Sadly, there is no spillover growth. It will just sit at 40k.
There is also an optimal number of colonists, where you get the most productivity from them. Usually that number is equal to half of the maximum the planet can hold. You might be better served putting 20k collies on fuel production, and, say 20k on eq or org production.
See
http://www.tw-cabal.com/formulas.html for more information on planet production. Look for:
Planet Information: Optimal Population and Production
- and -
Planet Information: Supplies needed for construction and upgrades of Citadels