Diets appointed for his Examination, the Bankrupt fhall take and fubfcribe the following Oath: I DO, in the Prefence of Almighty God, and as I fhall anfwer Bankrupt's to God at the great Day of Judgment, folemnly fwear, That Oath. the State of my Affairs, engroffed in this Book, contains a full and true Account of all the Debts of whatever Nature due to me, and of all my Eftate and Effects, Heritable and Moveable, Real or Perfonal (the neceffary Wearing Apparel of myfelf, my Wife, and Family excepted) as well as of all Claims which I am entitled to make against any Perfon or Perfons what foever, and of all Eftate in Expectancy, or Means of whatever kind, which I have an eventual Right to by Contract of Marriage, Deed of Entail, or otherwife, to the best of my Knowledge; and that the faid State likewife contains a full and true Account of all Debts due by me, or Demands upon me, fo far as I know or can remember; and that I have delivered up the whole Books, Documents, Accounts and Papers of every kind belonging to me, which in any way relate to my Affairs; and which were in my Poffeffion or under my Power, and have made a full Disclosure of every Particular relating to my Affairs; and further I fwear, that I fhall forthwith reveal all and every other Circumftance or Particular relative to my Affairs, or which may tend to increase or diminish my Eftate, or in which my Creditors may be interested directly or indirectly, which may at any time hereafter come to my Know⚫ledge. So help me GOD., And if the Perfon thus called upon is a Copartner with others, and examined refpecting the Partnership Affairs, the Words of the faid Oath fhall only be varied by the Judge as to make it applicable to the cafe; which Oath being annexed to the Proceedings in the Book of Sederunt, fhall alfo be fubfcribed by the Sheriff Depute or Substitute; and if the Bankrupt be one of the People called Affirmation of Quakers, it fhall be fufficient to take his folemn Affirmation upon mitted. the Matters contained in the faid Oath, and likewife in all other cafes where an Oath is required by this Statute; and all Perfons convicted of taking the above Oath or Affirmation falfely, shall be held as guilty of Perjury, and of fraudulent Bankruptcy, and Fraudulent punished accordingly, and for ever rendered incapable of holding Bankrupts. any Office of Public Truft or Emolument; declaring alfo, that if the Bankrupt fhall wilfully fail to exhibit a fair State of his Affairs, or to make Oath in the Terms above specified, or to make a complete Surrender, he shall be confidered as a fraudulent Bankrupt, and punished accordingly, and rendered ever after incapable of holding any Office of Public Truft or Emolument; and in either cafe fhall forfeit Penalties. every Benefit or Privilege arifing from this prefent Act, and be accounted infamous, and incapable of giving Evidence in any Court of Juftice, or of fitting or acting on any Affize or Jury. Quakers ad XXXIV. And be it enacted, That the Creditors affembled at a Meeting to give Meeting to be held Fourteen Days after the last Examination of the Directions about Bankrupt, or on the Firft lawful Day after Expiration of the faid Recovery of Eftate, Fourteen Days, fhall examine into the State of the Bankrupt's Affairs, and into the Proceedings which till then have been held, and fhall give Directions to the Trustee for the Recovery and Difpofal of the Bankrupt's Eftate, and the Trustee fhall be obliged to follow the and to choofe Commisioners. Meetings of the Directions and Rules prefcribed by a Majority in Value of the Creditors affembled at this Meeting, or at any After Meeting, called for the Purpofe, as after directed; and at the faid Meeting, after the laft Examination, the Majority in Value of Creditors prefent fhall alfo name any Three of the Creditors as Commiffioners for the Purpofe of auditing the Truftee's Accounts, fettling his Commiffion, concurring with him in Submiffions and Compromifes, and giving their Advice and Affistance to him in any other Matters relative to the Management of the Bankrupt or Truft Eftate, fubject always to the Controul of General Meetings; and in cafe of any Difpute about the Election of thefe Commiffioners, the fame fhall be reported to and fummarily advised by the Court of Seffion or Lord Ordinary on the Bills, in the manner before directed as to the Election of Interim Factor and Trustee. XXXV. And be it enacted, That it shall and may be lawful for Commiftioners. fuch Commiffioners to meet at any time they may think fit, for the Purpose of