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Proof of Bankrep'су. .

ments of Bank

the Diligence of Creditors upon an equal and proper Footing, and preventing unjust Preferences and Accumulation of Expence, and likewise for operating a more fpeedy Distribution of the Estates of Bank

rupts, both real and personal, especially where such Estates belong to Persons engaged in Trade and Manufactures :' May it therefore please your Majesty that it may be enacted ; and be it enacted by the King's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this prefent Parliament assembled, and by the Authority of the fame, That in all what sh 1l be Actions and Questions arising upon the Construction and Effect of the Act of the Parliament of Scotiaid, deemed sufficient made in the Year one thousand fix hundred and ninety-six, intituled, An det for declaring Notour Bankructs, when a Debtor is out of Scotland, or not liable to be imprifoned by reason of Privilege or personal Protection, a Charge of Horning executed against him, together with either an Arrestment of any of his perfonal Effects not loosed or discharged within fifteen Days, or a Poinding executed of any of his Moveables, or a Decree of Adjudication of any Part of his heritable Estate, or Sequestration by the Act of a proper Court of all or any Part of his Estate or Effects, heritable or moveable, for Payment of Debt, shall, when joined with Insolvency, be held as fufficient Proof of Notour Bankruptcy; and from and after the last Step of such Diligence, the said Debtor, if intolvent, shall be held as Bankrupt.

II. And be it enacted by the Authority aforesaid, That when a Debtor is made Bankrupt in Terms of the Directions rela. said Ad, made in the Year one thousand fix hundred and ninety-six, as now extended, all Arrestments live to Aireit. which shall have been used for attaching any personal Effects of such Bankrupt within thirty Days prior to the Bankruptcy, or within four Calendar Months immediately subsequent, shall be pari polfie preferable ;

rupts Eficcis. and in order to fave, as far as poilible, the Expence of a Multiplicity of Arreftments, it is declared, That where the Effects of a Debtor' are arrested by any Creditor, within thirty Days before the Bankruptcy, or within four Months after it, and a Process of Forthcoming or Multiplepoinding is brought in which such Arrestment is founded on, it shall be competent for any other Creditor, producing his Interest, and making his Claim in the faid Procels, at any Time before the Expiration of the said four Months, to be ranked in the fame Manner as if he had used the Form of Arrestment; the Expence of raising the Process, and of the Diligence, at the Instance of the Creditor who raises it, being always paid out of the common Fund.

III. And be it enacted by the Authority aforesaid, That an Arrestinent executed at the Market Cross of Edinburgh, and Pier and Shore of Leith, in the Hands of any Perlon out of the Kingdom, without other sufficient Notification, shall not interpel the Arreftce from paying bona fide to the original Creditor.

IV. And be it enacted by the Authority aforesaid, That no Poinding of the Moveables belonging to Poinding of such Bankrupt, within thirty Days before his Bankruptcy, as aforesaid, or within four Calendar Months Moveables thereafter, shall give a Preference to such Poinder over the other lawful Creditors of the Bankrupt, but the within a cerGoods só poinded thall be considered as in medio, and the Person receiving the Price of them hall be liable to make the same forthcoming, so as that all the other Creditors of the Bankrupt who are pofleffed Bankitptcy, of liquidate Grounds of Debt, or Decrees for Payment, thall be intitled to their Proportion of the fame; not to gives provided they make their Claim by fummoning the Poinder at any Time before the Expiration of the faid Preference to four Months, deducting always the Expence of such Poinding from the first End of the Price of such Poinder, &c. Goods, together with twenty per Centum on the apprailed Value, which the Poinder shall retain to Account of his Debt, in Preference to the other Creditors, reserving Liberty to him to rank on the remaining Sun for the full Amount of the Debt contained in his Diligence.

