Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 52

Vesting orders as to stock and thing in action

(1) In any of the following cases, namely-

   (a)  where the court appoints or has appointed a trustee, or where a
        trustee has been appointed out of court under any statutory or express
        power;

   (b)  where a trustee entitled, whether by way of mortgage or otherwise,
        alone or jointly with another person to stock or to a thing in action-

        (i)    is under disability; or

        (ii)   is out of the jurisdiction of the court; or

        (iii)  cannot be found, or, being a corporation, has been dissolved;
               or

        (iv)   neglects or refuses to transfer stock or receive the dividends
               or income thereof, or to sue for or recover a thing in action,
               according to the direction of the person absolutely entitled
               thereto for 28 days next after a request in writing has been
               made to him by the person so entitled; or

        (v)    neglects or refuses to transfer stock or receive the dividends
               or income thereof, or to sue for or recover a thing in action
               for 28 days next after an order of the court for that purpose
               has been served on him;

   (c)  where it is uncertain whether a trustee entitled alone or jointly with
        another person to stock or to a thing in action is alive or dead;

   (d)  where stock is standing in the name of a deceased person whose
        personal representative is under disability;

   (e)  where stock or a thing in action is vested in a trustee whether by way
        of mortgage or otherwise and it appears to the court to be expedient,
        the court may make an order vesting the right to transfer or call for
        a transfer of stock, or to receive the dividends or income thereof, or
        to sue for or recover the thing in action, in any such person as the
        court may appoint: Provided that-

        (i)    where the order is consequential on the appointment of a
               trustee, the right shall be vested in the persons who, on the
               appointment, are the trustees; and

        (ii)   where the person whose right is dealt with by the order was
               entitled jointly with another person, the right shall be vested
               in that last-mentioned person either alone or jointly with any
               other person whom the court may appoint.

(2) In all cases where a vesting order can be made under this section, the
court may, if it is more convenient, appoint some proper person to make or
join in making the transfer: Provided that the person appointed to make or
join in making a transfer of stock shall be some proper officer of the bank,
or the company or society whose stock is to be transferred.

(3) The person in whom the right to transfer or call for the transfer of any
stock is vested by an order of the court under this Ordinance may transfer the
stock to himself or any other person, according to the order, and all
companies, banks and societies shall obey every order under this section
according to its tenor.

(4) After notice in writing of an order under this section it shall not be
lawful for any company, bank or society to transfer any stock to which the
order relates or to pay any dividends thereon except in accordance with the
order.

(5) The court may make declarations and give directions concerning the manner
in which the right to transfer any stock or thing in action vested under the
provisions of this Ordinance is to be exercised.

(6) The provisions of this Ordinance as to vesting orders shall apply to
shares in ships registered under the enactments relating to merchant shipping
as if they were stock. [cf. 1925 c.19 s.51 U.K.]