Full legislation
s.53
Possession of property by trustee
(1)
The trustee shall as soon as may be take possession of the deeds, books and
documents of the bankrupt and all other parts of his property capable of manual
delivery.
(2)
The trustee shall, in relation to and for the purpose of acquiring or retaining
possession of the property of the bankrupt, be in the same position as if he were a
receiver of the property appointed by the court, and the court may on his
application enforce such acquisition or retention accordingly.
(3)
Where any part of the property of the bankrupt consists of stock, shares in
ships, shares, or any other property transferable in the books of any company,
office or person, the trustee may exercise the right to transfer the property to the
same extent as the bankrupt might have exercised it if he had not become
bankrupt.
(4)
Where any part of the property of the bankrupt consists of things in action,
such things shall be deemed to have been duly assigned to the trustee.
(5)
Subject to the provisions of this Ordinance with respect to property acquired
by a bankrupt after adjudication, any treasurer or other officer, or any banker,
attorney, clerk, servant, comprador, employer or agent, of a bankrupt, shall pay and
deliver to the trustee all money and securities in his possession or power, which he
is not by law entitled to retain as against the bankrupt or the trustee. If he does
not, he shall be guilty of a contempt of court and may be punished accordingly on
the application of the trustee.
[cf. 1914 c. 59 s. 48 U.K.]