Allowance to Bankrupt for Maintenance of Service.
" (2) The trustee may from time to time, with the permission of the committee.
of inspection, make such allowance as he may think just to the bankrupt out of his property for the support of the bankrupt and his family, or in consideration of his services if he is engaged in winding up his estate, but any such allowance may be reduced by the Court.
Right of Bankrupt to Surplus.
" 65. The bankrupt shall be entitled to any surplus remaining after payment in full of his creditors, with interest, as by this Act provided, and of the costs, charges, and expenses of the proceedings under the bankruptcy petition." Subject to the retention of such sums as may be necessary for the costs of adminis tration, the trustee shall declare and distri bute dividends amongst all creditors who have proved their debts. (See DIVIDENDS IN BANKRUPTCY.) Payment of Money into Bank of England, " 74. (1) An account called the Bank ruptcy Estates Account 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 Bank. ruptcv Estates Account.
" (3) Every trustee in bankruptcy shall, in such manner and at such times as the Board of Trade with the con currence of the Treasury direct, pay the money received by him to the Bankruptcy Estates Account at the Bank of England, and the Boaid 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 com mittee 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, autho rise 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 debtor'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 pay ments 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.
" (61 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 particu lar case authorise 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.
Trustee not to Pay into Private Account.
" 75. No trustee in a bankruptcy or under any composition or scheme of arrangement shall pay any sums received by him as trustee into his private banking account.
Investment of Surplus Funds.
" 76. (1) Whenever the cash balance standing to the credit of the Bank ruptcy Estates Account is in excess of the amount which in the opinion of the Board of Trade is required for the time being to answer demands in respect of bankrupts' estates, the Board of Trade shall notify the same to the Treasury, and shall pay over the same or any part thereof as the Treasury may require to the Trea sury, to such account as the Treasury may direct, and the Treasury may invest the said sums or any part thereof in Government securities to be placed to the credit of the said account.