|
Payment of composition.
(New)
|
40.—(1) Any composition shall be payable—
|
| |
(a) in cash, within one month from the approval by the Court of the offer of composition or within such further time as the Court may allow, or
|
| |
(b) by instalments, all of which shall be secured to the satisfaction of the creditors, or
|
| |
(c) partly in cash and partly by instalments payable or secured as aforesaid.
|
| |
(2) In no case shall any instalment be secured by a bill, note or other security signed by or enforceable against the bankrupt alone.
|
| |
(3) The Court shall have discretion to refuse to approve of an offer payable wholly or partly by instalments if the final instalment is not payable within two years.
|