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receiver.

if he is engaged in winding-up his estate, but any such allowance may be reduced by the court.

65. The bankrupt shall be entitled to any surplus remaining Right of bankafter payment in full of his creditors, with interest, as by this rupt to surplus. Act provided, and of the costs, charges, and expenses of the proceedings under the bankruptcy petition. PART. IV.-Official Receivers and Staff of Board of Trade.

66. As to appointment by Board of Trade of official receivers of debtors' estates.

68. (1.) The duties of the official receiver shall have relation Status of official both to the conduct of the debtor and to the administration of his estate.

(2.) An official receiver may, for the purpose of affidavits verifying proofs, petitions, or other proceedings under this Act, administer oaths.

(3.) All expressions referring to the trustee under a bankruptcy shall, unless the context otherwise requires, or the Act otherwise provides, include the official receiver when acting as trustee.

(4.) The trustee shall supply the official receiver with such information, and give him such access to, and facilities for inspecting the bankrupt's books and documents, and generally shall give him such aid, as may be requisite for enabling the official receiver to perform his duties under this Act.

69. As regards the debtor, it shall be the duty of the official Duties of official receiver

regards the (1.) To investigate the conduct of the debtor and to report to debtor's conduct. the court, stating whether there is reason to believe that the debtor has committed any act which constitutes a misdemeanour under the Debtors Act, 1869, or any amendment thereof, or under this Act, or which would justify the court in refusing, suspending, or qualifying an order for his discharge.

(2.) To make such other reports concerning the conduct of the debtor as the Board of Trade

may

direct. (3.) To take such part as may be directed by the Board of Trade in the public examination of the debtor.

(4.) To take such part, and give such assistance, in relation to the prosecution of any fraudulent debtor as the Board of Trade may direct.

70. (1.) As regards the estate of a debtor it shall be the duty Duties of official of the official receiver, (a.) Pending the appointment of a trustee, to act as interim

receiver of the debtor's estate, and, where a special

manager is not appointed, as manager thereof : (6.) To authorise the special manager to raise money or make

advances for the purposes of the estate in any case

receiver as

receiver as to debtor's estate.

debtor may

where, in the interests of the creditors, it appears

necessary so to do: (c.) To summon and preside at the first meeting of creditors : (d.) To issue forms of proxy for use at the meetings of

creditors : (e.) To report to the creditors as to any proposal which the

have made with respect to the mode of liquidating his affairs : (f.) To advertise the receiving order, the date of the creditors'

first meeting and of the debtor's public examination, and such other matters as it may be necessary to

advertise : (g.) To act as trustee during any vacancy in the office of

trustee. (2.) For the purpose of his duties as interim receiver or manager the official receiver shall have the same powers as if he were a receiver and manager appointed by the High Court, but shall, as far as practicable, consult the wishes of the creditors with respect to the management of the debtor's property, and may for that purpose, if he thinks it advisable, summon meetings of the persons claiming to be creditors, and shall not, unless the Board of Trade otherwise order, incur any expense beyond such as is requisite for the protection of the debtor's property or the disposing of perishable goods.

Provided that when the debtor cannot himself prepare a proper statement of affairs, the official receiver may, subject to any prescribed conditions, and at the expense of the estate, employ some person or persons to assist in the preparation of the statement of affairs.

(3.) Every official receiver shall account to the Board of Trade and pay over all moneys and deal with all securities in such manner as the board from time to time direct.

71. Power for Board of Trade to appoint and dismiss officers.

a

Remuneration of trustee.

PART V.-Trustees in Bankruptcy.

Remuneration of Trustee. 72. (1.) Where the creditors appoint any person to be trustee of a debtor's estate, his remuneration (if any) shall be fixed by an ordinary resolution of the creditors, or if the creditors so resolve by the committee of inspection, and shall be in the nature of a commission or percentage, of which one part shall be payable on the amount realised, after deducting any sums paid to secured creditors out of the proceeds of their securities, and the other part on the amount distributed in dividend,

(2.) one fourth in number or value of the creditors dissent from the resolution, or the bankrupt satisfies the Board of Trade

person that

that the remuneration is unnecessarily large, the Board of Trade
shall fix the amount of the remuneration.
(3.) The resolution shall

express

what expenses the remuneration is to cover, and no liability shall attach to the bankrupt's estate, or to the creditors, in respect of any expenses which the remuneration is expressed to cover.

(4.) Where no remuneration has been voted to a trustee he shall be allowed out of the bankrupt's estate such proper costs and expenses incurred by him in or about the proceedings of the bankruptcy as the taxing officer may allow.

(5.) A trustee shall not under any circumstances whatever, make any arrangement for or accept from the bankrupt, or any solicitor, auctioneer, or any other person that may be employed about a bankruptcy, any gift, remuneration, or pecuniary or other consideration or benefit whatever beyond the remuneration fixed by the creditors and payable out of the estate, nor shall he make any arrangement for giving up, or give up, any part of his remuneration, either as receiver, manager, or trustee to the bankrupt, or any solicitor or other

may be employed about a bankruptcy.

Costs. 73. (1.) Where a trustee or manager receives remuneration Allowance and for his services as such no payment shall be allowed in his taxation of costs. accounts in respect of the performance by any other person of the ordinary duties which are required by statute or rules to be performed by himself.

