vision of officers appointed by and responsible to
the Board of Trade, the ultimate realization and distribution of the assets
devolve upon the trustee appointed by the creditors. But besides acting as
receiver prior to the first meeting of creditors, the official receiver
also becomes trustee by operation of law on the making of an order of
adjudication. He vacates the office when a trustee is appointed by the
creditors, and certified by the Board of Trade, but again becomes trustee
on the creditors' trustee being released, dying, resigning or being removed
from office. As the bankrupt's property vests in the trustee for the time
being, and passes from trustee to trustee by operation of law, and without
any formal act of conveyance, the continuity of the office is thus secured.

_Appointment of Trustee._--A trustee may be appointed by a majority in
value of the creditors voting, at the first or any subsequent meeting, or
the appointment may be left to the committee of inspection. In either case
the appointment is subject to confirmation by the Board of Trade, who may
object on the ground that the creditors have not acted in good faith in the
interests of the general body, or that the person appointed is not fit to
act, or occupies such a position in relation to the debtor, to any
creditor, or to the estate, as makes it difficult for him to act with
impartiality, or that in any previous case he has been removed from office
for misconduct or for failure without good cause to render his accounts for
audit. An appeal from such objection to the High Court lies at the instance
of a majority in value of the creditors, but in the absence of an appeal it
is fatal to the appointment. Before being confirmed, the trustee-elect must
also furnish security to the satisfaction of the Board of Trade, and such
security must be kept up to the amount originally fixed, or to such lesser
amount as that department may require throughout the tenure of the
trusteeship, failing which the trustee is liable to be removed from office.
Where the creditors fail to appoint a trustee, the Board of Trade may do
so, but such appointment may at any time be superseded by the creditors.

_Removal._--The trustee may be removed by the creditors at a meeting
summoned for the purpose without reason assigned, or by the Board of Trade
for misconduct, or for incapacity or failure to perform his duties, or on
either of the other personal grounds of objection to whic