78Effect of vesting order

78 Effect of vesting order (1) In the case of a vesting order consequential on the appointment of a new trustee, or the retirement of a trustee, the vesting order shall have the same effect as if the persons who before the appointment or retirement were the trustees (if any) had duly executed all proper conveyances of the property for such estate or interest as the Supreme Court directs or if there is no such person, or no such person who is not a person with a legal disability, then as if such person had existed and not been a person with a legal disability, and had duly executed all proper conveyances of the property for such estate or interest as the court directs. (2) In every other case the vesting order shall have the same effect as if the trustee or other person or description or class of persons to whose rights, or supposed rights, the provisions of this part respectively relate, had been an ascertained and existing person of full capacity, and had executed a conveyance or release to the effect intended by the order. (3) Land does not vest because of a vesting order made under this part until— (a) if the land is under the Land Titles Act 1925—an entry of the vesting is made in the register kept under that Act; or (b) in any other case—the order is registered under the Registration of Deeds Act 1957. (4) In the following cases the vesting order shall vest in the person named in the order the right to transfer or call for a transfer of a property or security: (a) any property that does not come within subsection (3), but a transfer of which is required to be registered by or under a law in force in the ACT or otherwise; (b) any security that is only transferable in books kept by a corporation, company or other body, or in manner directed by or under a law in force in the ACT or otherwise. (5) In the case of any security or thing in action the vesting order shall vest in the person named in the order the right to receive the dividends or income of it, and to sue for or recover the thing in action. (6) The person in whom the right to transfer or call for the transfer of any property or security is so vested may transfer the property or security to himself or herself or any other person according to the order and everyone must obey the order. (7) After notice in writing of the vesting order it shall not be lawful for anyone to transfer any property or security to which the order relates, or to pay any dividends on it except in accordance with the order.