Vesting orders as to stock and choses in action
41 Vesting orders as to stock and choses in action
In any of the following cases, namely:
where the Supreme Court appoints or has appointed a trustee or where a trustee has been appointed out of court under any statutory or express power; or
where a trustee entitled alone or jointly with another person to stock or to a chose in action—
is a lunatic, a person of unsound mind, or an infant;
or
is out of the jurisdiction of the Supreme Court; or
cannot be found; or
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
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 Supreme Court for that purpose has been served on him; or
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 Supreme 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.
However—
where the order is consequential on the appointment by the court of a new trustee, the right shall be vested in the persons who, on the appointment, are the trustees; and
where the person whose right is dealt with by the order was entitled jointly with another person, the right shall 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 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 stock is vested by an order of the court under this Act may transfer the stock to himself or any 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 stock to which the order relates, or to pay any dividends thereon, except in accordance with the order.
The Supreme 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 this Act is to be exercised.
The provisions of this Act as to vesting orders shall apply to shares in ships registered under the Acts relating to merchant shipping as if they were stock.
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