121.-(1) Not more than two months before declaring a dividend, the trustee shall give notice of his intention to do so to the Official Receiver (who shall forthwith gazette the same) and to such of the creditors mentioned in the bankrupt’s statement of affairs as have not proved their debts. Such notice shall specify the latest date up to which proofs must be lodged, which shall not be less than fourteen days from the date of such notice.
(2) Where application is made against a decision in respect of a proof, and notice thereof is given to the trustee, the trustee shall make provision for the dividend upon such proof and the probable costs of the application in the event of the proof being admitted. Where no such application is made within the prescribed time, the trustee shall exclude all proofs which have been rejected from participation in the dividend.
(3) Immediately after the expiration of the time for applying against his decision the trustee shall proceed to declare a dividend, and shall give notice to the Official Receiver (who shall gazette the same) and send notice of dividend to each creditor whose proof has been admitted, accompanied by a statement showing the position of the estate.
(4) If it becomes necessary in the opinion of the trustee and the committee of inspection to postpone the declaration of the dividend beyond the prescribed limit of two months, the trustee shall give a fresh notice to the Official Receiver, who shall gazette the same forthwith; but it shall not be necessary for the trustee to give a fresh notice to such of the creditors mentioned in the bankrupt’s statement of affairs as have not proved their debts. In all other respects the same procedure shall follow the fresh notice as would have followed the original one.