Section 55

The Official Assignee shall forthwith after the adjudication take possession of the deeds, books and documents of the bankrupt and all other parts of his property capable of manual delivery.

The Official Assignee 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 court, and the court may on his application enforce the acquisition or retention accordingly.

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 Official Assignee 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.

Where any part of the property of the bankrupt consists of things in action, those things shall be deemed to have been duly assigned to the Official Assignee.

Any treasurer or other officer or any banker, attorney or agent of a bankrupt shall pay and deliver to the Official Assignee all moneys and securities in his possession or power as the officer, banker, attorney or agent which he is not by law entitled to retain as against the bankrupt or the Official Assignee. If he does not, he shall be guilty of a contempt of court, and may be punished accordingly on the application of the Official Assignee.