The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-04

In either case aforesaid The assignment
shall also vest in the assignee all prop
erty conveyed not more than four months
prior 10 the first publication in either
case aforesaid by the debtor in fraud Of
his creditors or in fraud of this chapter.
Gil property conveyed by an assignment
br the benefit of creditors made not
more than four months prior 10 the time
OF the first publication aforesaid. and all
debts due TO the debtor or any person for
his use. and all liens and securities there
for. and all his rights OF action for goods
or estate, real or personal. and all his
rights OF redeeming such goods or estate.
The assignee may. with the approval OF
the court. on ex-parte application there
for. redeem all mortgages. conditional
contracts. pledges. and liens OF or upon
any goods or estate OF the debtor. or he
may sell the same subject TO such mort
gage or other incumbrance; and II
mortgage hereafter given is foreclosed.
pending proceedings in insolvency and be-
fore the appointment Of an assignee, or
within sixty days thereafter. the assignee.
when appointed. may, with like approval.
redeem the same at any time within
sixty days after the appointment, with
rights similar TO those provided by law
for the redemption OF mortgages before
foreclosure.
Sec'40 The assignee shall demand. sue
for, and receive from the officer holding
under section 20 OF this chapter. and all
other persons. all the estate In his or
their posse ssion assigned or intended TO
be assigned under the provisions OF this
chapter; and may intervene in any ac-
s-cn, suit, proceeding relating TO the
property Of the insolvent and take upon
bimself the prosecution or defence thereof.
Sec. Al. The assignee may, under the di-
rection OF the court, refer any controversy
or dispute arising in the settlement OF an
estate to the determination OF three ref
erees to be chosen by mutual consent or
q aDDOiptpl
findings Of such referees, or majority
of them. as to the issues presented shall
be filed with the clerk of the court and
shall be binding upon the parties, unless
on cause shown il shall be set aside by the
court.
Sec. A. The assignee may, with the APP
proval Of the court, compromise any dis
pute or controversy arising in the admin
istration of the estate of which he is as
signee, upon such terms as he may deem
for the best interests of the estate.
Sec. 43. No suit or proceeding pending
at the time of the death or removal of
any assignee. and to which he is party,
shall be abated by his death or removal,
but the same may be proceeded with or
defended by his joint assignees or as
signee. or successor in the same manner
as though the same had been commenced
or was being defended by such joint as
signees or assignee alone, or by such sue
cessor.
Sec. A. Assgnees shall respectively COL
lect and reduce TO caSu the assets OF the
estate; deposit all cash received by them
In one of the designated repositories Of
the court; disburse funds only by check
or draft upon the repositories in which
they have been deposited; which check or
draft shall be countersigned by the regis
ter; shall account for and pay over TO the
estate all interest received by them; fur
nish all proper information in their pos
session at reasonable times required by
parties in interest," keep regular accounts
NJ oil nfO nd Al - A. m
showing the sources whence received and
on what account expended: give to the
final meeting of creditors detailed state
ment of the administration of their trust;
pay dividends within ten days after they
are declared by the registers; report to
the court or register, If before a register.
In writing, the condition OF the estate
and the amount of money on hand, with
such other details as may be required by
the court by special or general order or
by the register within two months after
they are qualified, and thereafter when
ordered by the court or register. When
ever three assignees have been appointed,
the concurrence Of two shall be necessary
and sufficient to the validity of any act.
OF REGISTERS.
Sec. 45. Registers shall have and may
exercise all of the powers vested in the
court sitting in insolvency for the admin
istration of oaths and for Summoning and
examining persons as witnesses, and for
requiring production Of documents in pro-
ceedngs before them; and shall exercise
such powers as are by this chapter con-
ferred upon them; and shall also perform
such duties as may be imposed upon them
by general rules special order of the
superior court sitting in insolvency. Upon
the application Of the assignee, or in his
own discretion the register shall have the
power to authorize the employment at
any time Of stenographers at the expense
of the estate.
Sec. 46 In case Of vacancy in the Office
Of register. or his absence or disqualified
tion to act, any of the jus0ces of the su-
perior court may authorize another regis
ter to fill the vacancy temporarily or to
act for the absent or disqualified register.
Sec AZ. Registers shall examine all
schedules of assets and lists of creditors
filed by insolvents, and cause such as are
incomplete or defective to be corrected.
They shall also examine all dividend
sheets prepared by the assignee showing
the condition of the estate and the divi-
dends that can be allowed and to whom
payable, and on such evidence as may be
presented shall declare such dividends as
are proper and order the same paid. They
shall report the evidence or the substance
thereof in all contested matters arising
before them, whenever requested so to do
BY either of the parties, together with
their findings thereon, and transmit them
to the court; and they may also certify
any question to the superior court for de
cision.
In which they are directly or Indirectly
Interested, practice as attorneys. counsel
lors solicitors in any proceedings in
Insolvency, or purchase directly or indi-
rectly, or be in any manner Interested In
the purchase Of. a part or the whole Of
the assets OF or claims against the estates
Of insolvents.
OF COMPOSITIONS.
Sec. 4s. An insolvent may make a propo-
sition Of composition to his creditors after
- .f....I k.rt h..
lister and has filed the schedule OF his as
sets and list of his creditors herein re-
Quired TO be filed by insolvents. IL such.
proposition shall be accepted in writing
by creditors who shall represent a majori-
~ In amount of all known debts. II said
offer shall have been for fifty per centum
or more of such known liabilities, or by
creditors representing two-thrds in
amount of all such known liabilities IL
the offer shall have been for less than
rfty per centum. then I'm either case such
pffer and acceptance shall be filed in
tourt. and the cash TO be paid and notes