175. (1) The bankruptcy trustee may, with the approval of the committee
of creditors, divide in its existing form amongst the creditors, according
to its estimated value, any property in its existing form which from its
peculiar nature or other special circumstances cannot be readily or
advantageously sold.
(2) An approval under sub-section (1) shall be sought by the bankruptcy
trustee for each transaction, and a person dealing with the bankruptcy
trustee in good faith and for value shall not be required to enquire whether
any approval required under sub-section (1) has been given.
(3) Where the bankruptcy trustee has done anything without the approval of
the committee of creditors, the committee may, for the purpose of enabling
him to meet his expenses out of the estate of the bankrupt, ratify the act
of the bankruptcy trustee. (4) The committee of the creditors shall not
ratify the act of the bankruptcy trustee under sub-section (3) unless it is
satisfied that the bankruptcy trustee acted in a case of urgency and has
sought its ratification without undue delay.