V. And be it further enacted by the Authority aforesaid, That all Actions of Sale of Lands, or other Direflions ree heritable Subjects, raised or to be raised and pursued at the Instance of Creditors before the Court of Sef- Jative 10 Ac. fion, upon any of the Statutes in that Behalf made, shall proceed and be carried on to a Conciulion, by tions of Sale actual Sale, as soon as the neceffary previous Steps of a Sale are taken, whether the Ranking of the Cres of Lands, &c. ditors is concluded or not, unless the Court, upon Application of the Creditors, or any of them, Iball Inftance of find sufficient Cause to delay the Sale ; any Law or Practice to the contrary notwithstanding: And it shall Creditors tic be lawful to the Purchaser, at any Term of Whitsunday or Martinmas subsequent to the Term of Pay- fare the Court ment of the Price, to lodge the Price, with the Interest due upon it, in the Royal Bank, or Bank of of Sesione Scotland, at such Interest as can be procured for it; declaring always, that by so doing, and giving Nosice thereof to the Common Agent, who carried on the Sale, he thall be exonerate, the same way as if the Price had been consigned in the Hands of the Magistrates and Town Council of Edinburgh, as required by the fixth Act of the Parliament of Scotland, in the Year one thousand fix hundred and ninetyfive, which Act is so far hereby repealed; and further declaring, That the Court of Seffion, on the Application of any of the Creditors, thall be empowered to make an Order on the Purchaser 'to lodge the Price and Interest at any of the faid Terms subsequent to the Term of Payment in one or other of the said. Banks ; fufficient Intimation being always previously given both to the Purchaser and to the common Agent for the Creditors, that such Application is made, in order that all Parties may have an opportunity to object; and in order to letlen the Number of Adjudications, and consequently the Expence upon a Bankrupt Estate, the Lord Ordinały officiating in the Court of Seslion, before whom any Process of Adjudication is called, shall ordain Intimation thereof to be made in the Minute Book, and on the Wall, in order that any other Creditors of the common Debtor who may think proper to adjudge his Eftate, and are in Readiness for it, may produce the Instructions of their Debts, and be conjoined in the Decree of Adjudication; and a reasonable Time, not exceeding twenty Sederunt Days, thall be given for that Purpole, unless there be'any Hazard from a Delay, which the Court, or the Lord Ordinary Thall judge of

I'VI. And whereas it is for the Interest of Commerce, that the Estates of those concerned in Trade and

Manufactures, 'when they are unable to answer the Demands upon them, should be difpoled of and difa • tributed among their Creditors in the most expeditious Manner, without abiding the ordinary Forms of

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Who may be Law, be it enacted by the Authority aforesaid, That if any Person, in that part of Great Britain called made Bankrupts. Scotland, being a Merchant or Trader in Gross or by Retail

, or a Banker, Broker, or Underwrir, or a Manufacturer, Artificer, or Mechanick, and in general any Person who, either for himself, or as an Agent or Factor for others, deals in the Purchase, or Sale, or Workmanship, of Goods or Commodities other than for his own Use and Consumption, or the Produce of his own Estate, or of any Subject held by him as Leslee or Tenant (and particularly excepting Landholders, and Occupiers or Tenants of Land, or other Heritages, Holders of India Stock, or of Stock in any of the Banks established by publick Authority, or in the Friendly Insurance Company at Edinburgh against Fire, if such Persons be not otherwise bona fide under one or other of the foregoing Descriptions), shall be under Diligence by Horning and Caption for Debt, and thall either, in virtue thereof, be imprisoned, or retire to a Sanctuary, or Hy or abfcond for his personal Safety, or defend his Person by Force; or being out of Scotland, or not liable to be imprisoned by reason of Privilege or personal Protection, shall be under Diligence by Charge of Horning, attended with Arrestment, not loosed or discharged within fifteen Days, or poinding of any Part of

his Moveables, or Decree of Adjudication of any part of his heritable Estate, for Payment of Debt, at Method of the Instance of any Creditor, it shall be lawful to any Creditor of the said Person, whose Debt ihall

