34Vesting orders as to stock and choses in action

### 34 Vesting orders as to stock and choses in action > *\[Section 34 Amended by 25 Geo. V No. 78 \]**\[Section 34 Renumbered by 25 Geo. V No. 78 \]**\[Section 34 Subsection (1) amended by No. 63 of 1963, s. 117 and Sched. 6 \]* > > > (1)  *\[Section 34 Subsection (1) amended by No. 63 of 1963, s. 2 and Sched. 2 \]*In any case where – > > > > > > (a) the Court appoints or has appointed a new trustee; > > > > > > > (b) a trustee entitled alone or jointly with another person to stock or to a chose in action – > > > > > > > > > > (i) is an infant; > > > > > > > > > > > (ii) [*\[Section 34 Subsection (1) amended by No. 32 of 1996, Sched. 1, Applied:01 Nov 1999\]*](/view/html/inforce/1999-11-01/act-1996-032#JS1@Ja31@GC3@EN) is incapable, by reason of mental disorder, of exercising his functions as trustee; > > > > > > > > > > > (iii) is out of the jurisdiction of the Court; > > > > > > > > > > > (iv) cannot be found; > > > > > > > > > > > (v) 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 28 days next after a request in writing has been made to him by the person so entitled; or > > > > > > > > > > > (vi) neglects or refuses to transfer stock or receive the dividends or income thereof, or to sue for or recover a chose in action for 28 days next after an order of the Court for that purpose has been served on him; > > > > > > > (c) it is uncertain who was the survivor of two or more trustees jointly entitled to or possessed of any stock or chose in action; or > > > > > > > (d) 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 Court may make an order vesting the right to transfer or call for a transfer of the stock, or to receive the dividends or income thereof, or to sue for or recover the chose in action, in any such person as the Court may appoint. > > > (2)  Where in any such case – > > > > > > (a) 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 > > > > > > > (b) 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 some other person whom the Court may appoint. > > > (3)  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. > > > (4)  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 other person, according to the order, and all companies shall obey every order under this section according to its tenor. > > > (5)  Where an order is made under this section vesting the right to sue for or recover a chose in action or any interest in respect thereof in any person, such right shall vest accordingly, and such person may thereupon commence and carry on in his own name any action or other proceeding for the recovery of such chose in action in the same manner as the person in whom it was previously vested. > > > (6)  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. > > > (7)  The 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. > > > (8)  The provisions of this Act as to vesting orders apply to shares in ships registered under the Acts relating to merchant shipping as if they were stock.