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THE HONGKONG GOVERNMENT GAZETTE, 7TH NOVEMBER, 1891.
Provision for creditors residing at a distance, &c.
Creditor proving after dividend.
Final dividend.
No action for dividend.
Employment of and allow- ance to bank- rupt.
Right of bankrupt to surplus.
Costs and remuneration.
Banking me 'ouut,
53. In the calculation and distribution of a dividend the Trustee shall make provision for debts provable in bank- ruptcy appearing from the bankrupt's statement or other- wise to be due to persons resident in places so distant from the place where the Trustee is acting that in the ordinary course of communication they have not bad sufficient time to tender their proof or to establish them if disputed and also for debts provable in bankruptcy the subject of claims not yet determined. He shall also make provision for any disputed proofs or claims and for the expenses necessary for the administration of the estate or otherwise and subject to the foregoing provisions he shall distribute as dividend all money in hand.
54. A creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being in the hands of the Trustee any dividend or dividends he may have failed to receive before that money is applied to the payment of any future dividend or dividends but he shall not be entitled to disturb the distribution of any dividend declared before his debt was proved by reason that he has not participated therein.
55. When the Trustee has realised all the property of the bankrupt or so much thereof as can be realised without needlessly protracting the trusteeship he shall declare a final dividend which dividend shall be so specified in the Gazette notices and in the notices to creditors and any creditor who has not proved shall be excluded from such dividend unless he proves his debt before the dividend is paid provided that the Court may on the application of any such creditor postpone the payment of such dividend or part of it for such time as shall be reasonably necessary for such creditor to establish his claim.
56. No action for a dividend shall lie against a Trustee but if the Trustee refuses to pay any dividend the Court may if it thinks fit order him to pay it and also to pay out of his own money interest thereon for the time that it is withheld and the costs of the application.'
57. (1.) The Trustee with the permission of the Com- mittee of Inspection or of the Court may appoint the bank- rupt himself to superintend the management of the property of the bankrupt or any part thereof or to carry on the trade (if any) of the bankrupt for the benefit of his creditors and in any other respect to aid in administering the property in such manner and on such terms as the Trustee may direct.
(2.) The Court on the application of the Trustee may if it think fit make an allowance out of the estate to the bank- rupt for the support of himself and his family or in con- sideration of his services in assisting the Trustee.
58. The bankrupt shall be entitled to any surplus re- maining after payment in full of his creditors with interest as by this Ordinance provided and of the costs charges and expenses of the proceedings under the bankruptcy petition.
PART IV.
MATTERS INCIDENTAL TO TRUSTEE'S DUTIES. Costs and Charges.
59. (1.) All costs of or incident to proceedings in bank- ruptcy shall subject to the provisions of this Ordinance be in the discretion of the Court.
(2.) Where a Trustee or manager receives remuneration for his services as such no payment shall be allowed in his accounts in respect of the performance by any other person of the ordinary duties which are required to be performed by himself.
(3.) No solicitor's bill of costs shall be allowed in the Trustee's accounts unless it has been taxed by the proper officer.
(4.) The remuneration of any Trustee manager or Receiver or the allowance to any bankrupt or any part of such remuneration or allowance may if the Court shall so order be forfeited for misconduct.
60. (1) Every Trustee in a bankruptcy receiving money as such Trustee shall open an account at a bank in the name of the debtor's estate and every such Trustee shall pay to the credit of such account all sums, which may from time to time be received by him as such Trustee.
(2.) No Trustee under a bankruptey shall pay any money received by him as Trustee into his private banking account or use it otherwise than in the administration of the estate on any protonce whatever.
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