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The material sections of that ordinance for the present purpose are, first, section 163. This comes under the head of "Trust deeds "for the benefit of creditors," and enacts as follows: "Every deed or instrument made or entered into between a debtor and his "creditors, or any of them, as trustees for the rest, or a trustee on their behalf, relating to "the debts or the liabilitics of the debtor, and his release therefrom, or the distribution, inspection, management, and winding up of his
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"estate, or any of such matters, shall be as valid and effectual and binding on all the creditors “of such debtor as if they were parties to and "had duly executed the same, provided the following conditions be observed." Then come several conditions. The first of them is that the deed shall be a conveyance of the estate of the debtor, except a small portion; the next, that a majority in number representing three fourths in value of the creditors shall in writing assent to or approve of such deed. Then come provisions relating to the execution of the trust deed. Then follows a further provision in these terms: "Within twenty-eight days from the
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day of the execution of such deed or instru- "ment by the debtor, the same shall be pro- "duced and left at the office of the Re-
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gistrar for the purpose of being registered."
The next section, 164, provides for a special form and manner of registration of documents of this kind. It requires that "The date, names, "and descriptions of the parties to every "such deed or instrument, not including the "creditors, together with a short statement of "the nature and effect thereof, shall be entered
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by the Registrar in a book to be kept exclu-
sively for the purposes of such registration.
"Such entry shall be made within forty-eight "hours after the deed shall have been left at the
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* office as aforesaid, and a copy of such entry "shall be published in the Hong Kong Govern- "ment Guzette as soon as reasonably can be "done after, but in no case later than ten days "from, the time of making such entry."
It is clear that the deed in this case does not
fall under the provisions of these sections, in- asmuch as it was not proved to have received the requisite assent of creditors. But it was contended, and this in effect was the ruling of the Court below, that this deed being one within the provisions of section 165 fell within those of section 167, and therefore operated
to give the Plaintiff's all the rights of action which would have accrued to assignees in bank- ruptcy. It will be necessary to examine both these sections. Section 165 is in these terms: "Every deed, instrument, or agreement what- "soever," and it may be observed that the term "agreement" is here inserted, which is not to be found in the previous clause," made "and executed, by which a debtor not being
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a bankrupt conveys, or convenants or agrees "to convey, his estate and effects, except such portion thereof as aforesaid for the benefit "of his creditors." It may be further observed that this clause contemplates not only a deed conveying the bankrupt's estate, but an agreement to convey it; the clause proceeds, "or makes any arrangement or agreement with his cre- ditors, or any person on their behalf, for the * distribution, inspection, conduct, management,
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or winding up of his affairs or estate, or the "release or discharge of such debtor from his "debts or liabilities, shall, within twenty-eight "days from and after the execution thereof
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by such debtor, or within such further time as the Court shall allow, be registered in the Court; and in default thereof shall not be received in evidence."
This section, although it may possibly include
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