There are four amendments in the name of the Minister. Amendments Nos. 14 and 17 are related and by agreement they may be discussed together.
SECTION 69.
I move amendment Nos 14 and 17.
In page 28, subsection (3), line 20, after "money" to insert "and securities".
In page 28, subsection (5), line 30, to delete "or securities".
The purpose of amendment No. 14 is to require the Official Assignee to lodge in a prescribed bank all securities as well as money which form part of the bankrupt's property, thus following section 61 of the 1851 Act on which this section is partly based. The words "or securities" are being deleted in amendment No. 17 because it is considered that technically "investment" refers to money only. In the case of securities the court would have power to order the sale and reinvestment of these at any time following an application in that behalf by the Official Assignee.
Amendments agreed to.
I move amendment No. 15:
In page 28, subsection (3), line 21, to delete "paid" and substitute "lodged".
It is consequential on Amendment No. 14.
Amendment agreed to.
I move amendment No. 16:
In page 28, subsection (3), line 21, to delete "into" and substitute "in".
It is also consequential on Amendment No. 14.
Amendment agreed to.
Question proposed: "That section 69, as amended, stand part of the Bill".
I would like to signify also that I am considering putting down a further amendment to this section on Report Stage to the effect that a particular bank will be substituted for a "prescribed bank" in this section, and also in section 84.
What does that mean?
It means that I am giving notice now on Committee Stage because I might not be able to do it later on otherwise.
I understand what you are doing. But what do the words mean? You are going to substitute "in a prescribed bank". This is not subsection (3)? All money received by an Official Assignee being part of the bankrupt's estate shall be forthwith paid by him into a prescribed bank.
I may be naming a particular bank.
Section 69 is based on existing law but is modernised in accordance with changes being made in bankruptcy management and administration. The Official Assignee will continue to be the assignee of each bankrupt's estate and to act with the creditor's assignee if one is appointed. As at present he will possess and receive the bankrupt's property. Section 44 has already enacted that such property will vest in the Official Assignee alone, and no longer in the assignees jointly. All money received by the Official Assignee will be lodged in a prescribed bank, (not as at present in the Bank of Ireland) to his credit, while money and securities stand to the credit of bank accounts in bankruptcy or arrangement matters at the commencement of the Act, (with the exception of the unclaimed dividend account which is dealt with in section 84), will be dealt with by rules of court.
Question put and agreed to.