1346
No. 5 of 1901.
[cf. No. 10 of 1899.]
Persons entitled to apply for order.
TRUSTEES.
(c) where it is uncertain whether a trustee entitled alone or jointly with another person to stock or to a chose in action is living or dead,
the court may make an order vesting the right to transfer or call for a transfer of stock, or to receive the dividends or income thereof, or to sue for or recover a chose in action in any such person as the court may appoint :
Provided that-
(i) where the order is consequential on the appointment by the court of a new trustee, the right shall be vested in the persons who, on the appointment, are the trustees; and
(ii) where the person whose right is dealt with by the order was entitled jointly with another person, the right shall be vested in that last-mentioned person, either alone or jointly with any other person whom the court may appoint.
(2) In all cases where a vesting order can be made under this section the court may, if it is more convenient, appoint some proper person to make or join in making the transfer.
(3) The person in whom the right to transfer or call for the transfer of any stock is vested by an order of the court under this Ordinance may transfer the stock to himself or any other person, according to the order, and all banks and companies shall obey every order under this section according to its tenor.
(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.
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.
56 & 57 Vict. c. 53, s. 36.