Proof by Secured Creditors.
" 9. If a secured creditor realises his security, he may prove for the balance due to him, after deducting the net amount realised.
" 10. If a secured creditor surrenders his security to the official receiver or trustee for the general benefit of the creditors, he may prove for his whole debt.
" I I. If a secured creditor does not either realise or surrender his security, he shall, before ranking for dividend, state in his proof the particulars of his security, the date when it was given, and the value at which he assesses it, and shall be entitled to receive a dividend only in respect of the balance due to him after deducting the value so assessed.
" 12. (a) Where a security is so valued the trustee may at any time redeem it on payment to the creditor of the assessed value.
" (b) If the trustee is dissatisfied with the value at which a security is assessed, he may require that the property comprised in any security so valued be offered for sale at such times and on such terms and conditions as may be agreed on between the creditor and the trustee, or as, in default of such agreement, the Court may direct. If the sale be by public auction the creditor, or the trustee on behalf of the estate, may bid or purchase.
" (c) Provided that the creditor may at any time, by notice in writing, require the trustee to elect whether he will or will not exercise his power of redeeming the security or requiring it to be realised, and if the trustee does not, within six months after receiving the notice, signify in writ ing to the creditor his election to exercise the power, he shall not be entitled to exercise it ; and the equity of redemption, or any other interest in the property comprised in the security which is vested in the trustee, shall vest in the creditor, and the amount of his debt shall be reduced by the amount at which the security has been valued.
•' 13. \\there a creditor has so valued his security, he may at any time amend the valuation and proof on showing to the satis faction of the trustee, or the Court, that the valuation and proof were made bond fide on a mistaken estimate, or that the security has diminished or increased in value since its previous valuation ; but every such amend ment shall be made at the cost of the creditor, and upon such terms as the Court shall order, unless the trustee shall allow the amend ment without application to the Court.
" 14. Where a valuation has been amended in accordance with the foregoing rule, the creditor shall forthwith repay any surplus dividend which he may have received in excess of that to which he would have been entitled on the amended valuation, or, as the case may be, shall be entitled to be paid out of any money for the time being available for dividend any dividend or share of divi dend which he may have failed to receive by reason of the inaccuracy of the original valuation, before that money is made applic able to the payment of any future dividend, but he shall not be entitled to disturb the distribution of any dividend declared before the date of the amendment.
" 15. If a creditor after having valued his security subsequently realises it, or if it is realised under the provisions of Rule 12, the net amount realised shall be substituted for the amount of any valuation previously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor.
" 16. If a secured creditor does not comply with the foregoing rules he shall be excluded from all share in any dividend.
" 17. Subject to the provisions of Rule 12, a creditor shall in no case receive more than twenty shillings in the pound, and interest as provided by this Act.
Proof in Respect of Distinct Contracts.
" 18. If a debtor was at the date of the receiving order liable in respect of distinct contracts as a member of two or more dis tinct firms, or as a sole contractor, and also as member of a firm, the circumstance that the firms are in whole or in part composed of the same individuals, or that the sole contractor is also one of the joint contractors, shall not prevent proof in respect of the contracts, against the properties respectively liable on the contracts.