52.— (1) Where a licensee is adjudicated bankrupt or where, being an arranging debtor, the licensee vests the licensee’s estate in the Official Assignee for realisation and distribution amongst the licensee’s creditors, then, notwithstanding anything contained in section 49 or in any other enactment, there shall vest in the Official Assignee the sum to the credit of every client account kept by the licensee.

(2) Where a licensee files a petition for arrangement but does not vest the licensee’s estate in the Official Assignee, the creditors who are clients of the licensee, or a portion of those creditors (being at least three-fifths in number) may apply in a summary manner to a judge of the High Court for the time being exercising jurisdiction in bankruptcy matters for an order vesting in the Official Assignee the sum to the credit of every client account kept by the licensee, and the Court may, if it thinks it proper to do so and the Official Assignee consents, make such an order, which shall have effect accordingly.

(3) Upon a vesting under subsection (1) or (2) of a client account in the Official Assignee, the Official Assignee shall proceed to administer the client account for the benefit of the clients and the law of bankruptcy (including this Act) shall apply to such administration.

(4) The administration under subsection (3) of a client account by the Official Assignee shall for all purposes be deemed to be business assigned to the Office of the Official Assignee in Bankruptcy and transacted therein.

(5) Upon a vesting under subsection (1) or (2) of a client account in the Official Assignee, and notwithstanding that an order under section 48(1) may have been made in respect of the account, a bank—

(a) shall be entitled to pay over to the Official Assignee the sum to the credit of the account, and

(b) shall pay over that sum to the Official Assignee upon demand by the Official Assignee.