1985 Ed.]
Trustee
[CAP. 29
29
(6) This section applies to deeds of appointment or discharge executed on or after 1 July 1901.
PART V
POWERS OF THE COURT
Appointment of new Trustees
42. (1) The court may, whenever it is expedient to appoint a new trustee or new trustees, and it is found inexpedient, difficult or impracticable so to do without the assistance of the court, make an order appointing a new trustee or new trustees either in 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 consequential vesting order or conveyance, shall not operate further or otherwise as a discharge to any former or continuing trustee than an appointment of new trustees 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.
43. Where the court appoints a corporation, other than the Public Trustee in England, to be a trustee either solely or jointly with another person, the court may authorize the corporation to charge such remuneration for its services as trustee as the court may think fit.
44. 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.
Vesting Orders
45. In any of the following cases, namely
(a) where the court appoints or has appointed a trustee, or where a trustee has been appointed out of court under any statutory or express power;
(b) where a trustee entitled to or possessed of any land or interest therein, whether by way of mortgage or otherwise,
Power of court to appoint new trustees.
1925 c. 19. s. 41.
Power to authorize remuneration. 1925 c. 19. s. 42.
Powers of new trustee appointed by court.
1925 c. 19. s. 43.
Vesting orders of land.
1925 c. 19. s. 44.
Page 30
Page 31
1985 Ed.]
Trustee
[CAP. 29
29
(6) This section applies to deeds of appointment or discharge executed on or after 1 July 1901.
PART V
POWERS OF THE COURT
Appointment of new Trustees
42. (1) The court may, whenever it is expedient to appoint a new trustee or new trustees, and it is found inexpedient, difficult or impracticable so to do without the assistance of the court, make an order appointing a new trustee or new trustees either in 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 consequential vesting order or conveyance, shall not operate further or otherwise as a discharge to any former or continuing trustee than an appointment of new trustees 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.
43. Where the court appoints a corporation, other than the Public Trustee in England, to be a trustee either solely or jointly with another person, the court may authorize the corporation to charge such remuneration for its services as trustee as the court may think fit.
44. Every trustee appointed by a court of competent jurisdic- tion 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.
Vesting Orders
45. In any of the following cases, namely
(a) where the court appoints or has appointed a trustee, or where a trustee has been appointed out of court under any statutory or express power;
(b) where a trustee entitled to or possessed of any land or interest therein, whether by way of mortgage or otherwise,
Power of court to appoint new
trustees.
1925 c. 19. s. 41.
Power to authorize remuneration. 1925 c. 19. s. 42.
Powers of new trustee appointed by court.
1925 c. 19. s. 43.
Vesting orders of Jand.
1925 c. 19. s. 44.
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