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| 58 Powers in respect of certain property in insolvent and certain other estates |
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58 Powers in respect of certain property in insolvent and certain other estates (1) Immovable property which has vested in a trustee in accordance with the law relating to insolvency and which has not in terms of that law been re-vested in the insolvent may, subject to the provisions of section 25 (3) of the Insolvency Act, 1936 (Act 24 of 1936), whether before or after rehabilitation of the insolvent, be transferred only by the trustee, and may not after such rehabilitation be transferred, mortgaged or otherwise dealt with by the insolvent until it has been transferred to him by the trustee: Provided that if after rehabilitation the trustee has been discharged or there is no trustee in existence, the Master shall, if satisfied that the rehabilitated insolvent is entitled to the property, give him transfer thereof in such manner as may be prescribed. [Sub-s. (1) substituted by s. 10 (a) of Act 122 of 1993.] (2) If by virtue of the provisions of the law relating to insolvency an insolvent has been re-vested with the ownership of any property, such property may not, subject to the provisions of section 25 (3) of the Insolvency Act, 1936 (Act 24 of 1936), be transferred, mortgaged or otherwise dealt with by the insolvent until an endorsement that the property has been restored to him, has been made by the registrar on the title deed of the property. [Sub-s. (2) substituted by s. 10 (b) of Act 122 of 1993.] (3) Nothing in this section contained shall be construed as modifying any provision of the law relating to insolvency. (4) The provisions of this section shall apply mutatis mutandis in respect of- (a) estates administered and distributed under section 34 of the Administration of Estates Act, 1965 (Act 66 of 1965); (b) companies which are unable to pay their debts and are liquidated and wound up by or under supervision of the court under the Companies Act, 1973 (Act 61 of 1973); (bA) close corporations which are unable to pay their debts and are liquidated and wound up by or under the supervision of the court under the Close Corporations Act, 1984 (Act 69 of 1984); and [Para. (bA) inserted by s. 17 of Act 14 of 1993.] (c) assets of an applicant referred to in Part III of the Agricultural Credit Act, 1966 (Act 28 of 1966), which are administered by a liquidator or trustee who has received from the Master a certificate mentioned in section 29 of the said Act. |
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