International Trusts Order, 2000 · As enacted · Part VI
44. Vesting of trust property in new or continuing trustees
Official textFrom Attorney General's Chambers, unchanged
Where a new trustee is appointed in writing under section 41 or 42 to perform any trust, then-
trust
"trust" means an international trust except where the context otherwise requires;
if the appointment contains a declaration by the appointor to the effect that any property or interest in any chattel subject to the trust or the right to recover or receive any debt or other thing in action so subject shall vest in the persons who by virtue of the appointment become or are the trustees for performing the trust, the appointment shall operate without any conveyance or assignment to vest in those persons as joint tenants and for the purposes of the trust the property, interest or right to which the declaration relates; and
if the appointment does not contain such a declaration, the appointment shall, subject to any express provision to the contrary therein contained, operate as if it had contained such a declaration by the appointor extending to all the property, interests and rights with respect to which a declaration could have been made.
[2)
Where a retiring trustee is discharged in writing under section 43
without a new trustee being appointed, then -
if the discharge contains such a declaration as aforesaid by the retiring and continuing trustees and by the other person, if any, empowered to appoint trustees, the deed shall, without any conveyance or assignment, operate to vest in the continuing trustees alone as joint tenants and for the purposes of the trust, the property, interests or rights to which the declaration relates; and
if the discharge does not contain such a declaration, it shall, subject to any express provision to the contrary therein contained, operate as if it had contained such a declaration by such persons as aforesaid extending to all the property, interests and rights with respect to which a declaration could have been made.
An express vesting declaration shall, notwithstanding that the property, interest and right to be vested is not expressly referred to and provided that any other statutory requirements are complied with, operate (but without prejudice to any express provision to the contrary contained in the deed of appointment or discharge) to vest in the persons respectively referred to in subsections (1) and (2L as the case may require, such property, interests and rights as are capable of being and ought to be vested in those persons.
property
"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
Subsections ( 1) to [31 do not extend to any securities, 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 written law.
stock
"stock" includes fully paid up shares and, so far as relates to vesting orders made by the Court under this Order, includes any fund, annuity or security transferable in books kept by any company or society or by instruments of transfer either alone or accompanied by other formalities and any share or interest therein;
1162
Terms defined in s 2
person
Defined · s 2"person" includes a natural person, any company or.association or body of persons, corporate or incorporated, including a partnership whether limited, unlimited or an international limited partnership created under the International Partnerships Order, 2000;
property
Defined · s 2"property" includes - {a} money, goods, chases in action, land and every descriptions of property1 whether movable or immovable; and (b} obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of, or incident to, any property as defined in paragraph {a}; 1141 17th. JULY, 2000
stock
Defined · s 2"stock" includes fully paid up shares and, so far as relates to vesting orders made by the Court under this Order, includes any fund, annuity or security transferable in books kept by any company or society or by instruments of transfer either alone or accompanied by other formalities and any share or interest therein;
trust
Defined · s 2"trust" means an international trust except where the context otherwise requires;
Part VII
Powers of the Court
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI