : provided that it shall be
lawful for the majority in value of the creditors present at any meeting
as aforesaid to postpone the period of declaring a dividend , or at any
time in declaring a second dividend to declare also that such second
dividend shall be final unless any action at Law or suit in Equity be
depending, or any part of the estate be standing out not sold or disposed
of, or unless some other estate or effects of the bankrupt shall afterwards
come to the assignee, in which case he shall, as soon as may be, convert
such estate and effects into money , and within two months after the
same shall be so converted , the same shall also be divided in manner
aforesaid .
Effect of 157. When a final dividend shall have been paid the Creditors'
assignee cer
tificate . Assignee may apply to the Court for a certificate and if the Court shall
grant such certificate it shall operate to release the Creditors' Assignee
from all claims and demands of the creditors or of any person who might
have proved under the bankruptcy, subject nevertheless to such con
ditions if any as shall be expressed in such certificate.
Unclaimed 158. Every Creditors ' Assignee shall, before he shall have obtained
dividends,
&c., to be his certificate, transmit to the Official Assignee a list of unclaimed div
paid into the
Treasury. idends on the estate , and of all debts remaining due to the estate, under
his hand, and shall pay all moneys and other estate of the bankrupt
then in his hands into the Colonial Treasury to the credit of the estate.
Official 159. Where the Creditors ' Assignee has obtained his certificate,
Assignee to
act after the Official Assignee shall, as to any estate and effects of the bankrupt
discharge of
Creditors' not realised at the date of such certificate, and as to all debts then re
Assignee.
maining uncollected , and which shall not have been sold in manner
herein provided , and as to any future acquired property of the bank