CO129-548-9 Trustee Ordinance 1934 21-7-1934 - 1-8-1934 — Page 20

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section, as the case may require, such estates, interests and rights as are capable of being and ought to be vested in those persons.

(4) This section does not extend—

(a) to land conveyed by way of mortgage for securing money subject to the trust, except land conveyed on trust for securing deben- tures or debenture stock;

(b) to land held under a lease which contains any covenant, condition or agreement against assignment or disposing of the land without licence or consent, unless, prior to the execution of the deed containing expressly or impliedly the vesting declaration, the re- quisite licence or consent has been obtained, or unless, by virtue of any statute or rule of law, the vesting declaration, express or im- plied, would not operate as a breach of covenant or give rise to a forfeiture;

(c) to any share, stock, annuity or property which is only transferable in books kept by a company or other body, or in manner directed by or under any enactment.

In this sub-section "lease" includes an underlease and an agreement for a lease or underlease.

(5) For purposes of registration of the deed, the person or persons making the declaration, expressly or impliedly, shall be deemed the conveying party or parties, and the conveyance shall be deemed to be made by him or them under a power conferred by this Ordinance.

(6) This section applies to deeds of appointment or discharge executed on or after the first day of July, 1901.

PART V.

POWERS OF THE COURT.

Appointment of new Trustees.

trustees.

42. (1) The court may, whenever it is expedient Power of to appoint a new trustee or new trustees, and it is court to found inexpedient, difficult or impracticable so to do appoint new without the assistance of the court, make an order 15 Geo. 5, appointing a new trustee or new trustees either in c. 19, s. 41. substitution for or in addition to any existing trustee or trustees, or although there is no existing trustee.

In particular and without prejudice to the generality of the foregoing provision, the court may make an order appointing a new trustee in substitution for a trustee who is sentenced to a term of imprisonment or is a lunatic or a person of unsound mind or is a bankrupt or is a corporation which is in liquidation or has been dissolved.

(2) An order under this section, and any consequen- tial vesting order or conveyance, shall not operate further or otherwise as a discharge to any former or continuing trustee than an appointment of new trus- tees under any power for that purpose contained in any instrument would have operated.

(3) Nothing in this section gives power to appoint an executor or administrator.

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