afcertaining the Situation of the Bankrupt Eftate, and of examining the Acts and Tranfactions of the Truftee, and to make fuch Reports as they or any One of them may think proper to make from time to time, to a General Meeting of the Creditors which they or any One of them may call by Advertisement in the Edinburgh Gazette, upon Fourteen Days previous Notice. State of Bankrupt Eitate ex hibited, after laft Examination of Bankrupt. Similar State exibited once in every Three Months. Sequeftrated Fund how divided. Payments, &c. of Bankrupt after fi ft Deliverance void. XXXVI. And be it enacted, That at fuch General Meetings held after the last Examination of the Bankrupt, there shall be exhibited a State of the Bankrupt's Eftate made up by the Trustee, with an Eftimation or Valuation of what he expects at the time it will produce, according to the best of his Judgment, upon the Information procured from the Bankrupt or otherwife, which State fhall be inferted in the Sederunt Book, and figned by the Prefes of the Meeting. XXXVII. And be it enacted, That a fimilar State and Estimate, or Valuation, shall be made out by the Trustee and exhibited to the Commiffioners once in every Three Months thereafter, fhewing the Debts and Effects recovered, and those remaining outstanding at the time when each fuch State fhall be made up; and every fuch State fhall be inferted in the Sederunt Book, and figned by the Commiffioners, and when Notice of a Dividend is given, it fhall also be notified in the Advertisement or Notice, that fuch State or States, as well as the State of the Ranking of the Creditors, are lying in the Hands of the Trustee for the Infpection of the Creditors. XXXVIII. And be it enacted, That the whole Eftate and Effects of whatever Kind, belonging to the Bankrupt at the Period of the Sequeftration, or the Produce thereof, after paying all Charges, fhall be a Fund of Divifion among those who were his Creditors prior to the Date of the Firft Deliverance aforefaid, and none elfe, regard being had to Preferences obtained by Securities, or by Diligence, before the faid Deliverance, and not exprefsly fet afide by this Act, but to no other Claims of Preference; and all Payments made by the Debtor to any of his Creditors after the Date aforefaid, fhall be void and ineffectual to the Receivers in the Event of a Sequeftration taking place, and the Truftce fhall be entitled to recover the Money fo paid as Part of the Bankrupt's Eftate; and all Tranfactions of the Bankrupt fubfequent to the faid Date, from which any Prejudice may arife to the Creditors, fhall be null and void; declar Tranfactions. ing always, that nothing herein contained shall oblige a bona fide Pur- Provifo for chafer of any Part of the Moveable Effects from the Bankrupt, while bona fide in actual Poffeffion, and for a Price truly paid, to restore the Effects fo purchased, nor the Debtor of a Bankrupt who has paid his Debt to him, bona fide, before he knew of the Bankruptcy, to pay it a Second time to the Trustee. tration. XXXIX. And be it enacted, That if pofterior to the Sequeftra- Eftates devolving tion, any Eftate or Effects fhall devolve upon the Bankrupt, either on Bankrupt in the way of Succeffion, or otherwife, he fhall be obliged, imme- after Sequeldiately when fuch Event happens, to make a full Discovery thereof to the Trustee, and fhall at all times, when required by the Trustee, declare upon Oath before the Judge Ordinary, or any Magiftrate or Juftice of Peace, whether any fuch Eftate or Effects have come to or devolved upon him, in order that the Trustee may have an Opportunity of taking fuch Steps as are neceffary or proper for the Intereft of his Constituents, and the Truftee fhall likewife give Notice thereof to the Creditors, either at the next General Meeting, or by advertising a Meeting for the Purpose. Days of Se queftration void. XL. And be it enacted, That no Arrestment of the Bankrupt's Arrestments and Effects ufed at any time within Sixty Days before the Date of the Poindings first Deliverance on the Petition for Sequeftration, fhall give a Prefe- within Sixty rence to the arrefting Creditor in the Event of Sequeftration taking place, but that in every fuch cafe the Effects arrefted fhall be made forthcoming to the Truftee; and in cafe they have been actually recovered by the arrefting Creditor, the Trustee fhall nevertheless be , entitled to demand and receive the fame from him as Part of the Fund of Divifion, in the fame way as if the Arrestment had been used for the Creditors at large; and in like