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s. 21.

been adjudged bankrupt, forthwith call a meeting for the purpose of appointing one (sub-s. 8, infrà), and if a trustee be not appointed within four weeks from the date of the adjudication, or in the event of negotiations for a composition or scheme being then pending within seven days from their determination by failure, the official receiver shall report the matter to the Board of Trade, and the Board of Trade shall thereupon make the appointment (sub-s. 6, infrà); but the person so appointed may be superseded at any subsequent time by the creditors or committee of inspection (if so authorised) appointing a trustee and getting his appointment certified (sub-s. 7, infrà).

The creditors may appoint more persons than one to fill the office of trustee, and may also appoint persons as trustees in succession to one another (s. 84).

The remuneration of the trustee may be fixed by an ordinary resolution of the creditors or by the committee of inspection (if so authorised), and in certain cases by the Board of Trade, s. 72.

(2.) The person so appointed shall give security in manner prescribed to the satisfaction of the Board of Trade, and the Board, if satisfied with the security, shall certify that his appointment has been duly made,2 unless they object to the appointment on the ground that it has not been made in good faith by a majority in value of the creditors voting, or that the person appointed is not fit to act as trustee, or that his connection with or relation to the bankrupt or his estate or any particular creditor makes it difficult for him to act with impartiality in the interests of the creditors generally.

1 r. 253.

2 Such certificate is conclusive evidence of his appointment (s. 138), and for the purposes of any law requiring the registration or enrolment of a conveyance or assignment is to be deemed to be a conveyance or assignment, and may be registered or enrolled accordingly (s. 54 (4)).

As to the form of the certificate, see r. 218, and Form No. 71 in the Appendix.

(3.) Provided that where the Board make any such objection they shall, if so requested by a majority in value of the creditors, notify the objection to the High Court, and thereupon the High Court may decide on its validity.

1 As to the form of the requisition and proceedings thereon, see r r. 220 and 221 and Form No. 70 in the Appendix.

(4.) The appointment of a trustee shall take effect as from the date of the certificate.

The Court will not vacate the appointment merely on the ground that a proof has been improperly rejected unless fraud be proved (Ex pte Kimber, In re Thrift, 11 Ch. D., 869; Ex pte Milner, 3 Deac. and Ch. 235).

(5.) The official receiver shall not, save as by this Act provided, be the trustee of the bankrupt's property.

The cases in which this Act provides that the official receiver shall fill the office of trustee are as follows:

:

1. Until a trustee is appointed (s. 54 (1)).

2. During any vacancy in the office of trustee (ss. 70 (1) (g), and 87 (4)). 3. After the release of the trustee (s. 82 (4)).

4. In the administration of small bankruptcies (s. 121 (1)).

5. In the administration of the estates of persons dying insolvent

(s. 125 (5)).

6. If there is no trustee acting in a liquidation by arrangement under the
Act of 1869 pending after the commencement of this Act (s. 159).
7. In cases where a Registrar of the London Bankruptcy Court is or
would become trustee (s. 161).

(6.) If a trustee is not appointed by the creditors within four weeks from the date of the adjudication, or, in the event of negotiations for a composition or scheme being pending at the expiration of those four weeks, then within seven days from the close of those negotiations by the refusal of the creditors to accept, or of the Court to approve, the composition or scheme, the official receiver shall report the matter to the Board of Trade, and thereupon the Board of Trade shall appoint some fit person to be trustee of the bankrupt's property, and shall certify the appointment.

(7.) Provided that the creditors or the committee of inspection (if so authorised by resolution of the creditors) may, at any subsequent time, if they think fit, appoint a trustee, and on the appointment being made and certified the person appointed shall become trustee in the place of the person appointed by the Board of Trade.

(8.) When a debtor is adjudged bankrupt after the first meeting of creditors has been held, and a trustee has not been appointed prior to the adjudication, the

s. 21.

ss. 21, 22. official receiver shall forthwith summon a meeting of creditors for the purpose of appointing a trustee.

Committee of inspection.

As to the removal of a trustee and the mode of filling up a vacancy, see ss. 85-87. As to trustees generally, see ss. 72-91.

22.-(1.) The creditors qualified to vote, may at their first or any subsequent meeting, by resolution, appoint from among the creditors qualified to vote, or the holders of general proxies or general powers of attorney from such creditors, a committee of inspection for the purpose of superintending the administration of the bankrupt's property by the trustee. The committee of inspection

shall consist of not more than five nor less than three persons.