amount to the Sum of one hundred Pounds Sterling, or any two Creditors whose Debts shall amount to the Sum of one hundred and fifty Pounds Sterling, or to any three or more Creditors whose Debts amount to the Sum of two hundred Pounds Sterling, or upwards, at any Time within four Calendar Months of the last step of the said Diligence, to apply, by summary Petition, to the Court of Seffion while the Sel fion is sitting, or to the Lord Ordinary on the Bills in 'Time of Vacation, for a Sequestration of the faid Debtor's Eltate, real and personal; and upon Production of the Grounds of Debt aforesaid, and the Credicor or Creditors, at whose Instance the Application is made, swearing to the Verity of their Debts before any Judge Ordinary, or Justice of Peace; and also, that they believe the Party against whom the Application is made to be a Merchant, or otherwise under the Description above set forth, and with and under the foregoing Exceptions, the said Court, or the Lord Ordinary, shall grant Warrant for citing the said Debtor, by delivering to him personally, or by leaving at his Dwelling-house, a Copy of the said Yetition; or, if the said Debtor is out of Scotland, by affixing Copies upon the Market Cross of Edinburgh, Pier and Shore of Leith, and also leaving a Copy at his last Dwelling House, or House of Business, in Scotland, to appear in Court within the Time specified in the Warrant of Citation, not being less than six, nor more than forty Days from the Date of the Citation, to show Cause why Sequestration Thould not be awarded; and at the Time of granting such Warrant of Citation, the Court, or the Lord Ordinary, shall likewise, it desired, grant the usual Authority, at the Instance of the Petitioners, for recovering written Evidence of the said Diligence; and upon Production of such Evidence at the Diet of Appearance, if the Debtor (hall not appear either in Perfon, or by his Counsel or Agent, or so appearing, shall not instantly pay or produce written Evidence of the Debt or Debts being satisfied upon which the Diligences proceeded, and allo pay or satisfy the Debt or Debts due to the Petitioner or Petitioners, or show other reasonable Cause why further Proceeding Thould not be had, the Court, or the Lord Ordinary, shall immediately award Sequestration of the faid Debtor's whole real and personal Estate.

VII. And be it enacted by the Authority aforesaid, That the Court or the Lord Ordinary shall, by the The Court, &c. to appoint a

same Deliverance which awards the Sequestration, make an Order upon the Creditors to ineet upon a cerMeeting of Cre- tain Day and Hour, being not more than three Weeks from that Date, and as much sooner as Circum. ditors, who are stances may permit; the laid Meeting to be at a convenient Place, either where the Bankrupt resides, or

where his Businefs is or was last carried on, or as near it as possible, in order to name an interim Factor upon Factor.

the sequestrated Eftate real and personal, which Deliverance the petitioning Creditor or Creditors thall forth with cause to be advertised in the Edinburgh Newspapers called The Caledonian Mercury, and Edinburgh Evening Courant, otherwise the whole Proceedings to be null and void ; and the said Court, or Lord Ora dinary, shall at the fame Time grant Commission to any resident Magistrate of the Burgh, or to the Sheriff or 'Stewart Depute or Substitute of the County or Stewartry where the Meeting is to be held, or, failing them, any Justice of the Peace to be named by the Court, to attend the said Meeting of Creditors, and to receive Production of their Grounds of Debt, with the Oaths thereon after inentioned, and to sign the Minutes of the Creditors, along with the Preses chosen by them; and all Questions at this Meeting shall be determined by a Majority of the Creditors in Value or Extent of Debt appearing at the said Meeting, by themselves or others authorised by them, and whole Grounds of Debt and Oaths thereon are so produced.

