Section 41: Description of bankrupt's Property divisible amongst creditors.

(1) The property of the bankrupt divisible amongst his creditors, and in this Act referred to as the property of the bankrupt, shall, subject to subsection (2) of this section, comprise the following particulars-
(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 before his discharge;
(b) the capacity to exercise and to take proceedings for exercising all such powers in or 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 before his discharge;
(c) all goods being at the commencement of the bankruptcy in the possession, order or disposition of the bankrupt, in his trade or business, by the consent and permission of the true owner, under such circumstances that he is the reputed owner thereof:
Provided that things in action other than debts due or growing due to the bankrupt in the course of his trade or business shall not be deemed goods within the meaning of this section.
(2) The property of the bankrupt divisible amongst his creditors shall not include the following-
(a) property held by the bankrupt on trust for any other person;
(b) the tools (if any) of his trade and the necessary wearing apparel and bedding of himself and his family dependent on and residing with him, to a value, inclusive of tools and apparel and bedding, not exceeding N1,000 in the whole.