657022-1890-Bill-Bankruptey-Ordinance — Page 19

1188

THE HONGKONG GOVERNMENT GAZETTE, 29TH NOVEMBER, 1890.

Costs and remuneration.

Banking secount.

Record and book of account

to be kept.

Audit and order therein.

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.

or

(4.) The remuneration of any Trustee manager 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 bankruptcy 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 pretence whatever.

(3.) Any Trustee as aforesaid paying money into his private banking account or using it otherwise than in the administration of the estate or retaining it in his hands for more than a week without the leave of the Court previously obtained he may without prejudice to any other liability be dismissed from office without remuneration and may be ordered by the Court to pay any expenses to which the creditors may be put in consequence of his dismissal.

61. (1.) The Trustee shall keep a record in writing in which he shall enter a minute of all proceedings had and resolutions passed at any meeting of creditors or of the Committee of Inspection and a statement of all negotiations and proceedings necessary to give a correct view of the management of the bankrupt's property. He shall also keep an account to be called "The Estate Account" in the form of an ordinary debtor and ereditor account in which he shall enter from day to day all his receipts and pay- ments as Trustee.

(2.) The Trustee shall produce at every meeting of creditors and at every meeting of the Committee of Inspection the record and account above mentioned and also the pass-book of the estate's bank account and such documents shall be open to the inspection of any creditor at all reasonable times.

62. (1.) Every Trustee shall not less than twice in each year during his tenure of office deposit in the Registry of the Supreme Court an account of his receipts and pay- ments verified by affidavit.

(2.) Such accounts shall be examined and audited by the Registrar or by any person named by the Court or the Court may itself examine them and it shall be the duty of the Trustee to furnish all such vouchers or information as may be necessary for such audit or examination.

(3.) The Court may after hearing the explanation if any of the Trustee make such order as it thinks just for com- pelling the Trustee to make good any loss to the estate which after such audit or examination may appear to the Court to have been occasioned by any misfeasance neglect or improper omission of the Trustee.

63. The fees and percentages to be charged in respect of proceedings under this Ordinance and the remuneration of the Official Receiver and Trustee shall be as mentioned in the Schedule B, provided that such schedule may from time to time be altered by rule of Court.

64. Where the joint estate of any co-debtors is insuffi- cient to defray any costs or charges properly incurred in respect thereof, the Court, on the application of the Official Assignee may order such costs or charges to be paid out of the separate estates of such co-debtors or any one or more of them. The Court may also order any costs or charges properly incurred for any separate estate to be paid out by the joint estate if in the opinion of the Court it shall be just so to do.