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Payment of composition.
(New)
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40.—(1) Any composition shall be payable—
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(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
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(b) by instalments, all of which shall be secured to the satisfaction of the creditors, or
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(c) partly in cash and partly by instalments payable or secured as aforesaid.
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(2) In no case shall any instalment be secured by a bill, note or other security signed by or enforceable against the bankrupt alone.
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(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.
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