This section, which is new, gives the Official Assignee the same power to transfer stocks or shares belonging to a bankrupt or an arranging debtor in a vesting arrangement to the same extent as the bankrupt or arranging debtor could have exercised it but for the adjudication or arrangement. The committee were anxious to ensure that the Official Assigneee could exercise the right to transfer stocks and shares of any kind, not only stocks and shares of companies, to the same extent as a bankrupt or debtor who vested his estate could have exercised it but for the bankruptcy or arrangement. As a result, section 320 of the 1857 Act, which provides that where a bankrupt is beneficially entitled to any Government or other stock the court may order persons whose act or consent is thereto necessary to transfer it into the name of the assignee, is not re-enacted. This section has to be read with section 69 which deals with the receipt of a bankrupt's property by the Official Assignee.
SECTION 67.
Question proposed: "That section 67 stand part of the Bill."
Question put and agreed to.