TRUSTEE ACT 1936 - SECT 16
TRUSTEE ACT 1936 - SECT 16
16—Vesting of trust property in new or continuing trustees
(1) Where a deed by
which a new trustee is appointed to perform any trust contains a declaration
by the appointor to the effect that any estate or interest in any land,
subject to the trust, or in any chattel so subject, or the right to recover
and receive any debt or other thing in action so subject, shall vest in the
person or persons who, by virtue of the deed, become and are the trustee or
trustees for performing the trust, that declaration shall, without any
conveyance or assignment, operate to vest in that person or those persons, as
joint tenants if more than one, and for the purposes of the trust, that
estate, interest, or right.
(2) Where a deed under
the last preceding section, by which a retiring trustee is discharged under
this Act, contains such a declaration as is in this section mentioned by the
retiring and continuing trustees and by the other person (if any) empowered to
appoint trustees, that declaration shall, without any conveyance or
assignment, operate to vest in the continuing trustees alone, as joint tenants
and for the purposes of the trust, the estate, interest, or right to which the
declaration relates.
(3) This section does
not extend to land under the Real Property Act 1886 or to land conveyed
by way of mortgage for securing money subject to the trust, or to any such
share stock, annuity, or property as is only transferable in books kept by a
company or other body, or in manner directed by or under Act of Parliament.
(4) For purposes of
registration of the deed in the General Registry Office the person or persons
making the declaration shall be deemed the conveying party or parties, and the
deed shall be deemed a conveyance made by him or them under a power conferred
by this Act.
(5) This section
applies only to deeds executed after the twenty-third day of December, 1893.