Section 47: Description of bankrupt’s property

47. Description of bankrupt’s property The property of the bankrupt divisible among his creditors, in this Act referred to as the property of the bankrupt, shall comprise— (a) all such property as may belong to or be vested in the bankrupt at the commencement of the bankruptcy or may be acquired by or devolve on him during its continuance; (b) the capacity to exercise and to take proceedings for exercising all such powers in and over or in respect of property as might have been exercised by the bankrupt for his own benefit at the commencement of his bankruptcy or during its continuance; B4 – 23 [Issue 1] Bankruptcy Act (c) all movable property being, at the commencement of the bankruptcy, in the possession, order, or disposition of the bankrupt, by the consent and permission of the true owner, of which movable property the bankrupt is reputed owner, or of which he has taken upon himself the sale or disposition as owner except incorporeal movables other than debts due to him in the course of his trade or business.