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THE HONGKONG GOVERNMENT GAZETTE, 7TH NOVEMBER, 1891.
Realisation of Property.
48. (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 Supreme Court and the Court may on his application enforce such acquisition or retention acqordingly.
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 excrcise 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.) Any officer clerk or servant compradore, employé, any person acting as banker attorney or agent of a bank- rupt shall pay and deliver to the Trustee all moneys 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,
44.
Any person acting under warrant of Court may seize any part of the property of a bankrupt in the custody or possession of the bankrupt or of any other person and with a view to such seizure may break open any house building or room of the bankrupt where the bankrupt is supposed to be or any building or receptacle of the bank- rupt where any of his property is supposed to be and when the Court is satisfied that there is reason to believe that property of the bankrupt is concealed in a house or place not belonging to him the Court may if it thinks fit grant a search warrant to any constable or officer of the Court who may execute it accordingly. Such warrant may be in the Form No. 25 of Schedule A.
45. Where the bankrupt is possessed of any property out of the Colony the Trustee shall require him to join in selling the same for the benefit of the creditors and to sign all necessary authorities powers deeds and documents for the purpose and when and so often as the bankrupt may refuse to do so he may be punished for a contempt of Court. 46. When a bankrupt is an officer of the Army or Navy or an officer or clerk or otherwise employed or engaged in Civil Service of the Government the Trustee shall receive for distribution amongst the creditors so much of the bankrupt's pay or salary as the Court on the applica- tion of the Trustee with the consent of the Chief Officer of the Department under which the pay or salary is enjoyed may direct.
Possession by Trustas.
Seizure of property of Bankrupt.
Estate out of the Colony.
Salary of Government officers.
transfer of property.
47. (1.) Until a Trustee is appointed the Official Re- Vesting and ceiver shall be Trustee for the purposes of this Ordinance and immediately on a debtor being adjudged bankrupt the pro- perty
ty of the bankrupt shall vest in the Trustee.
(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.
48. (1.) When any part of the property of the bankrupt consists of land of any tenure burdened with onerous cove- nants or liabilities or of shares or stock in companies or of unprofitable contracts or of any other property that is un- saleable 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 notwith- standing that he has endeavoured to sell or has taken possession of the property or exercised any act of ownership in relation thereto but subject to the provisions of this section may by writing signed by him at any time within six months after the appointment of a trustee disclaim the pro- perty. Provided that when any such property shall not have come to the knowledge of the Trustee within three mouths after such appointment he may disclaim such pro- perty at any time within three months after he first became aware thereof.
Disclaimer of unsaleable
property.
991
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