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The trustee must as soon as may be after his appointment take possession of the deeds, books, or other documents and property capable of manual delivery belonging to the bankrupt. Until a trustee is appointed the official receiver is to be trustee for the purposes of the Act. On the appointment of a trustee, however, the property of the bankrupt will forthwith pass to and vest in him; and shall pass from trustee to trustee, and vest in the trustee for the time being during his continuance in office without any conveyance, assignment, or transfer whatever (sect. 54).

Stock and Shares. Where any part of the bankrupt's property consists of stock, shares in ships, shares, or any other property transferable in the books of any company, office, or person, the right to transfer such property will be vested in the trustee to the same extent as the bankrupt might have exercised the same if he had not become bankrupt (sect. 50, sub-s. 3).

Copyholds or Customary Property. Where any of the property consists of copyhold or customary property, or any like property passing by surrender and

admittance or in any similar way, the trustee will not be compellable to be admitted to such property, but may deal with it as if it could be and had been duly surrendered, or otherwise conveyed to such uses as the trustee may appoint; and any appointee of the trustee will be admitted or otherwise invested with the property accordingly (sect. 50, sub-s. 4).

Things in Action. 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 (sect. 50, sub-s. 5).

Money and Securities. And any treasurer or other officer, or any banker, attorney or agent of a bankrupt, must pay and deliver to the trustee all money and securities in his possession or power, as such officer or agent, if he be not by law entitled to retain as against the bankrupt or the trustee. If he does not he will be guilty of contempt of court, and may be punished accordingly on the application of the trustee (sub-s. 6).

As to seizure of the property of a bankrupt under warrant of the Court, see ante, p. 37.

Sequestration of Benefice. Where the bankrupt is a beneficed clergyman, the trustee may apply for a sequestration of the profits of the benefice; but in this case he must allow out of them to the bankrupt, while he performs his duties, such an annual sum, payable quarterly, as the bishop of the diocese, if he thinks fit, may direct.

In the new Act, also, it is especially provided that if a clergyman is made bankrupt and sequestration obtained, there shall also be paid out of the profits of the benefice the salary payable to any duly licensed curate of the church of such benefice in respect of duties

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performed by him as such during four months before the date of the receiving order not exceeding 507. (sect. 52).

Appropriation of Pay, &c. Where a bankrupt is an officer of the army or navy or is engaged in the civil service, the trustee shall receive for distribution amongst the creditors so much of the bankrupt's pay or salary as the Court, upon the trustee's application, with the consent of the chief officer of the department under which the pay or salary is enjoyed, may direct; but before making any order the Court must communicate with the chief officer of the department as to the amount, time, and manner of the payment to the trustee, and shall obtain the written consent of the chief officer to the terms of such payment (sect. 53, sub-s. 1).

Where a bankrupt is in the receipt of a salary or income other than as aforesaid, or is entitled to any half-pay or pension, or to any compensation granted by the Treasury, the Court, upon the application of the trustee, shall from time to time make such order as it thinks just for the payment of the salary, income, halfpay, pension or compensation, or of any part thereof to the trustee, to be applied by him in such manner as the Court may direct (sect. 53, sub-s. 2).

But nothing in the section is in any manner to abridge any power of the chief officer of a public department to dismiss a bankrupt, or to declare the pension, half-pay, &c. of any bankrupt to be forfeited (sect. 53, sub-s. 3).

Disclaimer of Onerous Property. Where any part of the property of a bankrupt consists of land of any tenure burdened with onerous covenants, or of shares or stock in companies, or of unprofitable contracts, or of any other property that is unsaleable or

which cannot readily be disposed of, by reason of its binding the possessor to the performance of any onerous act or to the payment of any sum of money, the trustee, although he may have endeavoured to sell, or has taken possession of, or exercised any act of ownership in respect of the property, may, in writing, at any time within three months after the first appointment of a trustee, disclaim such property. But if such property does not come to the knowledge of the trustee within one month after his appointment, he may disclaim within two months after his first becoming aware of it.

The effect of this disclaimer is to determine, as from the date of the disclaimer, the rights, interests and liabilities of the bankrupt and his property in the property disclaimed, and will release the trustee from personal liability from the date when the property vested in him.

A lease cannot under the Act be disclaimed by a trustee without the leave of the Court, or if allowed by general rules; and the Court may, before or on granting such leave, require notices to be given to persons interested, and impose terms and make any orders with respect to fixtures, tenant's improvements, and other matters arising out of the tenancy which it may think just.

And a trustee will not be entitled to disclaim any property in any case where an application in writing has been made to him by any person interested in the property, requiring him to decide whether he will disclaim or not, and the trustee has, for twenty-eight days after receipt of the application, or such extended time as may be allowed by the Court, omitted to give notice

of his intention. In the case of a contract, if after such application the trustee does not disclaim within the period limited, he will be taken to have adopted it (sect. 55, sub-s. 4).

Further, by sub-s. 5 of the same section it is provided that “the Court may, on the application of any person who is, as against the trustee, entitled to the benefit or subject to the burden of a contract made with the bankrupt, make an order rescinding the contract, on such terms as to the payment by or to either party of damages for the non-performance of the contract or otherwise as to the Court may seem equitable, and any damages payable under the order to any such person may be proved by him as a debt under the bankruptcy." And "the Court may, on application by any person either claiming any interest in any disclaimed property, or under any liability not discharged by this Act in respect of any disclaimed property, and on hearing such persons as it thinks fit, make an order for the vesting of the property in or delivery thereof to any person entitled thereto, or to whom it may seem just that the same should be delivered, by way of compensation for such liability as aforesaid, or a trustee for him, and on such terms as the Court thinks just; and on any such vesting order being made, the property comprised therein shall vest accordingly in the person therein named in that behalf, without any conveyance or assignment for the purpose. PROVIDED ALWAYS, that where the property disclaimed is of a leasehold nature, the Court shall not make a vesting order in favour of any person claiming under the bankrupt, whether as under-lessee or as mortgagee by demise, except upon the terms of making such person subject to the same

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