Substitution in case of insolvency.

16. If any purchaser of land under this part of this Act who has not paid the whole of his purchase money, shall become bankrupt, or under the provisions of any Act for the time being in force vest his property in a trustee for the benefit of his creditors, the trustee or other person in whom his property shall be vested may transfer the interest of such purchaser therein with the assent of the said Commissioner of Crown Lands, in the same manner as the purchaser might have done if he had not become bankrupt or vested his property as aforesaid.