182783-1931-Supplementary-Draft-Bill--Bankruptcy — Page 43

Power to

trustees.

406

enter into any engagements binding on himself and his successors in office, and do all other acts necessary or expedient to be done in the execution of his office.

Appointment.

80.-(1) The creditors may, if they think fit, appoint joint appoint more persons than one to the office of or successive trustee, and when more persons than one arc 4 & 5 Geo. 5, appointed they shall declare whether any act required or authorised to be done by the trustee is to be done by all or any one or more of such persons, but all. such persons are in this Ordinance included under the term "trustee", and shall be joint tenants of the property of the bankrupt.

c. 59, s. 77 (1).

4 & 5 Geo. 5, c. 59, s. 77 (2).

Froceedings in case of vacancy in office of trustee.

(2) The creditors may also appoint persons to act as trustees in succession in the event of one or more of the persons first named declining to accept the office of trustee, or failing to give security, or of the appointment of any such person not being approved by the Court.

81-(!) If a vacancy occurs in the office of a trustee, the creditors in general meeting may appoint a person to fill the vacancy, and thereupon the same proceedings shall be taken as in the case of a first 4 & 5 Geo. 5, appointment. c. 59,

s. 78 (1).

4 & 5 Geo. 5,

c. 59,

s. 78 (2)

4 & 5 Geo. 5, c. 59, s. 78 (3).

4 & 5 Geo, 5, c. 59,

s. 78 (4).

Discretion-

ary powers of trustee and control thereof.

(2) The Official Receiver shall, on the requisition of any creditor, summon a meeting for the purpose of filling any such vacancy.

(3) If the creditors do not, within three weeks after the occurrence of a vacancy, appoint a person to fill the vacancy, the Official Receiver shall report the matter to the Court, and the Court may appoint a trustee.

(4) During any vacancy in the office of trustee the Official Receiver shall act as trustee.

Control over Trustee.

82.-(1) Subject to the provisions of this Ordin- ance, the trustee shall, in the administration of the property of the bankrupt and in the distribution thereof amongst his creditors, have regard to any 4 & 5 Geo. 5, directions that may be given by resolution of the c. 59,

creditors at any general meeting, or by the committee s. 79 (1).

of inspection, and any directions so given by the creditors at any general mecting shall, in case of conflict, be deemed to override any directions given by the committee of inspection.

4 & 5 Geo. 5, c. 59, s. 79 (2).

(2) The trustee may from time to time summon general meetings of the creditors for the purpose of ascertaining their wishes, and it shall be his duty to summon meetings at such times as the creditors, by resolution, either at the meeting appointing the trustee or otherwise may direct, and it shall be lawful for any creditor, with the concurrence of one-fourth in value of the creditors (including himself), at any time to request the trustee or Official Receiver to call a meeting of the creditors, and the trustee or Official Receiver shall call such meeting accordingly within fourteen days:

Provided that the person at whose instance the meeting is summoned shall, if so required, deposit with the trustee or the Official Receiver, as the case may be, a sum sufficient to pay the costs of summon- ing the meeting, such sum to be repaid to him out of the estate if the court so direct.

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