Bankruptcy Ordinance

(1)
Where the bankrupt was carrying on the business of a bank, any creditor who is a depositor, whether on current, savings, deposit, fixed deposit or other account, shall, unless and until the Official Receiver or trustee by notice in writing requires him to make a formal proof of debt, be deemed to have proved his
debt—
(Amended
18 of 2005 s. 41
)
(a)
for voting purposes, for the net balance to his credit in the books of the bank on all his accounts taken together, at the date of the bankruptcy
order:
(Amended
76 of 1996 s. 73
)
Provided that if the said balance does not exceed $100 he shall not be deemed to have proved his debt for the purposes of
sections 20 to 20K
and
100B(4)
; and
(Amended
76 of 1996 s. 57
)
(b)
for dividend purposes, for the said balance plus or minus, as the case may be, the net amount of interest accrued due by or to the bank on the said accounts at the date of the bankruptcy order.
(Amended
76 of 1996 s. 73
)
(2)
Any debt which is deemed to have been proved by virtue of subsection (1) shall be treated as if a proof thereof had been duly lodged in due time with the Official Receiver or trustee and had been admitted for voting and dividend purposes respectively for the said amounts stated in subsection (1).