Powers of the Court. —.Appointment of new trustees .—The High 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 for the appointment of a new trustee or new trustees either in substitution for any existing trustee or trustees, or although there is no existing trustee. The Court may, in particular, make an order for the appointment of a new trustee in substitution for a trustee who is convicted or is a bankrupt. Such order, and any consequential vesting order, does not operate further or otherwise as a discharge to any former or continuing trustee than appointment of new trustees under any power for that purpose contained in any instrument would have operated. Power is given to appoint an executor or administrator. Vesting orders .—In any of the following cases : (1) Where the High Court appoints or has appointed a new trustee; (2) Where a trustee entitled to or possessed of any land, or entitled to a contingent right therein, either solely or jointly with any other person —(a) an infant, or (b) is out of the jurisdiction of the High Court, or (c) cannot be found ; (3) Where it is uncertain who was the survivor of two or more trustees jointly entitled to or possessed of any land ; (4) Where, as to the last trustee known to have been entitled to or possessed of any land, it is uncertain whether he is living or dead ; (5) Where there is no heir or personal representative to a trustee who was entitled to or possessed of land and has died intestate as to that land, or where it is uncertain who is the heir or personal representative or devisee of a trustee who was entitled to or possessed of land and is dead ; and (6) Where a trustee jointly or solely entitled. to or possessed of any land, or entitled to a contingent right therein has been required, by or on behalf of a person entitled to require a conveyance of the land or a release of the right, to convey the land or release the right, and has wilfully refused or neglected to convey the land or release the right for twenty-eight days after the date of the requirement—the High Court may make an order (called a " vesting order ") vesting the land in any suth person in any such manner and for such estate as the Court may direct, or releasing or disposing of the contingent right to such person as the Court ma.y direct. Provided that—(a) Where the order is consequential on the appointment of a new trustee the land will be vested for such estate as the Court may direct in the persons who on the appointment are the trustees; and (b) where the order relates to a trustee entitled jointly with another person, and such trustee is out of the jurisdiction of the High Court or cannot be found, the land or right will be vested in such other person, either alone or with such other person. Where any land is subject to a contingent right in an unborn person or class of unborn persons who on coming into existence would, in respect thereof, become entitled to or possessed of the land on any trust, the High Court may make an order releasing the land from the contingent right, or may make an order vesting in any person the estate to or of which the unborn person or class of unborn persons would, on coming into existence, be entitled or possessed in the land. Where any person entitled to or possessed of land, or entitled to a contingent right in land, by way of security for money, is an infant, the High Court may make an order vesting or releasing or disposing of the land or right in like manner as in the case of an infant trustee. Where a mortgagee of land has died without having entered into the possession or into the receipt of the rents and profits thereof, and the money due in respect of the mortgage has been paid to a person entitled to receive the same, or that last-mentioned person consents to any order for the reconvey ance of the land, then the High Court may make an order vesting the land in such person or persons in such manner and for such estate as the Court may direct in any of the following cases, namely—(a) Where an heir or personal representative or devisee of the mortgagee is out of the jurisdiction of the High Court or cannot be found ; and (h) where an heir or personal repre sentative or devisee of the mortgagee on demand made by or on behalf of a person entitled to require a conveyance of the land has stated in writing that he will not convey the same, or does not convey the same for the space of twenty-eight days next after a proper deed for conveying the land has been tendered to him by or on behalf of the person so entitled ; and (c) where it is uncertain which of several devisees of the mortgagee was the survivor ; and (d) where it is uncertain as to the survivor of several devisees of the mortgagee or as to the heir or personal representative of Ole mortgagee whether he is alive or dead ; and (e) where there is no heir or personal representative to a mortgagee who has died intestate as to the land, or where the mortgagee has died, and it is uncertain who is his heir or personal representative or devisee. Where any Court gives a judgment or makes an order directing the sale or mortgage of any land, every person who is entitled to or is possessed of the land, or entitled to a contingent right therein, and is a party to the action or proceeding in which the judgment or order is given or made, or is otherwise bound by the judgment or order, will be deemed to be so entitled or possessed, as the case may be, as a trustee within the mean ing of the Trustee Act, 1893; and the High Court may, if it thinks expedient, make an order vesting the land or any part thereof for such estate as that Court thinks fit in the purchaser or mortgagee or in any other person. Where a judgment is given for the specific performance of a contract concerning land, or for the partition, or sale in lieu of partition, or exchange of land, or generally where any judgment is given for the conveyance of land either in cases arising out of the doctrine of election or otherwise, the High Court may declare that any of the parties to the action are trustees of the land or any part thereof within the meaning of the Act, or may declare that the interests of unborn persons who might claim under any party to the action, or under the will or voluntary settlement of any person deceased who was during his lifetime a party to the contract or transactions concerning which the judgment is given, are the interests of persons who, on coming into existence, would be trustees within the meaning of the said Act. Thereupon the High Court may make a vesting order relating to the rights of those persons, born and unborn, as if they had been trustees. A vesting order under any of the foregoing provisions will in the case of a vesting order consequen tial on the appointment of a new trustee have the same effect as if the persons who before the appointment were the trustees (if any) had duly executed all proper conveyances of the land for such estate as the High Court directs ; or if there is no such person, or no such person of full capacity, then as if such person had existed and been of full capacity, and had executed all proper conveyances of the land for such estate as the Court directs. In every other case the vesting order will have the same effect as if the trustee or other person or description or class of persons to whose rights or supposed rights the said provisions respectively relate had been an ascertained and existing person of full capacity, and had executed a convey ance or release to the effect indicated by the order. In all cases where a vesting order can be made under any of the foregoing provisions, the High Court may, if it is more convenient, appoint a person to convey the land or release the contingent right, and a conveyance or release by that person in conformity with the order will have the same effect as an order under the appropriate provision. Where an order vesting copyhold land in any person
