the-ordinances-of-the-legislative-counci-1890 — Page 661

ORDINANCE No. 5 OF 1864 . 625


Bankruptcy and Insolvency.


of its being so outstanding, and of all the receipts, and of all payments
#
thereout , made or to be made ; and the Official Assignee shall , and any
creditor who has proved may , attend and examine such statement, and
compare the receipts with the payments ; and upon ascertaining what
balance is then standing to the credit of the estate, the meeting shall by
resolution, declare whether any and what part of the net produce of the
estate, after making a reasonable deduction for future contingencies , shall
be divided amongst the creditors . At the same meeting the majority in
value of the creditors present shall determine whether any, and what ,
allowance shall be made to the bankrupt out of his estate, if he has
obtained or shall obtain his discharge .

152. If upon such examination it shall appear that any Creditors' Assignee not
to keepmoney
in his hands.
Assignee has kept in his hands at any time during the space of one week
more than the sum of five hundred dollars belonging to the estate, the
creditors may upon establishing such fact to the satisfaction of the Court ,
and if the assignee shall not show cause to the contrary, debit such
assignee with interest for the amount so kept, at any rate not exceeding

twenty-five per centum by the year, for the time such moneys were kept
in his hands .

Provision to
153. In the calculation of a dividend it shall be imperative to make be made for
creditors
provision for debts which shall appear from the bankrupt's balance sheet
residing at a
or schedule to be due to persons resident in places so distant from the distance, and
for pending
Court, that in the ordinary course of communication, they have not had claims.

sufficient time to tender their proofs , or to establish them if disputed :
and also for debts the subject of claims not yet determined by the Court.
Joint and
154. In every case where joint and separate estates have to be
separate
administered and where the Court shall not otherwise direct , dividends dividend
sittings.
of the joint and separate estates shall be declared at one and the same
sitting, and notice of the time appointed for such dividends when adverti
sed, shall be given in one and the same advertisement and the costs,
charges , and expenses of and incident to the sitting shall be apportioned
by the assignee between the joint and separate estates as may appear to
be fair and reasonable, having regard to the work done for, and the
benefit received by each estate.

155. Within ten days after such meeting or within such further Dividend list
tobe prepared
time as the Court may allow, the Official Assignee shall prepare lists of by Official
Assignee.
creditors entitled to dividend, and shall calculate and set opposite to the