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Report No. 26

75. Calculation of dividends.-(1) In the calculation and distribution of dividends, the Official Assignee shall retain under his control sufficient assets to meet-

(a) debts provable in insolvency and appearing, from the insolvent's statements or otherwise, to be due to persons resident in places so distant that in the ordinary course of communication they have not had sufficient time to tender their proofs;

(b) debts provable in insolvency the subject of claims not yet determined;

(c) disputed proofs or claims; and

(d) the expenses necessary for the administration of the estate or otherwise.

(2) Subject to the provisions of sub-section (1), all money realised by the Official Assignee shall be distributed as dividends.

[Section 62, P.A.] [Cf. section 71, P.T.A., Cf. section 64, English Act.]



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