VIII. And be it enated by the Authority aforesaid, That the Person chosen at the said Meeting by Factor to give

the Majority aforesaid as interim Factor, thall be intitled to the Office, and shall find Security for his Security.

faithful Management, to such Extent as the said Majority shall think reasonable ; and the said Factor shall ingross a Copy of the Minutes of this Meeting in a Book of Sederunt, which shall be signed by the faid Commillioner and by the Preses of the Meeting, and kept by the Faetor as his Warrant for acting; and the principal Minutes of the said Meeting, at which the Factor is appointed, being signed by the said Commiffioner, by the Preses of the Meeting, and by the Factor named and accepting of the Office, Ihall be transmitted by the Commissioner to the Clerk of the Sequestration, to be kept among the Records of the

Court of Seslion. Court, upon

IX. And be it fenacted by the Authority aforesaid, That upon awarding the Sequestration, the

Court, or the Lord Ordinary, Thall, if desired by the petitioning Creditors, grant Warrant to the faid ComSequestration,

millioner to seal up, and cause put under safe Cultody, the Books and Papers of the Bankrupt, and may lock up

to lock up his Shop, Warehouse, or other Repositories, and to keep the Keys thereof, til a Factor is the Bankrupt's named as before directed, to whom they shall be delivered, and subject in the mean Time to fuch Orders Shop, &c.

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and Directions as the said Court, or Lord Ordinary, or the said Commiffioner, may think proper to give, on the Application of any Party concerned ; and it shall be competent for the Court, or the Lord Ordinary, even from the Date of the Application for Sequestration, to give such interim Orders as the Circumstances of the Cafe may require, for preventing Embezzlement or Damage to the Effects, upon Application of any of the Creditors, and Cause thewn.

X. And be it enacted by the Authority aforesaid, That if any Merchant, or other Person described as Any Merchant, above, and with and under the aforesaid 'Exceptions, whether Diligence has been executed against him &c. jointly with or not, thall make a joint Application along with any Creditor whole Debt Thall amount to the sum of Creditor for one hundred Pounds Sterling, or any two Creditors whose Debts shall amount to the Sum of one hun- apply to the Adred and fifty Pounds Sterling, or any three or more Creditors whofe Debts shall amount to the Sum of Court for a two hundred Pounds Sterling, or upwards, and Oath being made as above to the Verity of these Debts, and Sequestration of the Parties, or their Agent, also making Oath, to their knowledge or Belief, of the Debtor's being under the his Eftate. Description which he affumes, the faid Court, or the Lord Ordinary, are hereby authorised and required to award Sequestration of the Debtor's Eftate, real and personal, in like Manner, and the Procedure Mall go on as before directed.

XI. And be it enacted by the Authority aforesaid, That no Sequestration shall be awarded against any No SequestraPerson having an Estate or Effects in Scotland, who at the Time of the Application does not either reside or tion to be has a Dwelling House or House of Business there, or at least had such Residence or Dwelling House or House awarded of Business within a Year previous to the Application, unless the Debtor himself, or those acting for him, con- Perfon noc

any cur in the Application.

residing in XII. And be it enacted by the Authority aforesaid, That the Estates of all Companies carrying on Bu- Scotland, &e. siness under any of the Denominations or Descriptions above set forth, and with and under the above Method of Exceptions, may be sequestrated upon the Application either of those intitled to act for them, with Con- Procedure resent of any Creditor of fuch Company whole Debt amounts to the Sum of one hundred Pounds Sterling, lative to traor any two Creditors whose Debts amount to the Sum of one hundred and fifty Pounds Sterling, or any

ding Compa three or more Creditors whose Debts amount to the Sum of two hundred Pounds Sterling, or upwards; or at the Application of fuch Creditor or Creditors themselves whose Debts are to the Amount already mentioned; in which last Cafe it must appear, that Diligence has been done against one or more of the Partners of the Company for Payment of a Company Debt, in the fame Way and Manner as is before required to found an Application against Individuals ; and in either Cafe, the Procedure hereby directed with regard to individual Debtors shall be followed out, and it shall be sufficient to cite the Company, by leaving a Copy at the House or Shop where their Business is carried on, or where any of their managing Partners reside ; or if the faid Houses and Shop be fhut up or deserted by them, a Copy shall be affixed at the Market Cross of Edinburgh, and Pier and Shore of Leith.

