[1] The midbody structure contains bundles of microtubules derived from the mitotic spindle which compacts during the final stages of cell division.
[2] Aside from microtubules it also contains various proteins involved in cytokinesis, asymmetric cell division, and chromosome segregation.
The midbody is important for completing the final stages of cytokinesis, a process called abscission.
It was long assumed that the midbody was simply a structural part of cytokinesis, and was totally degraded with the completion of mitosis.
However, it is now understood that post-abscission, the midbody is converted into an endosome-like signalling molecule, and can be internalised by nearby cells.