718598-1863-HONGKONG-ANNO-VICESIMO-SEPTIMO-VICTORIE-REGINE-NO--OF-1863- — Page 18

THE HONGKONG GOVERNMENT GAZETTE, 31st OCTOBER, 1863.

uncertain interest, or to any reversionary or contingent interest, or to property under such circumstances that the immediate sale thereof for payment of his debts may be very prejudicial to him and deprive him of the means of subsistence which he might otherwise have after payment of his debts, and it may be proper to authorize the raising of money by way of mortgage for payment of the debts, or part of the debts of such person, instead of selling the property of such person for that purpose, the Court may take into consideration all circumstances affecting the property of any such person; and if it shall appear to the Court that it would be reasonable to make any special order touching the same, the Court may do so, and direct that such property as it may be expedient not to sell, or not to sell immediately, according to the provisions of this Ordinance, shall not be sold, and may from time to time direct in what manner such property shall

be be managed for the benefit of the creditors of such person, until the same can pro- perly sold, or until payment of all such creditors, according to the provisions of this Ordinance, shall have been made, and may make all such orders touching the sale or disposition of such property as the Court shall see fit, considering the rights of the creditors and the future benefit of such person after payment of his debts, and upon such terms and conditions with respect to the allowance of interest on debts not bear- ing interest or other circumstances, as the Court shall see fit; and if it shall appear to the Court that the debts of such person can be discharged by means of money raised by way of mortgage on any property of such person, instead of raising the same by sale, the Court may so order, and may give all necessary directions for such purpose, and generally direct all things which may be proper for the discharge of the debts of such person, in such manner as may be most consistent with the interests of such person in any surplus of his effects after payment of such debts; and in every such case the discharge of such Bankrupt shall not be held to discharge him or his estate from any debt secured by him by way of mortgage or otherwise under this Section.

CV. If any Bankrupt shall as trustee be seized, possessed of, or entitled to, either alone or jointly, any real or personal estate, or any interest secured upon or arising out of the same, or shall have standing in his name as trustee, either alone or jointly, any Government stock, funds, or annuities, or any of the stock of any public Company, the Court on petition of the person entitled in possession to the receipt of the rents, issues, and profits, dividends, interest, or produce thereof, on due notice given to all other persons, (if any) interested therein, inay order the Assignees, and all persons whose act and consent thereto is necessary, to convey assign or transfer the said estate, interest, stock, funds, or annuities to such person as the Court shall think fit, upon the same trusts as the said estate, interest, stock, funds, or annuities were subject to before the Bankruptcy, or such of them as shall be then subsisting and capable of taking effect, and also to receive and pay over the rents, issues and profits, dividends, interest or produce thereof as the Court shall direct.

CVI. No title to any real or personal estate sold under any Bankruptcy shall be impeached by the Bankrupt, or any person claiming under him, in respect of any defect in the petition for adjudication, or in any of the proceedings under the same, unless the Bankrupt, shall within the time allowed by this Ordinance have commenced proceedings to dispute or dismiss the petition or adjudication and duly prosecuted the

same.

•

307

Where Bankrupt is

a trustee the Court may order conveyance

or

ass gusteet assignment to an-

Titles to property unless proceedings taken to annul and

sold not to be impeach-

ed

duly prosecuted.

judication may order

agent of the Bankrupt,

to deliver all moneys

CVII. After any adjudication shall have been advertised in the Hongkong Govern- The Court after ad- ment Gazette, the Court

Treasurer or other officer or any banker, attorney any Treasurer, &c., or may order any or solicitor, or other agent of the Bankrupt, to pay and deliver over to the Official Assignee or to any Bank to the Credit of the Official Assignee, all moneys, or securities. for money, in his custody, possession, or power as such Treasurer, officer, banker, or agent, and which he is not by law entitled to retain as against the Bankrupt or his Assignee.

As to transactions not affected by Bankruptcy.

CVIII. Every payment really and bona fide made by any Bankrupt, or by any person on his behalf, before the filing of a Petition for adjudication to any Creditor of such Bankrupt, and every payment really and bonâ fide made to any Bankrupt before the filing of such Petition, and every conveyance by any Bankrupt bonâ fide made and executed before the filing of such Petition, and every contract, dealing, and transac- tion, by and with any Bankrupt really and bona fide made and entered into before the filing of such Petition, and every execution and attachment against the lands and tenements of any Bankrupt bona fide executed by seizure, and every execution and attachment against the goods and chattels of any Bankrupt bonâ fide executed and

&c.

Payments, convey- executions against lands (if executed by

ances, contracts, &c.,

seizure) to be valid, if no notice of prior act of Bankruptcy.