575. Description of bankrupt's property divisible amongst creditors
The property of the bankrupt divisible amongst his or her creditors, shall not comprise the following particulars—
(1) property held by the bankrupt on trust for any other person;
(2) the tools (if any) of his or her trade and the necessary wearing apparel and bedding of himself or herself, his or her wife or husband and children, to a value, inclusive of tools and apparel and bedding, not exceeding $96 in the whole. But it shall comprise the following particulars:
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(i) all such property as may belong to or be vested in the bankrupt at the commencement of the bankruptcy, or may be acquired or devolve on him or her before his or her discharge,
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(ii) the capacity to exercise and 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 or her own benefit at the commencement of the bankruptcy or before his or her discharge,
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(iii) all goods being, at the commencement of the bankruptcy, in the possession, order or disposition of the bankrupt, in his or her trade or business, by the consent and permission of the true owner, under such circumstances that he or she is the reputed owner.