9Vesting on appointment and retirement

9 Vesting on appointment and retirement (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) Land under the Land Titles Act 1925 does not vest until— (a) the appropriate transfer is registered; or (b) an entry of the vesting is made in the register kept under that Act. (4) For subsection (3), an entry of the vesting of land has the same effect as the registration of a transfer of the land. (5) The following property does not vest until the appropriate transfer is registered: (a) a mortgage for securing money subject to the trust (other than land under the Land Titles Act 1925 or land conveyed on trust for securing debentures or debenture stock); (b) other property for which a conveyance is required to be registered under the law of the place where the property is located. (6) Property that is only transferable— (a) in books kept by a corporation, company or other body; or (b) in the manner directed by or under a law in force in the place where the property is located; does not, under this section, vest until it is duly transferred. (7) In the case of land held under a lease which contains any covenant condition or agreement against assignment or disposing of the land without license 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 license 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. (8) In subsection (7): lease includes an underlease and an agreement for a lease or underlease. (9) 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. (10) This section extends to an appointment by deed, or a retirement by deed, under the provisions of the trust instrument. (11) In this section: joint tenant includes joint owner.