XIII. And be it enacted by the Authority aforesaid, That it shall be necessary for the Party applying Petition of Seo for the Sequestration to record the Petition of Sequestration, and the first Deliverance thereon, in the questration 10 General Register of Inhibitions, within twenty-four Hours after the said Deliverance is pronounced, and be recorded in the same shall, from the Date of the Application, be held equivalent to an Inhibition against the Debtor, Register of for Behoof of the whole Creditors, in case of the Sequestration being finally awarded ; and it shall not be in Inhibitions. the Power of the Bankrupt, after Sequestration is awarded, to stop Proceedings by paying off the Debt on which the Diligence and Petition aforesaid did proceed, nor shall the Proceedings be of any Effect unless the said Petition and Deliverance are fo registered.

XIV. Provided always, That if the Debtor, against whom Sequestration has been awarded without his In what Cafes own Concurrence, or if any Creditor who has not concurred in, or consented to the Application, shall a Sequestration apprehend that the Party against whom it is awarded does not come within the Description before given, may be reor falls under any of the Exceptions therefrom, such Debtor or Creditor shall be at Liberty, at any Time within thirty Days after Sequestration is awarded, to apply to the Court of Session, if fitting, or to the Lord Ordinary on the Bills in Time of Vacation, fetting forth the Grounds upon which the Sequertration ought to be recalled, in respect of the Description not being applicable; and this Petition being intimated to the Party at whose Instance the Sequestration was obtained, or the known Agent of that Party, and a reasonable Time given to make Answers thereto, the Court, or Lord Ordinary, shall determine fummarily upon the fame, and shall grant Commiffion, if necessary, for taking Proof of the Facts; and if upon Evidence it shall appear that the Person against whom the Sequestration is awarded, does not fall within the Meaning or Terms of this Act, as not being under any of the Descriptions above fet forth, or as falling under any of the Exceptions therefrom, the Sequestration shall be recalled; or, if the Petition is found to be without fufficient Ground, it shall be dismisted; but in the mean Time, until this Matter is finally determined, the Proceedings under the Sequestration thall go on, as if no such Application had been made.

XV. And be it further enacted by the Authority aforesaid, That the said Factor shall, immediately after General Meet being so named, be obliged to publish an Advertisement in the two Edinburgh Newspapers before men- ing of the Cress tioned, intimating the Sequestration, and that a general Meeting of the Creditors is to be held on such for chuling a Day and at such Place as the Creditors, at the Meeting before mentioned, shall have fixed in their Mi- Trustec. nutes (the faid Day bring not less than four, nor more than eight Weeks after the Advertisement), for the Purpose of chuing a Trustee; and in the mean Time, the Factor shall enter upon the Management of the Estate, and inail, within two Days after his Appointment, apply to the Sheriff or Stewart Depute or Substitute of the County or Stewartry where the Debtor resides, or where his Business was carried on, who is hereby authorised and required to name one Day in each of the four fucceeding Weeks to be fet apart for the publick Examination of the Bankrupt and of his Family, or others acquainted with his Bu- Bankrupt, &r.

finess, to be examineda finess, in the Sheriff Court-house of the District, a Fee of one Guinea each Sitting being allowed to the Sheriff or Stewart Depute, if he officiates, or half a Guinea each Sitting to the Substitute ; and fuch peridical Meetings being fixed, the fame thall be immediately published by the Factor in each of the two Edinburgh Newlpapers before mentioned, by an Advertisement, inviting the whole Creditors to be present at fuch Examination, that they may have an Opportunity of putting fuch Questions as shall be judged of Importance for rendering the Discovery and Surrender more complete, and the said Judge thall, if necellary, illue his Warrant for apprehending the Bankrupt, or any of his Family, or others who are to be examined, if within his Jurisdiction, in order to force their Appearance; or if they be without his Jurisdiction, the Court of Sellion, or Lord Ordinary on the Bills, fhall