(2.) Where the trustee is a solicitor he may contract that the remuneration for his services as trustee shall include all professional services.

(3.) All bills and charges of solicitors, managers, accountants, auctioneers, brokers, and other persons, not being trustees, shall be taxed by the prescribed officer, and no payments in respect thereof shall be allowed in the trustee's accounts without proof of such taxation having been made. The taxing master shall satisfy himself before passing such bills and charges that the employment of such solicitors and other persons, in respect of particular matters out of which such charges arise, has been duly sanctioned.

(4.) Every such person shall, on request of the trustee (which request the trustee shall make a sufficient time before declaring a dividend), deliver his bill of costs or charges to the proper officer for taxation, and if he fails to do so within seven day's after receipt of the request, or such further time as the court, on application, may grant, the trustee shall declare and distribute the dividend without regard to any claim by him, and thereupon any such claim shall be forfeited as well against the trustee personally as against the estate.

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Receipts, Payments, Accounts, Audit. Payment of 74. (1.) An account called the Bankruptcy Estates Account money into Bank of England.

shall be kept by the Board of Trade with the Bank of England, and all moneys received by the Board of Trade in respect of proceedings under this Act shall be paid to that account.

(2.) The account of the Accountant in Bankruptcy at the Bank of England shall be transferred to the Bankruptcy Estates Account.

(3.) Every trustee in bankruptcy shall in such manner and at such times as the Board of Trade with the concurrence of the Treasury direct, pay the money received by him to the Bankruptcy Estates Account at the Bank of England, and the Board of Trade shall furnish him with a certificate of receipt of the money so paid.

(4.) Provided that if it appears to the committee of inspection that for the purpose of carrying on the debtor's business, or of obtaining advances, or because of the probable amount of the cash balance, or if the committee shall satisfy the Board of Trade that for any other reason it is for the advantage of the creditors that the trustee should have an account with a local bank, the Board of Trade shall, on the application of the committee of inspection, authorise the trustee to make his payments into and out of such local bank as the committee may select.

Such account shall be opened and kept by the trustee in the name of the btor's estate ; and any interest receivable in respect of the account shall be part of the assets of the estate.

The trustee shall make his payments into and out of such local bank in the prescribed manner.

(5.) Subject to any general rules relating to small bankruptcies under Part VII. of this Act, where the debtor at the date of the receiving order has an account at a bank, such account shall not be withdrawn until the expiration of seven days from the day appointed for the first meeting of creditors, unless the Board of Trade, for the safety of the account, or other sufficient cause, order the withdrawal of the account.

(6.) If a trustee at any time retains for more than ten days a sum exceeding fifty pounds, or such other amount as the Board of Trade in any particular case authorises him to retain, then, unless he explains the retention to the satisfaction of the Board of Trade, he shall pay interest on the amount so retained in excess at the rate of twenty pounds per centum per annum and shall have no claim for remuneration, and may be removed from his office by the Board of Trade, and shall be liable to pay any expenses occasioned by reason of his default.

(7.) All payments out of money standing to the credit of the Board of Trade in the Bankruptcy Estates Account shall be made by the Bank of England in the prescribed manner.

75. No trustee in a bankruptcy or under any composition or Trustee not to scheme of arrangement shall pay any sums received by him as account.

pay into private trustee into his private banking account.

76. As to investment by Treasury of surplus funds.

78. (1.) Every trustee shall, at such times as may be pre- Audit of trustee's scribed, but not less than twice in each year during his tenure of office, send to the Board of Trade, or as they direct, an account of his receipts and payments as such trustee.

(2.) The account shall be in a prescribed form, shall be made in duplicate, and shall be verified by a statutory declaration in the prescribed form.

(3.) The Board of Trade shall cause the accounts so sent to be audited, and for the purposes of the audit the trustee shall furnish the board with such vouchers and information as the board may require, and the board may at any time require the production of and inspect any books or accounts kept by the trustee.

(4.) When any such account has been audited one copy thereof shall be filed and kept by the board, and the other copy shall be filed with the court, and each copy shall be open to the inspection of any creditor, or of the bankrupt, or of any person interested.

79. The trustee shall, whenever required by any creditor so to The trustee to do, and on payment by such creditor of the prescribed fee, furnish list of furnish and transmit to such creditor by post a list of the creditors, showing in such list the amount of the debt due to each of such creditors.

80. The trustee shall keep, in manner prescribed, proper Books to be kept books, in which he shall from time to time cause to be made by trustee. entries or minutes of proceedings at meetings, and of such other matters as may be prescribed, and any creditor of the bankrupt may, subject to the control of the court, personally or by his agent inspect any such books.

81. (1.) Every trustee in a bankruptcy shall from time to Annual statetime, as may be prescribed, and not less than once in every year ceedings. during the continuance of the bankruptcy, transmit to the Board of Trade a statement showing the proceedings in the bankruptcy up to the date of the statement, containing the prescribed particulars, and made out in the prescribed form.

(2.) The Board of Trade shall cause the statements so transmitted to be examined, and shall call the trustee to account for any misfeasance, neglect, or omission which may appear on the said statements or in his accounts or otherwise, and may require the trustee to make good any loss which the estate of the bankr

pt may have sustained by the misfeasance, neglect, or omission,

Release of Trustee. 82. (1.) When the trustee has realised all the property of Relense of

ment of pro

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trustee.

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