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] 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