653980-1891-Ordinances-19-and-20-of-1891-assented-to — Page 20

THE HONGKONG GOVERNMENT GAZETTE, 7TH NOVEMBER, 1891.

(4.) Give receipts for any money received by him which receipts shall effectually discharge the

person paying the money from all responsibi- lity in respect of the application thereof.

(c) Prove rank claim and draw a dividend in respect

of any debt due to the bankrupt.

(d.) Exercise any powers the capacity to exercise

which is vested in the Trustee under this Ordi- nance and execute any powers of attorney deeds and other instruments for the purpose of carry- ing into effect the provisions of this Ordinance. 50. The Trustee may with the permission of the Com- mittee of Inspection do all or any of the following things:-

(a.) Carry on the business of the bankrupt so far as may be necessary for the beneficial winding up of the same.

(6.) Bring institute or defend any action or other legal proceeding relating to the property of the bankrupt.

*

(e) Employ a solicitor or other agent to take any proceedings or do any business sanctioned by the Committee of Inspection.

(d) Accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time subject to such stipulations as to security and otherwise as the committee think fit.

(e) Mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts.

(f) Refer any dispute to arbitration and compromise all debts claims aud liabilities upon such terms as may be agreed on.

(g.) Make such compromise or other arrangement as may be thought expedient with creditor or persons claiming to be creditors in respect of any provable debts.

(h.) Make such compromise or other arrangement as may be thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt made or capable of being made on the Trustee by any person or by the Trustee on any person.

(2.) Divide in its existing form amongst the creditors according to its estimated value any property which from its peculiar nature or other special circumstances cannot be readily or advantage- ously sold.

The permission given for the purposes of this section shall not be a general permission to do all or any of the above- mentioned things but shall only be a permission to do the particular thing or things for which permission is sought. Distribution of Property.

51. (1.) Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the Trustee shall with all convenient speed declare and distribute dividends amongst the creditors who have proved their debts.

(2.) The first divideud if any shall be declared within four months after the conclusion of the first meeting of creditors unless there be a sufficient reason approved by the Court for postponing the declaration to a later date and subsequent dividends shall in the absence of sufficient reasons to the contrary be declared and distributed at in- tervals of not more than six months.

(3.) At least one month before declaring a dividend the Trustee shall cause notice of his intention to do so to be gazetted and shall also post a notice in writing to each creditor mentioned in the bankrupt's statemont who has not proved his debt.

(4.) When the Trustee has declared a dividend he shall cause a notice to be gazetted showing the amount of the dividend and when and how it is payable.

52. Where one partner of a firm is adjudged bankrupt a créditor to whom the bankrupt is indebted jointly with the other partners of the firm or any of them shall not receive any dividend out of the separate property of the bankrupt until all the separate creditors have received the full amount of their respective debts.

Powers exercisable with соцвен: of Committee of Inspection or of the Court.

Dividends.

Joint and

separate

dividends.

993