CAP. 6]
[s. 89 cont.]
Trustee not to pay into private account.
4 & 5 Geo. 5, c. 59. s. 88.
Payment of moneys into bank.
4 & 5 Geo. 5, c. 59, s. 89 (5).
Record and account to be kept by trustee.
Bankruptcy.
do make good any loss which the estate of the bankrupt may have sustained by the misfeasance, neglect or omission.
90. No trustee in a bankruptcy or under any composition or scheme of arrangement shall pay any sums received by him as trustee into his private banking account or use them otherwise than in the administration of the estate.
91. (1) The Official Receiver shall open in his name as Official 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 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) If a trustee at any time retains for more than ten days a sum exceeding five hundred dollars, or such other amount as the court in any particular case may authorize him to retain, then unless he explains the retention to the satisfaction of the court, he shall pay interest on the amount so retained in excess at the rate of twenty per cent per annum, and shall have no claim to remuneration, and may be removed from his office by the court and shall be liable to pay any expenses occasioned by reason of his default.
(3) Any trustee paying money into his private banking account or using it otherwise than in the administration of the estate may without prejudice to any other liability be dismissed from office without remuneration and may be ordered by the court to make good all losses and expenses which the creditors may suffer in consequence of his conduct.
92. (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. Such record if in Chinese shall be supplemented by a correct English translation thereof and shall be produced for inspection to the Official Receiver at any time on demand.
232
CAP. 6]
[s. 89 cont.]
Trustee not
to pay into private
account.
4 & 5 Geo. 5, c. 59. s. 88.
Payment of moneys into bank.
4 & 5 Geo. 5, c. 59,
s. 89 (5).
Record and account to be kept by trustee.
Bankruptcy.
do make good any loss which the estate of the bankrupt may have sustained by the misfeasance, neglect or omission.
90. No trustee in a bankruptcy or under any composition or scheme of arrangement shall pay any sums received by him as trustee into his private banking account or use them otherwise than in the administration of the estate.
91. (1) The Official Receiver shall open in his name as Official 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 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) If a trustee at any time retains for more than ten days a sum exceeding five hundred dollars, or such other amount as the court in any particular case may authorize lim to retain, then unless he explains the retention to the satisfaction of the court, he shall pay interest on the amount so retained in excess at the rate of twenty per cent per annum, and shall have no claim to remuneration, and may be removed from his office by the court and shall be liable to pay any expenses occasioned by reason of his default.
(3) Any trustee paying money into his private banking account or using it otherwise than in the administration of the estate may without prejudice to any other liability be dismissed from office without remuneration and may be ordered by the court to make good all losses and expenses which the creditors may suffer in consequence of his conduct.
92. (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. Such record if in Chinese shall be supplemented by a correct English transla-" tion thereof and shall be produced for inspection to the Official Receiver at any time on demand.
232
No comments yet.
Private notes are available after approval.