182783-1931-Supplementary-Draft-Bill--Bankruptcy — Page 66

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14. Where a valuation has been amended in ac- cordance with the foregoing rule, the creditor shall forthwith repay any surplus dividend which he may have received in excess of that to which he would have been entitled on the amended valuation, or, as the case may be, shall be entitled to be paid out of any money, for the time being available for dividend, any dividend or share of dividend which he may have failed to receive by reason of the inaccuracy of the original valuation, before that money is made ap plicable to the payment of any future dividend, but he shall not be entitled to disturb the distribution of any dividend declared before the date of the amend- ment.

15. If a creditor after having valued his security subsequently realises it, or if it is realised under the provisions of rule 12, the net amount realised shali be substituted for the amount of any valuation pre- viously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor.

16. If a secured creditor does not comply with the foregoing rules he shall be excluded from all share in any dividend.

17. Subject to the provisions of rule 12, a creditor shall in no case receive more than twenty shillings in the pound, and interest as provided by this Ordinance.

Proof in respect of Distinct Contracts.

18. If a debtor was, at the date of the receiving order, liable in respect of distinct contracts as 3 member of two or more distinct firms, or as a sole contractor, and also as member of a firm, the circum- stance that the firms are in whole or in part com- posed of the same individuals, or that the sole contractor is also one of the joint contractors, shall not prevent proof in respect of the contracts, against the properties respectively liable on the contracts.

Periodical Payments.

19. When any rent or other payment falls due at stated periods, and the receiving order is made at any time other than one of those periods, the person en- titled to the rent or payment may prove for a propor- tionate part thereof up to the date of the order as if the rent or payment grew due from day to day.

20. On any debt or sum certain, payable at a co tain time or otherwise, whereon interest is not reserved or agreed for, and which is overdue at th date of the receiving order and provable in ban ruptcy, the creditor may prove for interest at a rate not exceeding eight per cent per annum to the date of the order from the time when the debt or sum was payable, if the debt or sum is payable by virtue of a written instrument at a certain time, and if payable otherwise, then from the time when a demand in writing has been made giving the debtor notice that interest will be claimed from the date of the demand until the time of payment.

Interest.

Debt payable at a future time.

21. A creditor may prove for a debt not payable when the debtor committed an act of bankruptcy as if it were payable presently, and may receive divi- dends equally with the other creditors, deducting only thereout a rebate of interest at the rate of five pounds per cent per annum computed from the declara- tion of a dividend to the time when the debt would have become payable, according to the terms which it was contracted