sec.172Restrictions on vesting orders in particular circumstances

sec.172 Restrictions on vesting orders in particular circumstances

If a vesting order is to be made consequential on the appointment of a new trustee, including on the appointment of a new trustee to replace a trustee, the trust property must be vested in the persons who, on the appointment, are the trustees. If a vesting order is to be made consequential on the removal of 1 or more of a number of trustees without being replaced, or on the discharge of a trustee under section 30 , the trust property must be vested in the continuing trustees alone. A vesting order may vest shares that are not fully paid up in a person only if— the person applies for the order or consents to the order being made; or the court directs that the person’s consent be dispensed with. (sec.172-ssec.1) If a vesting order is to be made consequential on the appointment of a new trustee, including on the appointment of a new trustee to replace a trustee, the trust property must be vested in the persons who, on the appointment, are the trustees. (sec.172-ssec.2) If a vesting order is to be made consequential on the removal of 1 or more of a number of trustees without being replaced, or on the discharge of a trustee under section 30 , the trust property must be vested in the continuing trustees alone. (sec.172-ssec.3) A vesting order may vest shares that are not fully paid up in a person only if— the person applies for the order or consents to the order being made; or the court directs that the person’s consent be dispensed with.

• (a) the person applies for the order or consents to the order being made; or
• (b) the court directs that the person’s consent be dispensed with.