ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
Creditors
603
may appoint
74. At the meeting for choice of a Creditors' Assignee or at any other meeting called for the purpose, the majority in value of the creditors present may also determine whether a manager shall be appointed to collect and wind up the estate, under the inspection of the Creditors' Assignee or of a committee of creditors, and may appoint such person with such remuneration out of the estate and generally upon such terms and for such period and with such directions as the majority shall think fit and the remuneration of such manager shall be subject to the control and review of the Court.
75. A majority in number and value of the creditors may at any meeting duly called for the purpose, remove the Creditors' Assignee or manager or accept his resignation; and one-fourth in value of the creditors who have proved may at any time apply to the Court, by petition for the removal of the Creditors' Assignee or manager, and if on the hearing of such petition, the Court shall be of opinion that sufficient reason has been shown, it may remove such Creditors' Assignee or manager, and appoint a meeting of the creditors to be held for electing a new Creditors' Assignee: and if the assignee shall die, resign, or be removed or remain away from the Colony for three months at any one time, any creditor may apply to the Court to appoint a meeting for electing a new Creditors' Assignee, and the Court may accordingly appoint a meeting, whereof at least seven days' previous notice shall be given in the Hongkong Government Gazette and such other newspapers as the Court may direct, and such meeting may elect a new Creditors' Assignee accordingly.
Removal of Assignee.
electing new Creditors' Assignee.
76. In all cases of the election of a new Creditors' Assignee, the proceedings shall take place in like manner as is hereinbefore provided in the case of the first election and the new Creditors' Assignee shall have the same powers and perform the same duties as the Creditors' Assignee first chosen, and shall call to account such Creditors' Assignee, his heirs, executors, administrators, or assigns as the case may require.
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77. No valuation of a bankrupt's property shall be made unless the Court shall so direct: and any valuation required by the creditors shall be made in such manner and upon such terms as general orders shall from time to time direct.
78. The Creditors' Assignee shall manage, and except as herein provided, realize and recover the estate belonging to the bankrupt, and shall convert the same into money, and shall dispose of all monies not...
As to valuation of bankrupt's property.
Duties of Creditors Assignee.
ORDINANCE No. 5 OF 1864.
Bankruptcy and Insolvency.
Creditors
603
may appoint
74. At the meeting for choice of a Creditors' Assignee or at any other meeting called for the purpose, the majority in value of the creditors manager. present may also determine whether a manager shall be appointed to collect and wind up the estate, under the inspection of the Creditors' Assignee or of a committee of creditors, and may appoint such person with such remuneration out of the estate and generally upon such terms and for such period and with such directions as the majority shall think fit and the remuneration of such manager shall be subject to the control and review of the Court.
75. A majority in number and value of the creditors may at any meeting duly called for the purpose, remove the Creditors' Assignee or manager or accept his resignation; and one-fourth in value of the creditors who have proved may at any time apply to the Court, by petition for the removal of the Creditors' Assignee or manager, and if on the hearing of such petition, the Court shall be of opinion that sufficient reason has been shown, it may remove such Creditors' Assignee or manager, and appoint a meeting of the creditors to be held for electing a new Creditors' Assignee: and if the assignee shall die, resign, or be removed or remain away from the Colony for three months at any one time, any creditor may apply to the Court to appoint a meeting for electing a new Creditors' Assignee, and the Court may accordingly appoint a meeting, whereof at least seven days' previous notice shall be given in the Hongkong Government Gazette and such other newspapers as the Court may direct, and such meeting may elect a new Creditors' Assignee accordingly.
Removal of Assignee.
electing new Creditors' Assignee.
76. In all cases of the election of a new Creditors' Assignee, the Mode of proceedings shall take place in like manner as is hereinbefore provided in the case of the first election and the new Creditors' Assignee shall have the same powers and perform the same duties as the Creditors' Assignee first chosen, and shall call to account such Creditors' Assignee, his heirs, executors, administrators, or assigns as the case may require.
{
77. No valuation of a bankrupt's property shall be made unless the Court shall so direct: and any valuation required by the creditors shall be made in such manner and upon such terms as general orders shall from time to time direct.
78. The Creditors' Assignee shall manage, and except as herein provided, realize and recover the estate belonging to the bankrupt, and shall convert the same into money, and shall dispose of all monies not
As to valuation of bankrupt's property.
Duties of Creditors Assignee.
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