The Act sets out when and how dividends may be declared and paid.166
The referee declares dividends and directs the payment thereof.
164. Keppel v. Bank, 197 U. S. 356; Page v. Rogers, 211 U. S. 575
165. Pirie v. C. T. & T. Co., 182 U. S. 438.
166. Bankr. Act 1898, SEC. 65.
The law provides for a first dividend to be paid within 30 days after the adjudication if the money of the estate in excess of the amount necessary to pay the debts which have priority and such claims as have not been but probably will be, allowed, equals five per centum or more of such allowed claims.
After the payment of the first dividend, the act directs the declaration of subsequent dividends "as often as the amount shall equal ten per centum or more and upon closing the estate. Dividends may be declared oftener and in smaller proportions if the judge shall so order."