(1) Where a new trustee is appointed, the execution and registration of the
deed of appointment shall without any conveyance, except as otherwise provided
in this section, vest in the persons who become and are the trustees for
performing the trust, as joint tenants and for the purposes of the trust, the
trust property for which the new trustee is appointed.
(2) Where a trustee
retires, the execution and registration of the deed or deeds of consent and
retirement shall without any conveyance, except as otherwise provided in this
section, vest in the continuing trustees alone as joint tenants and for the
purposes of the trust, all the trust property which is jointly vested in the
continuing trustees and the retiring trustee.
(3) In the case of land subject
to the provisions of the Real Property Act 1900, the property shall not vest
until either--
(a) the appropriate transfer is executed and registered, so
that the property is duly transferred, or
(b) an entry of the vesting is made
by the Registrar-General.
Any such entry shall have the same effect as if the
property were duly transferred.
(a)
the appropriate transfer is executed and registered so that the property is
duly transferred, or
(b) an entry of the vesting is made in the appropriate
register kept under the provisions of the Act to which such property is
subject.
Any such entry shall have the same effect as if the property were
duly transferred.
(4) In the following cases the property shall not vest
until the appropriate transfer is executed and registered so that the property
is duly transferred, that is to say, in the case of--
(a) any property
comprised in a mortgage for securing money subject to the trust, where the
property is not either land subject to the provisions of the
Real Property Act 1900 or land conveyed on trust for securing debentures or
debenture stock,
(c) any property a conveyance of which is required to be
registered by or under any Act, whether of this State or otherwise, other than
the Acts mentioned in subsections (3) and (3A).
(5) In the case of any
property that is only transferable in books kept by a corporation company or
other body, or in manner directed by or under any Act, whether of this State
or otherwise, the property shall not vest until it is duly transferred.
(6)
In the case of land held under a lease which contains any covenant condition
or agreement against assignment or disposing of the land without licence or
consent, the land shall not vest until it is duly transferred, unless--
(a)
before the execution of the deed of appointment, or the deed or deeds of
consent and retirement, as the case may be, the requisite licence or consent
to the assignment or disposition has been obtained, or
(b) by virtue of any
statute or rule of law the vesting would not operate as a breach of covenant
or give rise to a forfeiture.
In this subsection
"lease" includes an underlease and an agreement for a lease or underlease.
(7) If any property does not vest under this section until transfer or
registration, the execution and registration of the deed of appointment, or of
the deed or deeds of consent and retirement, as the case may be, shall
nevertheless vest the right to call for a transfer of the property, and to sue
for or recover the property.
(8) This section extends to an appointment by
deed, or a retirement by deed, under the provisions of the instrument, if any,
creating the trust.
(9) This section applies to trusts created either before
or after the commencement of this Act.
