CO129-088 - Acting Governor Mercer - 1862 [10-12] — Page 408

32.

out" Creditors assignee

assignees". If

more

See

than one be appointed a procedure should be

laid down as to their joint

action how

and several

far

the orders, arrangements

and acts

of a

lesser number than the whole

binding on the body of Creditors

will be valid or brinding

Yea

A single assignee is doubtless the most convenient plan but in large Eclates Creditors

would naturally prefer a Committee while

it might likewise be very difficult to find

- single person willing to undertake the

a-

great labour and responsibility of Acting

alone.

Sec. 32. Add. "And it is hereby provided that

the Insolvent himself.

may

be appointed

as such manager if Elected by the Creditors and approved of by the bourt."

27.

Sec. 52.

as

40633

To not this substantially the same

Sec. 36. Et-Seq: and might not the

two be in corporated together.-

This is rather

an

important; clause as it

practically may give a minority of Creditors the power of Settting the procedure to be adopted by the majority where the creditors

are abroad or cannot be communicated

with immediately power should be reserved to them (bering a majority)

to rescinde

composition

dany.

or deed of arrangement entered,

into and again to throw the Estate into - Insolvency if so minded. In

the bulk of the lerediton

many

Estalis

are in England.

or elsewhere at a distance and it might

very easily happen that they would be disposed to shew less leniency to an