Year: 1867

months after the same shall be so converted the
same shall be divided in manner aforesaid.
Further dividend shall be made in like manner
as often as occasion requires; and after the third
meeting of creditors no further meeting shall be
called unless ordered by the court. II at any
time there shall be in the hands Of the assignee
any outstanding debts or other property, due or
belonging 10 the estate, which cannot be col
lected and received by the assignee without IN
reasonable or inconvenient delay or expense,
the assignee may, under the direction of the
court, sell and assign such debts or other props
erty in such manner as the court shall order
No dividend already declared shall be disturbed
by reason Of debts being subsequently proved
but the creditors proving such debts shall be
entitled to dividend equal to those already re-
ceIved by the other creditors before any further
payment is made to the latter. Preparatory to
the final dividend, the assignee shall submit bis
account to the court and file the same, and give
notice TO the creditors of such filing, and snail
also give notice that he will apply for settles
ment of his account, and for a discharge frOn
all liability assignee, at a time to be speclhed
in such notice, and at such time the court shall
audit and pass the accounts OF the assignee, and
such assignee shall, if required by the court, be
examined as to the truth of such account, ana
if found correct, be shall thereby be discharged
from all liability assignee to any creditor of
the bankrupt. The court shall thereupOn order
a dividend of the estate and effects, or of such
part thereof as it sees fit, among such of the
creditors as have proved their claims, In pro-
portion to the respective amount OF their SAID
l-LEs.-I Iu at TftIon to all expenses necessarily
incurred by him in the execution of his trust,
in any case, the assignee shall be entitled to an
allowance for his services in such case, on all
monies received and paid out by him therein,
for any sum not exceeding one thousand dollars
FIVE per ceutum thereon; for any larger sum, not
exceeding five thousand dollars, two and half
per centum on the excess over one thousand
dollars; aud for any larger sum, one per centum
on the excess of FIVE thousand dollars; and if
at any time, there shall not be in his hands
sufficient amount of money to defray the neces-
sarv expenses required for the further execution
of his trust, be shall not be obliged to proceed
therein until the necessary funds are advanced
or satisfactorily secured to him. If, by accident
mistake, or other cause, without fault of the
assignee, either or both of the said second and
third meetings should not be held within the
times limited, the court may, upon motion of an
interested party, order such meetings, with like
effect as to the validity of the proceedings as if
the meetings had been duly held. Tn the order
for dividend under this section, the following
CLAIMS shall be entitled to priority or preference
and to be first paid in full in the following
ORDER


First. The fees, costs, and expenses of suits,
and the several proceedings in bankruptcy un-
der this act, and for the custody of property, as
herein provided.


Second. All debts due to the United States
and all taxes and assessments under the laws
thereof.


Third. All debts due to the State in which the
proceedings in bankruptcy are pending, and all
taxes and assessments made under the laws of
such State.


Fourth Wages due to any operative, clerk, OF
house servant, TO an amount not exceeding fifty
dollars, for labor performed within six months
next preceding the first publication of the Dotice
of proceedings in bankruptcy.


Fifth. All debts due to any persons who, by
the laws of the United States, may be
titled to priority or preference, in like manner
as if this act had not been passed 1iVdys pro-
Uidsd, That nothing contained in this act shall
interfere with the smeut and collection of
taxes by the authority of the Omitted States or
any State. FRO BE CONTINUED