, on the Application of the Factor, grant such Warrant for apprehending and bringing them before the Judge, who is to take the Examination, as aforesaid; and if any of these Persons shall happen to be indisposed, or otherwise unable to attend at that Time, the Court, or Lord Ordinary on the Bills, may grant Commission for examining them elsewhere; and it shall be competent for the Factor or for the Trustee to apply at any Time for re-examining those Perfons, upon due Advertisement given in Manner aforefaid ; and the Court, or Lord Ordinary on the Bills, ihall likewise, in case it be necessary, grant a personal Protection to the Bankrupt, at the Application of the Factor or Trustee, for such Time as may be requisite for enabling him to attend the Diets of Examination, or may grant Warrant to Messengers at Arms, or other Officers of the Law, to bring his Person out of Prison, in order to attend such Meetings, and thereafter to carry him back to Prison.

XVI. And be it enacted by the Authority aforesaid, That the Persons to be examined, appearing, or being brought in virtue of the said Warrant, before the Sheriff or Stewart Depute, or Substitute, and in Presence of the Factor and such Creditors as chuse to attend, the Bankrupt shall make a full and fair Diccovery of his whole Estate, heritable and moveable, wherever situated, including any Estate in Expectancy which he may have an eventual Right to by Contract of Marriage, Entail, or otherwise, and shall exhibit in Writing a full State of his Affairs; and the Judge shall proceed in the Examination of him and the other Persons aforelaid; and the said State and whole Procedure ihall be inserted in the Book of Sederunt, to be subscribed by the said Judge Examinator, and by the Bankrupt, and likewise by the Factor, together with a List of Books, Papers, Accounts, Title-deeds, and Documents, found in his Poffefsion, or produced by him, and a Rental of his Lands; all which Books, and other Writings, shall be de livered over to the Factor; and at the last of these Examinations the Bankrupt shall take and subscribe the following Oath :

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ment, folcmnly swear, That the State of my Affairs, fubfcribed by me, and now delivered up to my • Creditors, contains a full and true Account of all the Debts of whatever Nature due to me, and of all my

Eftate and Effects real or personal (neceffary Wearing Apparel only excepted), as well as of all Claims which I am entitled to make against any Perlon or Persons whatsoever, and of all Estate in Expectancy, real or personal, which I have an eventual Right to by Contract of Marriage, Deed of Entail, or otherwilt, to the best of my Knowledge ; and that the said State likewise contains a full and true Account of all the Debts due by me, or Demands upon me, so far as I know or can remember, and that I have delivered up the Whole Books, Documents, Accounts, and Papers of every Kind belonging to me, which in

any Way relate to my Affairs, and which were in my Pofteilion, or under my Power, and have made a 'full Disclosure of every Particular relating to iny Affairs. And further I swear, That I shall forthwith re

veal all and every other Circumstance or Particular relative to my Affairs, or which may tend to increase or diminish my Estate, or in which my Creditors may be interested directly or indirectly, which may at Time hereafter come to my Knowledge.

So help me GOD. And if the Person thus called upon is a Member of a Company, and examined upon the Company's Affairs, the Terms of this Oath fhall only be fo varied by the Judge as to make it applicable to the Cale; which Oath being annexed to the aforefaid Proceedings in the Book of Sederunt, shall also be subscribed by the Sheriff or Stewart Depute or Substitute; and if the Bankrupt be one of the People called Quakers, it shall be sufficient to take his folemn Affirmation upon the Matters contained in the said Oath, and likewise in all

other Cases where an Oath is required by this Statute: And all Persons convicted of taking the above Oath Penalty on {wearing or

or Affirmation fallely, thall be held as guilty of Perjury, and of fraudulent Bankruptcy, and punished acaifirming

cordingly, and for ever rendered incapable of holding any Office of publick Truit or Emolument ; declarfalsely. ing allo, That if the Bankrupt Thall wilfully fail to exhibit a fair State of his Affairs, or to make Oath in

