Declaration and distribution of dividends

(1) Subject to the retention of such sums as may be necessary for the costs of administration, or otherwise, the trustee shall with all convenient speed declare and distribute dividends amongst the creditors who have proved their debts. (2) The first dividend, if any, shall be declared and distributed within four months after the conclusion of the first meeting of creditors, unless the trustee satisfies the committee of inspection that there is sufficient reason for postponing the declaration to a later date. (3) Subsequent dividends shall, in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than six months. (4) Before declaring a dividend, the trustee shall cause notice of his intention to do so to be Gazetted in the prescribed manner, and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt’s statement who has not proved his debt. (5) When the trustee 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