The bankruptcy trustee shall not do any of the following without the approval of the committee of creditors, namely:—

1. carry on the business of the bankrupt;
2. bring, institute or defend any legal proceedings in the name and on behalf of the bankrupt;
3. accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time subject to such stipulations as to security and otherwise as the committee of creditors thinks fit;
4. mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts; and
5. refer any dispute to arbitration or compromise any debts, claims or liabilities.