45Vesting of trust property in new trustee or continuing trustees

45 Vesting of trust property in new trustee or continuing trustees (1) Where a new trustee is appointed the execution of the instrument of appointment shall, subject to this section without any conveyance vest in the persons who become and are the trustees, as joint tenants and for the purposes of the trust, the trust property for which the new trustee is appointed. (2) In any case to which the last preceding section applies the execution of the instrument of discharge shall, subject to this section, without any conveyance vest in the continuing trustees alone, as joint tenants and for the purposes of the trust, all the property subject to the trusts from which the retiring trustee has declared that he is desirous of being discharged. (3) Subsections (1) and (2) of this section shall not apply— (a) to land conveyed by way of mortgage for securing money subject to the trust, except land conveyed on trust for securing debentures or debenture stock; (b) to land held under a lease which contains any covenant condition or agreement against assignment or disposing of the land without licence or consent unless— S. 45(3)(b)(i) amended by No. 10087 s. 3(1)(Sch. 1 item 307). (i) before the execution of the instrument of appointment or instrument of discharge (as the case may be) the requisite licence or consent has been obtained; or (ii) by virtue of any statute or rule of law such application would not operate as a breach of covenant or give rise to a forfeiture; (c) to any property (including property subject to the operation of the **Transfer of Land Act 1958**) which is only transferable in books kept by a company or other body or in manner directed by or under an Act of Parliament. In this subsection ***lease*** includes an under-lease and an agreement for a lease or under-lease. (4) In the case of any property referred to in the last preceding subsection the execution of the instrument of appointment of a new trustee or of the instrument of discharge (as the case may be) shall for the purposes of the trust vest in the persons who become and are the trustees or in the continuing trustees (as the case may be) the right to call for a conveyance of the property and to sue for and recover the property. S. 45(5) repealed by No. 85/1998 s. 24(Sch. item 61). (6) In this section— ***instrument of discharge*** means an instrument containing the consent or consents referred to in subsection (2) of section forty-four of this Act and executed in a case to which section forty-four applies; and ***continuing trustees*** and ***retiring trustee*** have the same meaning as in subsection (3) of section forty-four of this Act. No. 5770 s. 46.