1912_BANKRUPTCY_ORDINANCE__1891 — Page 36

BANKRUPTCY..

No. 7 of 1891.

641

the

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moneys into bank.

(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 so orders, be forfeited for misconduct.

60. (1) The Official Receiver shall open in his name as Official Payment of Receiver an account at a bank approved by the Governor, and shall pay to the credit thereof all sums received by him as such Official Receiver or as trustee, and every trustee in a bankruptcy, other 75.] than the Official Receiver, receiving money as such trustee shall open an account at such bank in the name of the debtor's estate, and 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 in 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 paying money into his private banking account, or using it otherwise than in the administration of the estate, or retaining in his hands for more than a week, without the leave of the Court previously obtained, a sum exceeding 100 dollars, or without explaining such retention to the satisfaction of the Court, 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.

(2) He shall also keep an account, to be called "The Estate Account," in the form of an ordinary debtor and creditor account, in which he shall enter from day to day all his receipts and payments as trustee.

(3) 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 creditor at all reasonable times.

any

[46 & 47 Vict.

e. 52 ss. 74,

Record and

account to

be kept by

trustee.

[ib. s. 80.]

62.-(1) The trustee shall, at any time the Court may order and Audit of not less than once in each year during his tenure of office, deposit accounts and

trustee's

order therein.

I