85Vesting orders, effect of

##### 85. Vesting orders, effect of (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 has the same effect — (a) as if the persons (if any) who, before the appointment or retirement, were the trustees had duly executed all proper conveyances of the property for such estate or interest as the Court directs; or (b) if there is no such person as is mentioned in paragraph (a), or no such person of full capacity, as if such person had existed and been of full capacity, and had duly executed all proper conveyances of the property for such estate or interest as the Court directs. (2) In every case, other than those hereinbefore in this section mentioned, the vesting order has 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 Division 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) In the case of land subject to the operation of the *Transfer of Land Act 1893*, the land does not vest until the appropriate entries are made in accordance with the provisions of that Act. (4) In the case of — (a) any property that does not come within subsection (3), but a transfer of which is required to be registered by or under any Act, whether of this State or otherwise; or (b) any security that is transferable only in books kept by a corporation, company or other body, or in manner directed by or under any Act, whether of this State or otherwise, a vesting order vests in the person named in the order the right to transfer or call for a transfer of the property or security. (5) In the case of any security or chose in action, the vesting order vests in the person named in the order the right to receive the dividends or income thereof, and to sue for or recover the chose in action. (6) The person, in whom the right to transfer or call for the transfer of any property or security is vested by an order of the Court under this Act, may transfer the property or security to himself or to any other person in accordance with the order; and all banks, corporations, companies, societies, associations and persons shall give effect to the transfer or comply with any direction or request to transfer the property or security given or made in accordance with the order. (7) After notice in writing of an order made under this section, it shall not be lawful for any bank, corporation, company, society, association or person to transfer any property or security to which the order relates, or to pay any dividends thereon, except in accordance with the order. (8) An order shall not be made under this section vesting in any person shares that are not fully paid up, unless that person applies for the order or consents to the making of the order.