is made under the Act with the consent of the lord or lady of the manor, the land will vest accordingly without surrender or admittance. Where an order is made appointing any person to convey copyhold land, that person is required to execute and do all assurances and things for completing the assurance of the land ; and the lord and lady of the manor and every other person must, subject to the custom of the manor and the usual payments, make admittance to the land, and do all other things for completing the assurance thereof, as if the persons in whose place an appointment is made were free from disability, and had executed and done those assurances and things. In any of the following cases, namely :—(1) Where the High Court appoints or has appointed a new trustee ; (2) where a trustee entitled alone or jointly with another person to stock or to a chose in is an infant, or (b) is out of the jurisdiction of the High Court, or (c) cannot be found, or (d) neglects or refuses to transfer stock or receive the dividends or income thereof, or to sue for or recover a chose in action, according to the direction of the person absolutely entitled thereto for twenty-eight days next after a request in writing has been made to him by the person so entitled, or (e) neglects or refuses to transfer stock or receive the dividends or income thereof, or to sue for or recover a chose in action for twenty-eight days next after an order of the High Court for that purpose has been served on him ; or (3) where it is uncertain whether a trustee entitled alone or jointly with another person to stock or to a chose in action is alive or dead ; the High 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. But the order is con sequential on the appointment by the Court of a new trustee, the right will be vested in the persons who, on the appointment, are the trustees; and (b) the person whose right is dealt with by the order was entitled jointly with another person, the right will be vested in that last-mentioned person either alone or jointly with any other person whom the Court may appoint. In all cases where a vesting order as to stock or a chose in action can be made, 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 stock is vested by an order of the Court may transfer the stock to himself or any other person, according to the order, and the Banks of England and Ireland and all other companies must obey every order under these provisions according to its tenor. After notice in writing of such an order as to stocks or shares it is not lawful for the Bank of England or of Ireland, or for any other company, to transfer any stock to which the order relates, or to pay any dividends thereon except in accordance with the order. The High 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 the said Act is to be exercised. These pro visions as to vesting orders apply to shares in ships registered under the Acts relating to merchant shipping as if they were stock.
An order 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, under disability or not, or on the application of any person duly appointed trustee. An order concerning any land, stock, or chose in action subject to a mortgage, may be made on the application of any person bene ficially interested in the equity of redemption, whether under disability or not, or of any person interested in the money secured by the mortgage.
Powers of new trustee appointed by a court of com petent jurisdiction, as well before as after the trust property becomes by law, or by assurance, or otherwise, vested in him, has the same powars, authorities and discretions, and may in all respects act as if he had been originally ap pointed a trustee by the instrument (if any) creating the trust. Charging costs on estate . —The High Court may order the costs and expenses of and incident to any application for an order appointing a new trustee, or for a vesting order, or of and incident to any such order, or any conveyance or transfer in pursuance thereof, to be paid or raised out of the land or personal estate in respect whereof the same is made, or out of the income thereof, or to be borne and paid in such manner and by such persons as to the Court may seem just. Trustees of powers as to vesting orders may be exercised for vesting any land, stock, or chose in action, in any trustee of a charity or society over which the High Court would have jurisdiction upon eztion duly instituted, whether the appointment of the trustee was made by. instrument under a power or by the High Court under its general or statutory jurisdiction. Orders a8 evidence.—Where a vesting order is made as to any land under the Trustee Acts or under the Lunacy Act, 1890, or under any Act relating to lunacy in Ireland, founded on the allegation of the personal incapacity of a trustee or mortgagee, or on an allegation that a trustee or the heir or personal representative or devisee of a mortgagee is out of the juris diction of the High Court, or cannot be found, or that it is uncertain which of several trustees or which of several devisees of a mortgagee was the survivor, or whether the last trustee or the heir or personal representative or last sur viving devisee of a mortgagee is living or dead, or on an allegation that any trustee or mortgagee has died intestate without an heir, or has died, and it is not known ho is his heir or personal representative or devisee, the fact that the order has been so made is conclusive evidence of the matter so alleged in any court upon any question as to the validity of the order ; but this does not prevent the High Court from directing a reconveyance or the payment of costs occasioned by any such order if improperly obtained. Land out qf Eviand.—The powers of the High Court in England to make such vesting orders extend to all land and personal estate in His Majesty's dominions, except Scotland. Payment into Court.—Trustees, or the majority of trustees, having in their hands or under their control money or securities belonging to a trust, may pay the same into the High Court ; and the same will, subject to rules of court, be dealt with according to the orders of the High Court. The receipt or certificate of the proper officer is a sufficient discharge to trustees for the moneys or securities so paid into court. Where any moneys or securities are vested in any persons as trustees, and the majority are desirous of paying the same into court, but the concurrence of the other or others cannot be obtained, the High Court may order the payment into court to be made by the majority without the concurrence of the other or others. And where any such moneys or securities are deposited with a banker, broker, or other depositary, the Court may order payment or delivery of the moneys or securities to the majority of the trustees for the purposes of pay ment into court. Every transfer, payment, and delivery made in pursuance of any such order is valid, and takes effect as if the same had been made on the authority or by the act of all the persons entitled to the moneys and securities so transferred, paid, or delivered.