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[Note.—The Words printed in Italics are proposed to be inserted
HEREAS an Act was passed in the Session of Parliament Preamble..
holden in the Second and Third Years of the Reign of
Her present Majesty, intituled, “ An Act for regulating 2 & 3 Vict. “ the Sequestration of the Estates of Bankrupts in Scotland ;" and it c. 41. 5 is expedient that the said Act be in some respects altered and
amended, and that further Provision be made for the , due Management and more speedy Distribution of the Estates of Bankrupts under Sequestration in Scotland: Be it therefore enacted, by the
Queen's most Excellent Majesty, by and with the Advice and 10 Consent of the Lords Spiritual and Temporal, and Commons, in this
present Parliament assembled, and by the Authority of the same, as follows :
I. The Office of Interim Factor shall be and is hereby abolished, Office of Inand all the Powers and Duties presently performed or possessed by terims Factor 15 or incumbent upon such Interim Factor shall in future devolve and Sheriff upon the Sheriff Clerk of the County, who shall, immediately on
immediate Sequestration being awarded, or as soon thereafter as the Circum- Possession of stances admit of, take possession of the Bankrupt's Estate and Effects, Bankrupt's,
and of his Title Deeds, Books, Bills, Vouchers, and other Papers and 20 Documents, and also make up an Inventory of such Estate and 441. A
Effects, and a Valuation showing the estimated Value and the annual
II. It shall be the Duty of the Sheriff Clerk, as soon as the State of Affairs directed by the said recited Act to be made up by the
Bankrupt has been prepared and delivered to him, to notify, by cir- 5 in the Bank- cular Letter transmitted through the Post Office to every Creditor rupt's State mentioned in the said State of Affairs, the Period within which Claims
should be lodged ; and the said State of Affairs shall be prepared by
III. The Deliverance awarding Sequestration shall appoint a Meeting of the Creditors, to be held at a specified Hour on a specified Day, being not earlier than Twelve nor later than Twenty-one Days from the Date of such Deliverance, to elect a Trustee or Trustees in suc- 15 cession, and Commissioners, and to do the other Acts provided by the said recited Act to be done at the Meeting for electing a Trustee.
nary, if he
Not to be im- IV. It shall not be imperative upon the Lord Ordinary, when awardperative on Lord Ordi- ing Sequestration, to grant to the Debtor or Partners of the Company nary to grant against whom or which Sequestration is awarded a Warrant of Pro- 20 personal
tection against Arrest or Imprisonment for Civil Debt until the Protection. Lord Ordi- Meeting of the Creditors for the Election of Trustee, but the Lord
Ordinary may, while awarding Sequestration, refuse to grant such thinks fit, may withhold
Warrant of Protection : Provided always, that it shall in such Case personal be competent to the Creditors on the Occasion of their Meeting to 25 Protection.
elect a Trustee, or at the Meeting after the Examination of the
V. The Deliverance of the Sheriff, or Sheriff Substitute, declaring the Person or Persons elected to be Trustee or Trustees in succession, shall be final, and in no Case subject to Review in any Court or in any Manner whatever.
Trustee to be final.
VI. The Failure on the Part of any Creditor to comply with the framing Oath or Claim by Provisions of the said recited Act, with reference to the Mode of Creditor not framing his Oath and Claim in the Sequestration, shall not infer Nullity, but Nullity of such Oath or Claim or render the same inoperative, either to be sub
as to voting or ranking or otherwise, unless it shall appear probable 40 ject to Correction.
that such Failure was of fraudulent Purpose, or unless some substantial Injury can be qualified by the other Creditors, or any of them, in respect thereof; but it shall always be competent to the Trustee to
call upon any Creditor who has failed to comply with any such Pro5 vision to rectify his Oath and Claim, pointing out to him wherein it
is defective, and such Creditor shall thereupon be bound forthwith to alter his Oath and Claim so as to rectify the same.
VII. Nothing in the said recited Act contained shall be construed Poinding to import that a Creditor holding a Security over the Heritable Estate, the Ground
raised after 10 preferable to the Right of the Trustee, may raise a Summons of Poind- Sequestra
ing the Ground after the Date of the Sequestration, to the Effect of tion not to competing with the Trustee in respect of such Poinding; and no Exe- Trustee.
compete with cution of Poinding the Ground, proceeding on a Summons raised after
the Date of the Sequestration, shall in any Question with the Trustee 15 have any Effect.
VIII. The Day to be fixed by the Sheriff for the Examination of Time for
Examination the Bankrupt shall be not sooner than Seven Days, nor later than
of Bankrupt, Fourteen Days from the Date of the Sheriff's Warrant for such Ex- and for the
amination ; and the Meeting of Creditors appointed by the said recited Meeting of 20 Act to be held after the Examination of the Bankrupt shall be held thereafter.
on a Day not sooner than Seven Days nor later than Fourteen Days from the Day appointed for such Examination.
IX. Wherever it is by the said recited Act or by this Act directed Notice on that a Meeting of Creditors shall or may be called or held, a Notice which Meet25 of the Day, Hour, Place, and Purpose of the Meeting shall be adver- be called,
shortened. tised in the Edinburgh Gazette Seven Days at least before the Day of the Meeting, in place of Fourteen Days, as at present ; and such Meeting may be adjourned till the following Day.
X. In place of the Times appointed by the said recited Act for Provision for 30 Payment of Dividends, the Periods for Payment of Dividends shall be Payment and
Acceleration as follows; that is to say, where there are sufficient Funds realized, of Dividends. the First Dividend shall be payable on the First lawful Day after the Expiration of Six Months from the Date of Sequestration, and a
Dividend shall always be payable on the First lawful Day after the 35 Expiration of Three Months from the Date of the Payment of the
immediately preceding Dividend, until the whole Funds of the Bankrupt be distributed, subject always to the Provisions in the said recited Act and in this Act contained : Provided always, that after the
Second Dividend is made, a Majority of the Creditors, at any General 40 Meeting called for the Purpose, may determine that future Dividends shall be made after shorter Intervals, and the Affairs of the Estate 441.