182783-1931-Supplementary-Draft-Bill--Bankruptcy — Page 35

Appropria

tion of income of property restrained from antici- pation

398

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57. Where a married woman who has been ad- judged bankrupt has separate property the income of which is subject to a restraint on anticipation, the court shall have power, on the application of the trustee, to order that, during such time as the court may order, the whole or some part of such income 4 & 5 Geo. 5, be paid to the trustee for distribution amongst the € 59, s. 52.

creditors, and in the exercise of such power the court shall have regard to the means of subsistence avail- able for the woman and her children.

Vesting and transfer of property.

58.-(1) Until a trustee is appointed, the Official Receiver shall be the trustee for the purposes of this а debtor being 4 & 5 Geo. 5, Ordinance, and, immediately on

adjudged bankrupt, the property of the bankrupt shall vest in the trustee.

c. 59,

s. 53 (1).

4 & 5 Geo. 5,

c. 59,

s. 53 (2).

4 & 5 Geo. 5, c. 59, s. 53 (3).

Disclaimer

of onerous property.

4 & 5 Geo. 5, c. 59,

s. 54 (1).

4 & 5 Geo. 5, c. 59, s. 54 (2).

4 & 5 Geo. 5, c. 59, s 54 (3).

4 & 5 Geo. 5, c. 59, s. 54 (4).

(2) On the appointment of a trustee, the property shall forthwith pass to and vest in the trustee appointed.

(3) The property of the bankrupt shall pass from trustee to trustee, including under that term the Official Receiver when he fills the office of trustee, and shall vest in the trustee for the time being during his continuance in office, without any conveyance, assignment, or transfer whatever.

59.-(1) Where any part of the property of the bankrupt consists of land of any tenure burdened with onerous convenants, of shares or stock in com- panies, of unprofitable contracts, or of any other pro- perty that is unsaleable, or not readily saleable, by reason of its binding the possessor thereof to the .performance of any onerous act, or to the payment of any sum of money, the trustee, notwithstanding that he has endeavoured to sell or has taken possession of the property, or exercised any act of ownership in re- lation thereto, but subject to the provisions of this section, may, by writing signed by him, at any time within twelve months after the first appointment of a trustee or such extended period as may be allowed by the court, disclaim the property :

Provided that, where any such property has not come to the knowledge of the trustee within one month after such appointment, he may disclaim such property at any time within twelve months after he has become aware thereof or such extended period as may be allowed by the court.

(2) The disclaimer shall operate to determine, as from the date of disclaimer, the rights, interests, and liabilities of the bankrupt and his property in or in respect of the property disclaimed, and shall also dis- charge the trustee from all personal liability in respect of the property disclaimed as from the date when the property vested in him, but shall not, ex- cept so far as is necessary for the purpose of releasing the bankrupt and his property and the trustee from liability, affect the rights or liabilities of any other

person.

(3) A trustee shall not be entitled to disclaim a lease without the leave of the court, except in any cases which may be prescribed by general rules, and the court may, before or on granting such leave, require such notices to be given to persons interested, and impose such terms as a condition of granting leave, and make such orders with respect to fixtures, tenant's improvements, and other matters arising out of the tenancy, as the court thinks just.

(4) The trustee shall not be entitled to disclaim any property in pursuance of this section in any case where an application in writing has been made to the trustee by any person interested in the property

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