power in certain circumstances to
amend the valuation, take over the security by paying the amount of the
valuation, or may require it to be realized. He may be required by the
creditor to elect which of these courses he will adopt, failing which the
equity of redemption will vest in the creditor. For further regulations as
to proofs, the time within which they must be lodged for voting and for
dividend, and the manner of dealing with them, reference should be made to
the first and second schedules of the act of 1883 and the rules relating
thereto.

_Dividends._--After payment of costs of administration and preferential
debts, it is the duty of the trustee to distribute the estate with all
convenient speed,--the first dividend within four months after the first
meeting of creditors, and subsequent dividends at intervals of not more
than six months, but the declaration may be postponed for sufficient reason
by the committee of inspection. Notice of the intention to declare a
dividend is gazetted and sent to each creditor mentioned in the bankrupt's
statement of affairs who has not proved. The notice should state the last
day for proving in order to participate in the distribution, and should be
given not more than two months before the declaration. When the dividend is
declared, notice of the amount due, and of the place where the same is
payable, is sent to each creditor who has proved, with a statement showing
particulars of the estate. And provision must be made for creditors at a
distance, who have not had time to prove, for disputed claims, and for
debts the subject of claims not [v.03 p.0328] yet determined. Creditors who
fail to prove before the declaration of a dividend are entitled to receive
their dividends on proving before any subsequent dividend is declared, but
cannot disturb the distribution of any dividend already declared. Before
distributing a final dividend notice is sent to every creditor whose claim
has been notified to the trustee, but not finally established, with an
intimation that unless so established within a specified period he will be
excluded from participation in the estate. In the case of a bankrupt firm
the joint creditors are not entitled to receive a dividend out of the
separate property of the bankrupts until all the separate creditors are
paid in full.

_Trustee's Administration._

While the interim preservation and management of the estate is conducted by
or under the direct super