(1) The Court may make an order in this Act called a vesting order, which
shall have effect as provided in section 78.
(2) A vesting order may be made
in any of the following cases, namely--
(a) where the Court appoints or has
appointed a new trustee,
(b) where a new trustee has been appointed out of
court under any statutory or express power,
(c) where a trustee retires or
has retired,
(d) where a trustee is a minor,
(e) where a trustee is an
insane or an incapable person or person of unsound mind,
(f) where a trustee
is out of the jurisdiction of the Court,
(g) where a trustee cannot be found,
(h) where a trustee being a corporation is dissolved,
(i) 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,
(j) where it is uncertain who was the survivor of two or more
trustees jointly entitled to or possessed of any property,
(k) 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,
(l) 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,
(m) 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,
(n) where the Court might have made
a vesting order if this Act had not been passed,
(o) 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.
(3) 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.
(4) 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.
(5) 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.
(6) 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.
(7) 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.
(8) 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.
(9) 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.
