TRUSTEES.
No. 5 of 1901.
1351
(4) After notice in writing of an order under this section it shall not be lawful for any bank or company to transfer any stock to which the order relates or to pay any dividends thereon except in accordance with the order.
(5) The Court may make declarations and give directions concerning the manner in which the right to any stock or chose in action vested under the provisions of this Ordinance is to be exercised.
(6) The provisions of this Ordinance as to vesting orders shall apply to shares in ships registered under the enactments relating to merchant shipping as if they were stock. [cf. No. 10 of 1899.]
52.-(1) An order under this Ordinance for the appointment of a new trustee, or concerning any land, stock, or chose in action subject to a trust, may be made on the application of any person beneficially interested in the land, stock, or chose in action, whether under disability or not, or on the application of any person duly appointed trustee thereof.
(2) An order under this Ordinance concerning any land, stock, or chose in action subject to a mortgage may be made on the application of any person beneficially interested in the equity of redemption, whether under disability or not, or of any person interested in the money secured by the mortgage.
C.
appointed by
new trustee
Court. [ib. s. 37.]
53. Every trustee appointed by a Court of competent jurisdiction shall, as well before as after the trust property becomes by law or by assurance or otherwise vested in him, have the same powers, authorities, and discretions, and may in all respects act, as if he had been originally appointed a trustee by the instrument, if any, creating the trust.
on trust
estate.
54. The Court may order the costs and expenses of and incident to any application for an order appointing a new trustee or for a vesting order, or of and incident to any such order or any conveyance or transfer in pursuance thereof, to be paid or raised out of the land or personal estate in respect whereof the same is made or out of the income thereof, or to be borne and paid in such manner and by such persons as to the Court may seem just.
[ib. s. 38.]
charities.
55. The powers conferred by this Ordinance as to vesting orders may be exercised for vesting any land, stock, or chose in action in any trustee of a charity or society over which the Court would have