1912_BANKRUPTCY_ORDINANCE__1891 — Page 30

BANKRUPTCY.

No. 7 of 1891.

635

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the application of the trustee, with the consent of the Chief Officer of the Department under which the pay or salary is enjoyed, may

direct.

transfer of

47.-(1) Until a trustee is appointed, the Official Receiver shall Vesting and be the trustee for the purposes of this Ordinance, and immediately property. on a debtor being adjudged bankrupt, the property of the bankrupt 146 & 47 Vict. 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.

c. 52 s. 54.]

of onerous

48.(1) When any part of the property of the bankrupt consists Disclaimer of land of any tenure burdened with onerous covenants or liabilities, property. or of shares or stock in companies, or of unprofitable contracts, or lib. s. 55.] of any other property 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, nothwithstanding 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 6 months after the appointment of a trustee, disclaim the property: Provided that where any such property has not come to the knowledge of the trustee within 3 months after such appointment he may dis- claim such property at any time within 3 months after he first be- came aware thereof.

(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 discharge 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, except 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 leave of the Court, and the Court may, before or on granting such

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636

No. 7 of 1891.