10Trust property, vesting of in new or continuing trustees

##### 10. Trust property, vesting of in new or continuing trustees (1) Where a new trustee is appointed, the execution of the instrument of appointment vests, subject to the provisions of this section, the trust property for which the new trustee is appointed in the persons who become and are the trustees, as joint tenants for the purposes of the trust, without any conveyance. (2) In any case to which section 9 applies, the execution of the instrument of discharge vests, subject to the provisions of this section, all the property subject to the trusts from which the retiring trustee has declared that he is desirous of being discharged in the continuing trustees alone, as joint tenants for the purposes of the trust, without any conveyance. (3) Subsections (1) and (2) do 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; or (b) to any property, including property subject to the operation of the *Transfer of Land Act 1893*, which is transferable only in books kept by a company or other body or in manner directed by or under an Act of Parliament. (4) In the case of any property referred to in subsection (3), the execution of the instrument of appointment of a new trustee or of the instrument of discharge, as the case may be, for the purposes of the trust vests in the persons who become and are the trustees or in the continuing trustee, as the case may be, the right to call for a conveyance of the property and to sue for and recover the property. (5) For purposes of registration — (a) in the case of an instrument of appointment of a new trustee, the appointor shall be deemed the conveying party and the conveyance shall be deemed to be made by him under a power conferred by this Act; and (b) in the case of an instrument of discharge, the retiring trustee and any person consenting in such instrument to his discharge shall be deemed the conveying parties and the conveyance shall be deemed to be made by them under a power conferred by this Act. (6) In this section — continuing trustees and retiring trustees have the same meaning as in section 9(3); and instrument of discharge means an instrument containing the consent or consents referred to in section 9(2) and executed in a case to which section 9 applies. (7) For the purposes of a covenant against assignments, or against assignment without licence or consent, contained in any lease, underlease or agreement for a lease or underlease, a vesting under this section shall be deemed not to be an assignment.