Terms above specified, or to make a complete Surrender, he thall be considered as a fraudulent Bankrupt, and punished accordingly, and rendered ever after incapable of holding any Office of publick Trust or Emolument; and in either Case ihall forfeit every Benefit or Privilege ariling from the Statute, and be accounted infamous, and incapable of giving Evidence in a Court of Juitice, or of sitting or acting on any Aflize or Jury:

XVII. And be it further enacted by the Authority aforesaid, That at the General Meeting of the CreSederunt io be ditors appointed and advertised as before, for chusing a Trustee, the Factor shall exhibit the said Book of delivered to the Sederunt, to be delivered over to the acting. Trustee along with all the Books, Papers, Accounts, Docua ating Trustee,

ments, and Title Deeds in his Hands, relative to the Bankrupt's Estate and Affairs; and the Majority of along with

Creditors in Value or Extent of Debt present at this Meeting thall determine who is to be Trustee; but no other Books, Accounts, &c. Creditor thall be entitled to a Vote at this or any other Vecting, who has not, either then or formerly,

exhibited

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exhibited his Grounds of Debt, with an Oath thereon, as herein after mentioned, and got the same marked or entered in the Book of Sederunt; and at the said or any other Meeting it shall be lawful for Agents or Attornies, having Commissions either general or special from any of the Creditors, to appear and vote in all Matters wherein their Conftituents themselves if present might have voted; and the Creditors

may chuse two or more Trustees to act in Succession, one failing another by Death, Resignation, or Removal.

XVIII. Provided always, That if the Factor named at the first Meeting is not chosen Trustee, he shall Clause relative be allowed such Gratification for his Trouble, to be retained by him out of the Effects in his Hands, or to to the Fa&tor be paid by the Trustee, as a Majority of the Creditors in Value at the said Meeting shall think reasonable ; and the Trustee thall find Security for his Intromissions and faithful Management, unless the same be dilpensed with by Four-fifths in Number and Value of the said Meeting, the said dispensing Resolution to be al. ways ingrofled in their Minutes; and the Trustee shall be entitled to an Allowance in Name of Commilion for his Management, on all Sums of Money which he shall recover, at such Rate per Cent. as shall be adjusted or fixed by a Majority in Value at the said Meeting, or at any after Meeting of the Creditors advertised for that Purpose ; and it shall be competent at any Time for One-fourth of the Creditors in Value to apply summarily to the Court of Session for having him removed, upon Cause shown; and a Majority of Creditors in Value, at any Meeting to be advertised for the Purpose, ihail likewise be entitled to remove, or to accept of the Resignation of any Trustee; and in either of these Cales, or in the Event of the acting Trustee's Death, the next Trustee in Succession shall be entitled to act; and upon Failure of the several Trustees originally named, by Death or otherwise, it shall be competent to any two of the Creditors to apply to the Court of Session, or Lord Ordinary on the Bills, to cause a Meeting of the Creditors be held, upon due Advertisement, for chusing a new Trustee or Trustees in Succeffion; and in any of these Cases the new acting Trustee shall immediately call to Account his Predecessors in Office, or their Heirs and Representatives, and shall be vested with the fame Powers, and subject to the fame Rules and Regulations, as any former acting Trustee.

