Amendment status not verified — confirm the current text below against the official source.
Duttes and tpawers of receiver. Subject to the provi- sions of this Act, and such other provisions as may be prescribed the receiver shall, with all convenient speed, reahse the pro- perty of the debtor and d1stnbute dividends among the creditors entitled thereto and for that purpose may- (a) sell all or any part of the property of the msolvent; 35 (b) give receipts for any money received by him and may, by leave of the Court, do all or any of the followmg thmgs, namely.- (c) carry on the busmess of the msolvent so far as may be necessary for the beneficial wmdmg up of the same; (d) mstitute, defend or contmue any smts or other legal proceedmgs relatmg to the property of the insolvent; (e) employ a pleader or other agent to take any pro- ceedmgs or do any busmess which may be sanctiOned by the Court; (f) accept as the consideratiOn for the sale of any pro- perty of the msolvent a sum of money payable at a future time subJect to such stipulatiOns as to security and otherwise as the Court thmks fit; (g) mortgage or pledge any part of the property of the msolvent for the purpose of raismg money for the payment of h1s debts; (h) refer any dispute to arbitratiOn, and compromise all debts, claims and liabilities, on such terms as may be agreed upon; and (I) divide in Its existmg form amongst the creditors, accordmg to Its estimated value, any property which, from its peculiar nature or other special circumstances, cannot readily or advantageously be sold. 62 Power to requtre tnforrnatwn regardwg tnsolvent's pro- perty. ( 1) The Court, If specially empowered in this behalf by an order of the Government, or any office>r of the Court so empowered by a hke order, may, on the application of the receiver or any creditor who has proved his debt, at any time after an order of adJUdicatiOn has been made, summon before It m the prescnbed manner any person known or suspected to have in his possessiOn any property belonging to the msolvent or supposed to be mdebted to the insolvent, or any person whom the Court or such officer, as the case may be, may deem capable of giving mformatwn respectmg the msolvent or his dealings or property, and the Court or such officer may require any such person to produce any documents in his custody or power relat- mg to the insolvent or to his dealmgs or property. (2) If any person so summoned, after having been ten- dered a reasonable sum, refuses to come before the Court or such officer at the time appointed, or refuses to produce any such document, havmg no lawful impediment made known to :;> nd allowed by the Court or such officer, the Court or such officer may, by warrant, cause him to be apprehended and brought up for exammation. (3) The Court or such officer may examme any person so brought before it or him concernmg the insolvent, his dealings or propertv. and such person may be represented by a legal practitiOner. r