" (2) Whenever any part of the money so invested is, in the opinion of the Board of Trade, required to answer any demands in respect of bank rupts' estates, the Board of Trade shall notify to the Treasury the amount so required, and the Trea sury shall thereupon repay to the Board of Trade such sum as may be required to the credit of the Bank ruptcy Estates Account, and for that purpose may direct the sale of such part of the said securities as may be necessary.
" (3) The dividends on the investments under this Section shall be paid to such account as the Treasury may direct, and regard shall be had to the amount thus derived in fixing the fees payable in respect of bank ruptcy proceedings." By the Bankruptcy Rules : " No. 340. Where the trustee is authorised to have an account at a local bank, he shall forthwith pay all moneys received by him in to the credit of the estate. All payments out shall be made by cheque payable to order, and every cheque shall have marked or written on the face of it the name of the estate, and shall be signed by the trustee, and shall be countersigncd by at least one member of the committee of in spection, and by such other person, if any, as the creditors or the committee of inspec tion may appoint." The trustee shall, as soon as may be, take possession of the bankrupt's property. By Section 50, s.s. 6 :— " (6) Any treasurer or other officer, or any banker, attorney, or agent of a bank rupt, shall pay and deliver to the trustee all money and securities in his possession or power, as such officer, banker, attorney, or agent, which he is not by law entitled to retain as against the bankrupt or the trustee. If he does not he shall be
guilty of a contempt of Court, and may be punished accordingly on the application of the trustee." The trustee's title dates back to the time of the act of bankruptcy upon which the receiving order was made. (See Section 43, under ADJUDICATION OF BANKRUPTCY.) The property of a bankrupt shall vest in the trustee for the time being without any conveyance, assignment or transfer what ever. (Section 54, s.s. 3.) The remuneration of a trustee shall be fixed by an ordinary resolution of the credi tors, or if the creditors so resolve by the committee of inspection, and shall be in the nature of a commission or percentage. (Section 72, s.s. 1.) When the trustee has realised all the pro perty of a bankrupt, or as much as he can, and distributed a final dividend he obtains his release by an order of the Board of Trade. (Section S2.) The creditors may, if they think fit, ap point more trustees than one. When more than one are appointed the creditors shall declare whether any act to be done by the trustees is to be done by all or any one or more of such persons. (Section S4.) (See BANKRUPTCY, COMMITTEE OF INSPECTION.)