| (1) |
When the estate of a person who holds realizable property is sequestrated— |
| (a) |
no property for the time being subject to a restraint order made before the date of sequestration; and |
| (b) |
no proceeds of any realizable property realized by virtue of section 46 and for the time being in the hands of a curator bonis appointed under this Chapter, |
shall vest in the Master of the Supreme Court or trustee concerned, as the case may be.
| (2) |
When the estate of a defendant who has directly or indirectly made an affected gift to any other person is sequestrated— |
| (a) |
no court shall set aside the disposition of such gift under section 29, 30 or 31 of the Insolvency Act, 1936 (Act No. 24 of 1936)— |
| (i) |
if a prosecution for an offence referred to in section 13(f) or 14(b) has been instituted against the defendant and the proceedings against him have not been concluded; or |
| (ii) |
if the property of such other person is subject to a restraint order; |
| (b) |
any court which sets aside any disposition contemplated in paragraph (a) after the conclusion of the proceedings against the defendant, shall take into account any realization of the property of such other person under this Chapter. |
| (3) |
Where the estate of an insolvent has been sequestrated, the powers conferred upon a superior court by sections 42 to 47 and 49(2), or upon a curator bonis appointed under this Chapter, shall not be exercised— |
| (a) |
in respect of any property which forms part of that estate; or |
| (b) |
in respect of any property which the trustee concerned is entitled to claim from the insolvent under section 23 of the Insolvency Act, 1936. |
| (4) |
Nothing in the lnsolvency Act, 1936, shall be construed as prohibiting any superior court or curator bonis appointed under this Chapter from exercising any power contemplated in subsection (3) in respect of any property or proceeds mentioned in subsection (1). |
Public Service Commission Act, 1997