XIX. And be it further enacted by the Authority aforesaid, That the Minutes of this Meeting of the Minutes of the Creditors electing a Trustee, or Succellion of Trustees, shall be forth with reported to the Court, or Lord Meeting to be Ordinary on the Bills, by the Trustee who is to act, a Copy of them being previously entered in the Sede reported to the runt Book; and the Court, or the Lord Ordinary, shall then issue an Order upon the Bankrupt, to execute and deliver, within a certain reasonable Time to be specified in the Interlocutor, a Disposition or Difpofitions making over to the said Trustee or Trustees in their Order his whole real and personal Estate, wherever situated, and which shall specially describe and convey the Subjects so far as they are known, or so far as the Trustee shall think it necessary, and contain all proper Clauses for effectually vesting the Right in him, with full Powers of Sale, for Behoof of the Creditors, and if the Bankrupt shall refuse to obey such Order, Bankrupt, re. the Court, or the Lord Ordinary, may punish him by Imprisonment; and in that Cafe, or in case of the fufing to obey said Bankrupt being absent from Scotland, or for any other Reason not granting such Disposition within the the Order of the Time that he is ordered by the Interlocutor fo to do, the Court, or the Lord Ordinary, shall, upon the Court, may be Application of the Trustee, issue an Act or Decree, finding the Property of the whole fequestrated Estate imprisoned, des and Effects real and personal, to be in the said Trustee or Trustees in Succession, for Behoof of the Creditors, and adjudging, decerning, and declaring the whole Lands and other heritable Estate within the Jurisdiction of the Court specially enumerated, and which were the Property of the Bankrupt, to pertain and belong to the Trustee or Trustees in Succession irredeemably, to the End that the same may be fold and converted into Money for Payment of the Creditors; which Adjudication shall have the fame Effect as if the Bankrupt had executed the Conveyance before mentioned; and the Factor originally named shall immediately deliver over to the Trustee every Part of the Bankrupt's Estate or Effects in his Possession, and all Securities taken for the same, or any Part thereof, and pay such Balance as may appear to be due by him upon settling his Accounts; declaring always, that if any part of the Bankrupt's Property happens to be entailed, the Conveyance to be executed by him, or the Decree of Adjudication to be obtained by the Trustee, thall only be understood to carry that Right and Interest in the Estate which the Bankrupt himself has, and which his Creditors can validly attach.

XX. And be it further enacted by the Authority aforesaid, That the said Disposition of the heritable Estate, Disposition of together with the Order of the Court, or Lord Ordinary, on which it proceeds, or failing thereof, the De- the heritable cree of Adjudication of the Court, or of the Lord Ordinary, shall, within fixty Days of the Date thereof, be Eftate to be reregistered by the Trustee in the Register of Abbreviates of Adjudications, and shall have the Effect to en- kegifter of Abtitle the Trustee, for Behoof of the whole Creditors, to rank in the same Manner upon the heritable Estate, breviates of Ado as if it had been a proper Decree of Adjudication obtained at the Date of the Interlocutor awarding the Sea judications, &c. questration, accumulating the whole Debts Principal and Interest, as at that Period, and adjudging for Security or Payment thereof, so as to rank pari paffu with any prior effectual Adjudication led within Year and Day of the fame; and the said Disposition or Adjudication shall not be reduceable upon any of the Statutes concerning Bankrupts, nor struck at by any Inhibition, or other legal Interpellation ; saving however, in the ranking upon the Price, any other Effect which such Inhibition or Interpellation may have, with regard to Contractions of the Debtor pofterior to the Date thereof.

XXI. And be it enacted by the Authority aforesaid, That upon the faid Disposition, or Decree of Adju- How the Titles dication, the feudal Titles requisite by the Law of Scotland to veft heritable Property, hall and may be requifite to veft made up either in the Person of the Trustee, or in the Person of the Purchaser from him, in virtue of such

be Trustee's Conveyance, agreeable to the Forms of the Law of Scotland; and each Trustee fucceeding a prior made up in the Trustee, through his Death, Resignation, or Removal, unless fubstituted to him at his first Nomination, Person of the thall be vested in the Right either by Disposition from the former Trustee, or by Adjudication obtained by Trustce, &c. VOL. IX. Rq

the

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