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Section 72 – The Presidency – Towns Insolvency Act,1909

The Presidency – Towns Insolvency Act,1909

Section 72. Right of creditor who has not proved debt before declaration of a dividend

Any creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being 1[in the hands] of the official assignee any dividend or dividends which he may have failed to receive, before that money is applied to the payment of any future dividend or dividends, but he shall not be entitled to disturb the distribution of any dividend declared before his debt was proved by reason that he has not participated therein.

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1. For Madras, read: “under the control” see s.5, ibid.

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The Presidency – Towns Insolvency Act,1909

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