Vesting orders
71 Vesting orders
The Court may make an order in this Act called a vesting order, which shall have effect as provided in section 78.
A vesting order may be made in any of the following cases, namely—
where the Court appoints or has appointed a new trustee,
where a new trustee has been appointed out of court under any statutory or express power,
where a trustee retires or has retired,
where a trustee is a minor,
where a trustee is an insane or an incapable person or person of unsound mind,
where a trustee is out of the jurisdiction of the Court,
where a trustee cannot be found,
where a trustee being a corporation is dissolved,
where a trustee neglects or refuses to convey any property, or to receive the dividends or income of any property, or to sue for or recover any property according to the direction of the person absolutely entitled to the same for twenty-eight days next after a request in writing has been made to the trustee by the person so entitled,
where it is uncertain who was the survivor of two or more trustees jointly entitled to or possessed of any property,
where, as to the last trustee known to have been entitled to or possessed of any property, it is uncertain whether he or she is living or dead,
where there is no legal representative of a trustee who was entitled to or possessed of any property or where it is uncertain who is the legal representative of a trustee who was entitled to or possessed of any property,
where any person neglects or refuses to convey any property, or to receive the dividends or income of any property, or to sue for or recover any property in accordance with the terms of an order of the Court,
where the Court might have made a vesting order if this Act had not been passed,
where property is vested in a trustee, whether by way of mortgage or otherwise, either solely or jointly with any other person, and it appears to the Court to be expedient to make a vesting order.
The provisions of paragraphs (d), (e), (f), (g), (h), and (i) of subsection (2) extend to a trustee entitled to or possessed of any property either solely or jointly with any other person.
Where the order is consequential on the appointment of a new trustee, the property shall be vested in the persons who, on the appointment are the trustees.
Where the vesting order is consequential on the retirement of one or more of a number of trustees, the property may be vested in the continuing trustees alone.
Subject to the provisions of subsection (4), the vesting order may vest the property in any such person in any such manner and for any such estate or interest as the Court may direct, or may release or dispose of any contingent right to such person as the Court may direct.
The fact that the order is founded or purports to be founded on an allegation of the existence of any of the matters mentioned or referred to in subsection (2), shall be conclusive evidence of the matter so alleged in any Court upon any question as to the validity of the order.
This section shall not prevent the Court from directing a reconveyance or the payment of costs occasioned by any such order if improperly obtained, or from making a further vesting order.
Where by reason of the dissolution of a corporation either before or after the commencement of this Act a legal estate in any property has determined, the Court may by order create a corresponding estate and vest the same in the person who would have been entitled to the estate which determined, had it remained subsisting estate.
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