612
Powers exercisable
by trustee with
permission of committee of inspection.
No. 7 of 1891.
BANKRUPTCY
(2) give receipts for any money received by him, which receipts shall effectually discharge the person paying the money from all responsibility in respect of the application thereof;
(3) prove, rank, claim, and draw a dividend in respect of any debt due to the bankrupt; and
(4) exercise any powers the capacity to exercise which is vested in the trustee under this Ordinance, and execute any powers of attorney, deeds, and other instruments for the purpose of carrying into effect the provisions of this Ordinance.
50.-(1) The trustee may, with the permission of the committee of inspection, do all or any of the following things:-
(a) carry on the business, if any, of the bankrupt so far as may be necessary for the beneficial winding-up of the same;
(b) bring, institute, or defend any action or other legal proceeding relating to the property of the bankrupt;
(c) employ a solicitor or other agent to take any proceedings or do any business sanctioned by the committee;
(d) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time, subject to such stipulations as to security and otherwise as the committee may think fit;
(e) mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;
(f) refer any dispute to arbitration and compromise all debts, claims, and liabilities on such terms as may be agreed upon;
(g) make such compromise or other arrangement as may be thought expedient with creditors or persons claiming to be creditors in respect of any provable debts;
(h) make such compromise or other arrangement as may be thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt made or capable of being made on the trustee by any person or by the trustee on any person; and
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Page 36
612
Powers exercisable
by trustee with
permission of committee of inspection.
No. 7 of 1891.
BANKRUPTCY.
(2) give receipts for any money received by him, which receipts shall effectually discharge the person paying the money from all responsibility in respect of the application thereof;
(3) prove, rank, claim, and draw a dividend in respect of any debt due to the bankrupt; and
(4) exercise any powers the capacity to exercise which is vested in the trustee under this Ordinance, and execute any powers of attorney, deeds, and other instruments for the purpose of carrying into effect the provisions of this Ordinance.
50.-(1) The trustee may, with the permission of the committee of inspection, do all or any of the following things:-
(a) carry on the business, if any, of the bankrupt so far as 46 & 47 Vict. may be necessary for the beneficial winding-up of the same;
e. 52, s. 57.
(b) bring, institute, or defend any action or other legal proceeding relating to the property of the bankrupt ;
(c) employ a solicitor or other agent to take any proceedings or do any business sanctioned by the committee ;
(d) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time, subject to such stipulations as to security and otherwise as the committee may think fit;
(e) mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts;
(f) refer any dispute to arbitration and compromise all debts, claims, and liabilities on such terms as may be agreed
upon;
(g) make such compromise or other arrangement as may be thought expedient with creditors or persons claiming to be creditors in respect of any provable debts ;
(h) make such compromise or other arrangement as may be thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt made or capable of being made on the trustee by any person or by the trustee on any person; and
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