69Payment into court by trustees

69 Payment into court by trustees

(1) Trustees or the majority of trustees having in their hands or under their control money or securities subject to a trust may pay the same into court; and the same shall, subject to rules of court, be dealt with according to the orders of the Court.

(2) The receipt or certificate of the proper officer shall be a sufficient discharge to trustees for the money or securities so paid into court.

(3) Where money or securities are vested in any persons as trustees and the majority are desirous of paying the same into court, but the concurrence of the other or others cannot be obtained, the Court may order the payment into court to be made by the majority without the concurrence of the other or others.

(4) Where any such money or securities are deposited with any banker broker or other depositary, the Court may order payment or delivery of the money or securities to the majority of the trustees for the purpose of payment into court.

(5) Every transfer payment and delivery made in pursuance of any such order shall be valid and take effect as if the same had been made on the authority or by the act of all the persons entitled to the money and securities so transferred, paid or delivered.

(6) Notwithstanding the repeal of the Trusts Act 1915 where moneys have been paid or securities transferred or deposited under the provisions of sections sixty-one and sixty-two of the said Act the Court may on application by any person interested make any such order as is authorized by section sixty-three or section sixty-four of the said Act and every such order shall have the same effects and consequences as if formerly made under such sections or the Court may make such other order as it thinks fit and in particular may make an order that such moneys or securities shall be paid into court so as to come under the provisions of the preceding subsections of this section or any of them.

S. 69(7) inserted by No. 30/2004 s. 10.

(7) In this section, Court means the Supreme Court.

Part V—General provisions

No. 5770 s. 70.