Section 60: Possession of property by trustee

60. Possession of property by trustee (1) The trustee shall, as soon as may be, take possession of the documents of the bankrupt, and all other parts of his property capable of manual delivery. (2) The certificate of appointment of the trustee shall for all purposes be deemed to effect a conveyance or assignment to him of all the bankrupt’s property. (3) 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 exercise 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 incorporeal movables, these movables shall be deemed to have been duly assigned to the trustee. B4 – 27 [Issue 1] Bankruptcy Act (5) (a) Any treasurer or other officer or any banker, attorney or agent of a bankrupt, shall pay and deliver to the trustee all money and securities in his possession or power, as such officer, banker, attorney or agent, which he is not by law entitled to retain as against the bankrupt or the trustee. (b) Where he contravenes this subsection, he shall commit a contempt of Court, and may be punished accordingly on the application of the trustee.