International Trusts Order, 2000 · As enacted
49. Vesting orders as to securities and things in action
Official textFrom Attorney General's Chambers, unchanged
( 1)
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;
where a trustee who is entitled whether by way of mortgage or otherwise alone or jointly with another person to securities or to a thing in action -
mortgage
"mortgage" includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and
is under a disability;
is out of the jurisdiction of the Court;
cannot be found or being a corporation h.as been dissolved or has been removed from the register of companies or has otherwise ceased to have a corporate existence;
neglects or refuses to transfer securities or receive the dividends or income from them or to sue for or recover a thing in action according to the direction of the person absolutely entitled thereto for twenty-eight days following the service of a request in writing on him; or lv)
neglects or refuses to transfer securities or receive the dividends or income from them or to sue for or recover a thing in action for twenty-eight days following the service of an order of the Court for that purpose on him;
where it is uncertain whether a trustee who is entitled alone or jointly with another person to securities or to a thing in action is alive or dead;
person
"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;
where securities are standing in the name of a deceased trustee whose personal representative is under a disability;
personal representative
"personal representative" means the executor, original or by representation, or administrator for the time being of a deceased person;
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(eJ where securities or a thing in action are vested in a trustee whether by way of mortgage or otherwise and it appears to the
Court to be expedient, the Court may make an order vesting the right to transfer or call for a transfer of the securities or to receive the dividends or income from them or to sue for or recover the thing in action in any such person as the Court may appoint:
Provided that -
(aJ where the order is consequential on the appointment of a trustee, the right shall be vested in the persons who on the appointment are the trustees; and
(bJ where the person whose right is dealt with by the order was entitled jointly with another person, the right shall be vested in the last-mentioned person either alone or jointly with any other person whom the Court may appoint.
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.
The person in whom the right to transfer or call for the transfer of any securities is vested by an order of the Court under this Order may transfer the securities to himself or any other person according to the order and all companies shall obey every order under this section according to its tenor.
After notice in writing of an order under this section, it shall not be lawful for any company to transfer any securities to which the order relates or to pay any dividends from them except in accordance with the order.
The Court may make declarations and give directions concerning the manner in which the right to transfer any securities or thing in action vested under the provisions of this Order is to be exercised.
The provisions of this Order as to vesting orders shall apply to shares in ships registered under any written law relating to merchant shipping as if they were securities.
shares
"shares" means share in the capital of a company and (where the context so admits) include stock, units, options, warrants depository receipts and rights to acquire shares and in Part XIIA, includes dedicated shares;
Terms defined in s 2
mortgage
Defined · s 2"mortgage" includes every kind of security for money charged on any kind of property and includes an agreement to mortgage; and
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;
personal representative
Defined · s 2"personal representative" means the executor, original or by representation, or administrator for the time being of a deceased person;
shares
Defined · s 2"shares" means share in the capital of a company and (where the context so admits) include stock, units, options, warrants depository receipts and rights to acquire shares and in Part XIIA, includes dedicated shares;
Part VIII
Authorised Purpose Trusts
Part IX
Part X
Additional Provisions
Part XI