manner no Poinding of a Debtor's Effects, not completely executed Sixty Days at least before fuch. Deliverance, fhall give any Right or Preference to the Poinder in the Event of Sequeftration taking place, but the Poinder fhall be obliged to deliver to the Factor or Trustee the Goods poinded, if not fold or difpofed of, when he is required fo to do; and in cafe they are then fold or difpofed of, he fhall pay, or caufe to be paid to the Trustee, the whole net Price of the Goods poinded, and which fhall make Part of the Fund to be diftributed among the Creditors: Provided Provifo. always, that all Arrefters and Poinders, who fhall be deprived of the Benefit of their refpective Diligence in confequence of a Sequeftration, fhall be entitled to demand or retain the Expence bona fide laid out by them in profecuting fuch Diligences. Meetings, if required. XLI. And be it enacted, That the Trustee fhall proceed to recover Truffee to proand convert into Money, in the speediest and most effectual manner ceed to Recovery the whole Eftate under his Management or Power, whether at Home of Eitate; and to call occafional or in Foreign Parts, in order that the fame may be diftributed among the Creditors; and he fhall, if required at any time by One Fourth of the Creditors in Value, who have produced and proved their Claims, be obliged to call a General Meeting, or he himself may, on any Emergency, call fuch Meeting, fufficient previous Intimation of every occafional Meeting, and the Purpofe of calling it, being always given by Advertisement in the Edinburgh Gazette and London Gazette, a Fortnight at least before the Meeting; and all Refolutions of the Creditors at their General Meetings fhall be final and conclufive, unless objected to and complained of by a Petition to the Court of Seffion, within Thirty Days after the Meeting. XLII. And Heritable Provifo. XLII. And be it enacted, That if any Part of the sequestrated Eftate confifts of Land or other Heritable Subjects, it shall be optional to a Majority of Creditors in Value to determine, at the Meeting aforefaid, held after the last Examination of the Bankrupt, or any other Meeting advertised for the Purpose whether the Trustee is to bring the faid Heritable Eftate to judicial Sale before the Court of Seffion, or to difpofe thereof by voluntary Public Sale; and if the latter Mode is adopted, the Sale made after fuch Advertisement, and at fuch upfet Price, and upon fuch Articles and Conditions as fhall be fixed by a Majority of the faid Commiffioners, shall be valid and effectual, with and under the Burden of all Real Securities or other Liens upon the Eftate, in fo far as the fame are preferable to the Difpofition or Decree vefting the faid Eftate in the Trustee, but which Burden fhall go no farther than to the Extent of the Price; and the Purchaser fhall have no Concern with the Application of the Price after Satisfaction of the preferable Securities aforefaid; and if a Majority of Creditors in Value determine for a judicial Sale, the Truftee fhall be obliged forthwith to proceed in the fame, and fhall be entitled to carry it on as to a Part of the Eftate, without including the Whole, and without any other Proof of Bankruptcy than the Act of Sequeftration; and it fhall be enough to call the Bankrupt himself, and his Real Creditors in Poffeffion, upon a Citation of Fifteen Days, whether they are within the Kingdom or not, and the edictal Citations fhall be difpenfed with: Provided always, that nothing in this Act contained fhall bar the Right which any Real Creditor may have by the Law, as it ftands at prefent, to bring his Debtor's Eftate to a judicial Sale at his own Inftance, unless fuch Sale has been previously brought at the Inftance of the Trustee, or unlefs a Majority of the Creditors in Value fhall have previously determined upon a voluntary Sale; and in the Event of the Eftate being fold by judicial Sale, the Balance of the Price, if there be any, after fatisfying the preferable Securities aforefaid, fhall be paid into the Hands of the Trustee, as a Part of the Fund of Division to be made by him among the Creditors in general, the Purchaser being always entitled, upon making full Payment of the Price, whether the Lands have been fold in the one way or in the other, to a Discharge from the Trustee, which fhall have the Effect completely to difencumber the Subject acquired; and further, the Creditors fhall be entitled to draw their Shares of the Price in virtue of the Difpofition and Adjudication before mentioned, without the Neceffity of any No Adjudication other Adjudication; and no other Adjudication led or made effectual competent after after the Date of the First Deliverance aforefaid, fhall have any Effect Sequeftration. in Competition with the Right of the Creditors under the Sequeftration Provided always, that where Heritable Property belonging to the Bankrupt, after having been duly advertifed for Sale, fhall have been Three times expofed to judicial or public Sale without Effect, it fhall be competent to the Trullee, with Confent of a Majority of the Commiffioners, and with the Approbation of a General Meeting of the Creditors called for the Purpose, to fell the faid Heritable Property by private Sale, provided the Price at which it fhall be fold fhall not be lefs than the laft upfet Price at which it had been expofed to public Sale without Effect. XLIII. And be it enacted, That the Trustee fhall be obliged to lodge all Money he receives in fuch Bank, or with fuch Banking 5 Company, Company, as Four Fifths of the Creditors in Number and Value at any General Meeting fhall appoint, and failing fuch Appointment, in the Royal Bank or Bank of Scotland, or in the Bank of the British Linen Company, upon an Account to be opened in the Name of the fequeftrated Eftate, at fuch Intereft as can be procured for the fame, and never to retain in his own Hands above the Sum of Fifty Pounds Sterling for the Space of Ten Days, otherwise to be liable to the Creditors for Twenty per Centum per Annum on whatever exceeds the Sum of Fifty Pounds Sterling, in the Name of Interest and Damages; and it fhall be competent to the faid Commiffioners, or to any One of them, at any time when they fhall think proper, to compare the Sums fo lodged from time to time by the Trustee, with the Sums received by him, and to examine the Sums drawn by him from fuch Bank, and disbursed by him in Payment for or on Account of the Bankrupt Eftate; and the faid Commiffioners are hereby required, at the time when they audit the Accounts of the Trustee in manner herein directed, to cause an Entry to be made in the Sederunt Book, certifying that they have made fuch Comparison and Examination, and whether they have found the Money received by the Trustee regularly and duly lodged by him in the manner herein directed, and whether the fame has been duly drawn out and disbursed on Account of the Bankrupt Eftate; and in every cafe where it fhall appear that the Money received by the Trustee fhall not have been regularly and duly lodged by him in the manner herein directed, the Commiffioners are hereby required to make a fummary Application to the Court to compel the Trustee to pay at the Rate of Twenty Pounds per Centum per Annum upon every Sum above Fifty Pounds Sterling, at any time retained by him in his Hands, beyond the Space of Ten Days, which Money fo recovered fhall be lodged in the Bank or Banking Company, with whom an Account fhall have been opened as aforefaid for the fequeftrated Eftate. XLIV. Provided always, and be it enacted, That the Bank or Truftee not to Banking Company, with whom Money belonging to a fequeftrated have an Intereft Eftate fhall be lodged, either by the Interim Factor or Trustee, fhall in the Bank. not be one in which fuch Interim Factor or Truitee fhall be an acting Partner, Manager or Cashier. Trustee to mark and return Grounds of Debt produced XLV. And be it enacted, That the Trustee fhall mark the Productions made to him of the Claims of the feveral Creditors, and their Vouchers, or Grounds of Debt, and certified Accounts, with the Oaths of Verity upon the faid Claims, and make a Minute or to him, and to Entry thereof, and of the Date of Production, in the Book of keep regular Sederunt, but he shall return the Vouchers or Grounds of Debt, if Accounts. defired, to the Claimant or his Agent, and he fhall be obliged to keep a regular Book of Accounts with the Bankrupt's Eftate, and to make the fame patent at all times to any of the Creditors, or their Agents, or to any of the faid Commiffioners who defire to fee the fame, and within Ten Days after the Expiration of Ten Calendar Months from the Date of the First Deliverance on the Petition for Sequeftration, the Commiffioners, or a Majority of them, shall audit the Trustee's Accounts, and, by a Minute under their Hands, in the Book of Sederunt, fhall afcertain the Sum to be allowed the Truftee in Name of Commiffion, and likewife the nett Proceeds of the Eftate recovered, at the Expiration of the faid Ten Months; which, after making a reasonable Deduction for contingent Ex pences, |