Section 62

Subject to the retention of such sums as are necessary for the costs of administration or otherwise, the Official Assignee shall, with all convenient speed, declare and distribute dividends amongst the creditors who have proved their debts.

The first dividend, if any, shall be declared and distributed within 12 months after the adjudication, unless the Official Assignee satisfies the court that there is sufficient reason for postponing the declaration to a later date.

Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than 12 months.

Before declaring a dividend the Official Assignee shall cause notice of his intention to do so to be gazetted and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt’s statement who has not proved his debt.

When the Official Assignee has declared a dividend he shall send to each creditor who has proved a notice showing the amount of the dividend, and when, and how it is payable, and a statement, in the prescribed form, as to the particulars of the estate.

No dividend shall be paid to any creditor which does not amount to $5.