XIIIAssignees may sue in their own Names ; may make Composition for Debts ; may submit Differences to Arbitration. Proviso for Consent of Creditors to Compositions and Arbitrations.
And be it enacted, That it shall be lawful for the Assignee or Assignees of any such Petitioner, and such Assignee or Assignees shall be hereby empowered, to sue, from Time to Time as there may be Occasion, in his or their own Name or Names, for the Recovery, obtaining, and enforcing of any Property or Rights of such Petitioner, but in trust for the Benefit of the Creditors of such Petitioner, according to the Provisions of the said recited Act and this Act, and to give such Discharge and Discharges to any Person or Persons who shall be respectively indebted to such Petitioner as may be requisite; and to make Compositions with any Debtors or Accountants to such Petitioner, where the same shall appear necessary, and to take such reasonable Part of any such Debts as can upon such Composition be gotten in full Discharge of such Debts and Accounts; and to submit to Arbitration any Difference or Dispute between such Assignee or Assignees and any Person or Persons for or on account or by reason of any Matter, Cause, or Thing relating to the Property of such Petitioner: Provided nevertheless, that no such Composition, or Submission to Arbitration, shall be made, nor any Suit in Equity be commenced, by any such Assignee or Assignees, without the Consent in Writing of the major Part in Value of the Creditors of such Petitioner, who shall meet together pursuant to a Notice of such Meeting, to be published at least Fourteen Days before such Meeting in the London Gazette, and also in some Newspaper usually circulated in the Neighbourhood of the Place where such Petitioner had his last usual Residence before the filing of his Petition, nor without the Approbation of the Commissioner.