s 38 Person appointed as trustee in bankruptcy to furnish security before acting
38.—(1) A person appointed as a trustee in bankruptcy —(a) must not commence acting as such trustee until the person has given security in accordance with subsection (2); and (b) where the trustee’s security has been forfeited under section 42(8), must not continue acting as such trustee until the person has given fresh security in accordance with subsection (2). (2) The trustee in bankruptcy must give security in such manner as the Official Assignee may specify, and to the satisfaction of the Official Assignee that the trustee will faithfully perform the trustee’s duties and duly observe all the requirements imposed on the trustee by this Act or any other written law with respect to the performance of the trustee’s duties. (3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.