  In this paper, we study the properties of a nonlinearly dispersive integrable
system of fifth order and its associated hierarchy. We describe a Lax
representation for such a system which leads to two infinite series of
conserved charges and two hierarchies of equations that share the same
conserved charges. We construct two compatible Hamiltonian structures as well
as their Casimir functionals. One of the structures has a single Casimir
functional while the other has two. This allows us to extend the flows into
negative order and clarifies the meaning of two different hierarchies of
positive flows. We study the behavior of these systems under a hodograph
transformation and show that they are related to the Kaup-Kupershmidt and the
Sawada-Kotera equations under appropriate Miura transformations. We also
discuss briefly some properties associated with the generalization of second,
third and fourth order Lax operators.
