210.20(A) requires that the branch circuit OCPD be rated not less than 100% of the noncontinuous load plus 125% of the continuous load. In your example, the entire load is continuous, so the minimum size of the OCPD is 0 + 1.25 x 40 = 50 amps.
You did not ask for comments on the minimum size or Type of insulation of the conductors, but that issue deserves scrutiny. 210.20(B) and 240.4 require that the branch circuit conductors be protected in accordance with their ampacities specified in 310.15, i.e.Table 310.16. That Table, however, is subject to 110.14(C)(1) which requires that the terminal temperatures not exceed their ratings. While most equipment, and ALL circuit breakers that I know of, have 75 deg C terminals allowing the use of the 75 deg C column in the Table, the book you are reviewing should explicitly state that the OCPD has 75 deg C terminals in this case. Otherwise, Table 310.16 would require that the conductors be sized not smaller than that shown in the 60 deg C column. Finally, the text should specify the type of insulation for the conductors. Mike Holt's textbooks normally, in the Introduction, have a "The Scope of this Textbook" segment that for the sake of simplification limit the variable conditions of these issues to THHN and copper.