1 A general proxy can only be given to a manager, clerk, or some other person in the regular employment of the creditor, and must state the relation in which the person to act thereunder stands to the creditor (Sch. I., s. 17). It must also be in the prescribed form (Sch. I., s. 16, Form No. 54 in the Appendix).

(2.) The committee of inspection shall meet at such times as they shall from time to time appoint, and failing such appointment, at least once a month; and the trustee or any member of the committee may also call a meeting of the committee as and when he thinks necessary.

(3.) The committee may act by a majority of their members present at a meeting, but shall not act unless a majority of the committee are present at the meeting.

(4.) Any member of the committee may resign his office by notice in writing signed by him, and delivered to the trustee.

(5.) If a member of the committee becomes bankrupt, or compounds or arranges with his creditors, or is absent from five consecutive meetings of the committee, his office shall thereupon become vacant.

(6.) Any member of the committee may be removed by an ordinary resolution at any meeting of creditors of

which seven days notice has been given, stating the object ss. 22, 28. of the meeting.

(7.) On a vacancy occurring in the office of a member of the committee, the trustee shall forthwith summon a meeting of creditors for the purpose of filling the vacancy, and the meeting may, by resolution, appoint another creditor or other person eligible as above to fill the vacancy.

(8.) The continuing members of the committee, provided there be not less than two such continuing members, may act notwithstanding any vacancy in their body; and where the number of members of the committee of inspection is for the time being less than five, the creditors may increase that number so that it do not exceed five.

(9.) If there be no committee of inspection, any act or thing or any direction or permission by this Act authorised or required to be done or given by the committee1 may be done or given by the Board of Trade on the application of the trustee.2

1 The powers exercisable by the trustee with the permission of the committee of inspection are set out in ss. 57 and 64.

* These functions of the Board of Trade are delegated to the official receiver subject to the directions of the Board (r. 250).

accept com

23. (1.) Where a debtor is adjudged bankrupt the Power to creditors may, if they think fit, at any time after the position or adjudication, by special resolution, resolve to entertain a scheme after bankruptcy proposal for a composition in satisfaction of the debts adjudication. due to them under the bankruptcy, or for a scheme of arrangement of the bankrupt's affairs; and thereupon the same proceedings shall be taken and the same consequences shall ensue as in the case of1 a composition or scheme accepted before adjudication.

1 If the words "a proposal for " are read as inserted here the position of affairs is plain, and it will be necessary that the composition or scheme should be accepted at a subsequent meeting by a majority in number representing three-fourths in value of all the creditors of the bankrupt who

D

ss. 23, 24. have proved s. 18 2 ; otherwise it might be contended that, inasmuch as a composition or scheme can only be said to be accepted before adjudication" where it is accepted by such a resclation as is specified in s. 18 (2), the only further proceeding thin to be taken being to obtain the approval of the Court, and that a special res lation to entertain a proposal for a composition or scheme passed after the debtor has been adjudged bankrupt being by this section placed on a footing with "a composition or scheme accepted before a judication," the only further step required to give it validity would be the approval of the Court.

Duties of

debtor as to

(2.) If the Court approves the composition or scheme it may make an order annulling the bankruptcy and vesting the property of the bankrupt in him or in such other person as the Court may appoint, on such terms, and subject to such conditions, if any, as the Court may declare.

1 r. 158.

(3.) If default is made in payment of any instalment due in pursuance of the composition or scheme, or if it appears to the Court that the composition or scheme. cannot proceed without injustice or undue delay, or that the approval of the court was obtained by fraud, the Court may, if it thinks fit, on application by any person interested, adjudge the debtor bankrupt, and annul the composition or scheme, but without prejudice to the validity of any sale, disposition, or payment duly made, or thing duly done, under or in pursuance of the composition or scheme. Where a debtor is adjudged bankrupt under this sub-section, all debts, provable in other respects, which have been contracted before the date of such adjudication shall be provable in the bankruptcy.

1 In the case of a composition or scheme accepted before an adjudication in bankruptcy, the only person who can make this application is a creditor (s. 18 (11)).

Control over Person and Property of Debtor.

24. (1.) Every debtor against whom a receiving order discovery and is made shall, unless prevented by sickness or other realization of sufficient cause, attend the first meeting of his creditors,1 property. and shall submit to such examination2 and give such information as the meeting may require.

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