Section 49
of International Trusts Order, 2000
Section 49
(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;
31
BLUV as at 16th December 2010
(b)
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 –
(i)
is under a disability;
(ii)
is out of the jurisdiction of the Court;
(iii)
cannot be found or being a corporation has been dissolved or has been removed from the register of companies or has otherwise ceased to have a corporate existence;
(iv)
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
(v)
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;
(c)
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;
(d)
where securities are standing in the name of a deceased trustee whose personal representative is under a disability;
(e)
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 –
(a)
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
(b)
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-
32
BLUV as at 16th December 2010
mentioned person either alone or jointly with any other person whom the Court may appoint.
(2)
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.
(3)
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.
(4)
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.
(5)
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.
(6)
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.
Vesting orders of charity property.