hongkong-colonial-ordinances-1847 — Page 150

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.
ORDINANCES
COLONIAL
within the Time following ; that is to say, within One Month after
the Date of such Order and Appointment respectively.

Sale of Estate and XI. And be it further enacted and ordained, That the Assignee
Effects to be made im-
mediately. or Assignees of the Estate and Effects of any such Prisoner shall,
with all convenient Speed after his or their Appointment, use his or
their best Endeavours to receive and get in the Estate and Effects of
such Prisoner, and shall with all convenient Speed make Sale of all
such Estate and Effects ; and if such Prisoner shall be interested in
or entitled to any Real Estate, either in Possession, Reversion , or
Expectancy, such Real Estate, within the Space of Six Months after
the Appointment of such Assignee or Assignees, or within such other
Time as the said Court shall direct, shall be sold by Public Auction,
in such Manner and at such Place or Places, as shall, Thirty Days
before any such Sale, be approved, in Writing under their Hands,
by the Major Part in Value of the Creditors of such Prisoner entitled
Creditors to meet to the Benefit thereof, who shall meet together on Notice of such
Sale of Real Estate. Meeting, published Fourteen Days previous thereto in the Colonial
Meeting to be ad- Paper used at the time in the Colony for Government Notifications,
vertised.
and also in some other Paper circulating therein.

Discretion in Court XII. " And whereas Persons whose Estates may, by an Order
as to the Disposal of ❝ under this Ordinance, have been vested in the said Provisional
certain
cases. 66
Assignee, may be entitled to Annuities for their own Lives, or
" other uncertain Interests, or to reversionary or contingent Interests,
66
or to Property under such Circumstances that the immediate Sale
" thereof for Payment of their Debts may be very prejudicial to
" them, and deprive them of the Means of Subsistence which they
" might otherwise have, after Payment of their Debts ; and it may
" be proper in some cases 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
66
Purpose ;" be it enacted and ordained, That in all such Cases it
shall be lawful for the said Court to take into Consideration all
Circumstances affecting the Property of any such Person ; and if it
shall appear to the said Court that it would be reasonable to make
any Special Order touching the same, it shall be lawful for the said
Court so to do, and to 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 so sold, and from Time to
Time to order and direct in what Manner such Property shall be
managed for the Benefit of the Creditors of such Person, until the
same can be properly sold, or until Payment of all such Creditors,
according to the Provisions of this Ordinance, shall have been made,
and to make such Orders touching the Sale or Disposition of such
Property as to the said Court shall seem reasonable, considering the
Rights of the Creditors of such Person to Payment of their Demands,
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 bearing Interest, or other Circumstances, as
Property may be to the said Court shall seem just ; and if it shall appear to the said
mortgaged if more be- Court that the Debts of such Person can be discharged by means of
neficial.
Money raised by way of Mortgage on any Property of such Person ,
instead of raising the same by Sale, it shall be lawful for the said
Court so to order, and to give all necessary Directions for such
Purpose,