15 & 16 Vict. c. 55, s. 3.

On neglect to

twenty-eight

days, order may be made vesting

right to transfer

in such person as

(Deroy v. Deroy, 3 Sm. & Giff. 403; followed in Stone v. Stone, 3 Jur, N. S. 708.)

Where stock was standing in the names of three trustees and an infant, and two trustees were dead, and the third was out of the jurisdiction, the court appointed a guardian and allowed maintenance, and vested the right to receive the dividends in the guardian during the minority. (Re Morgan, Seton, 825.)

Under this section an infant was declared a trustee of stock standing in his own name, and to which he was absolutely entitled in order to obtain payment of dividends to his guardian (Re Westwood, 6 N. R. 61), but this order was subsequently discharged and an order under 1 Will. 4, c. 65, s. 32, substituted. (6 N. R. 316.)

H., sole trustee of money for A. and an infant, invested it in stock in the joint names of himself and the infant. After the death of H. and A., a suit was instituted in which an order was made as follows:-It appearing that the executors of H. were jointly entitled with the infant to the fund upon a trust within the meaning of the act, the court ordered that the right to call for a transfer should vest in the executors of H. for the purpose of transferring the fund into court. (Sanders v. Homer, 25 Beav. 467.)

Where money, in which infants were beneficially interested, was by mistake invested in their names in consols, the court upon a bill filed by executors, who were entitled to the control of the money, declared the infants trustees for the plaintiffs, and directed a vesting order. (Rives v. Rives, W. N. 1866, p. 144.)

For forms of orders under this section, see Seton, 795, 796.

4. Where any person shall neglect or refuse to transfer any transfer stock for stock, or to receive the dividends or income thereof, or to sue for or recover any chose in action, or any interest in respect thereof, for the space of twenty-eight days next after an order of the Court of Chancery for that purpose shall have been the court shall ap- served upon him, it shall be lawful for the Court of Chancery to make an order vesting all the right of such person to transfer such stock or to receive the dividends or income thereof, or to sue for and recover such chose in action, or any interest in respect thereof, in such person or persons as the said court may appoint (d).

point.

(d) See scct. 23 of Trustee Act, 1850, and note, ante, p. 662. An order under this or the following section must not deal with a larger subjectmatter than the previous order which it proposes to enforce. (Skynner v. Pelichet, 9 W. R. 191.)

A petition for a preliminary order under this section need not be served upon the trustee. (Re Mount, 24 L. T., N. S. 290.)

An order under this section has been made upon motion. (Re Holbrook's Will, 8 W. R. 3.)

Stock in which the plaintiff was interested was standing in the joint names of A. and B., defendants, and A. not appearing at the hearing, was directed, within seven days after service of the decree upon the solicitor of the defendants, to transfer the stock into court. The decree was served upon the solicitor, but the stock was not transferred, and an order was made upon motion vesting the right to transfer in the defendant's solicitor. The bank objected that there was nothing in the order to show that the court intended service upon his solicitor to be good service upon A. within the meaning of this section, and an order was ultimately made under 13 & 14 Vict. c. 60, s. 22, stating that A. was out of the jurisdiction, or could not be found, and appointing the officer of the bank to transfer the stock. (Coles v. Benbow, W. N. 1873, p. 60.)

For forms of orders under this section, see Seton, 810, 811.

c. 55, s. 5.

On like neglect by

5. When any stock shall be standing in the sole name of a 15 & 16 Vict. deceased person, and his personal representative shall refuse or neglect to transfer such stock or receive the dividends or income thereof for the space of twenty-eight days next after an order of executor, similar the Court of Chancery for that purpose shall have been served order may be upon him, it shall be lawful for the Court of Chancery to make an order vesting the right to transfer such stock, or to receive the dividends or income thereof, in any person or persons whom the said court may appoint (e).

(e) See sect. 25 of the Trustee Act, 1850, ante, p. 663, n. For form of order under this section, see Seton, 798.

made.

and companies to

comply with such

orders.

6. When any order, being or purporting to be under this act, Bank of England or under the Trustee Act, 1850, shall be made by the Lord Chancellor, intrusted as aforesaid, or by the Court of Chancery, vesting the right to any stock, or vesting the right to transfer any stock, or vesting the right to call for the transfer of any stock, in any person or persons, in every such case the legal right to transfer such stock shall vest accordingly; and the person or persons so appointed shall be authorized and empowered to execute all deeds and powers of attorney, and to perform all acts relating to the transfer of such stock into his or their own name or names, or otherwise, to the extent and in conformity with the terms of the order; and the Bank of England, and all companies and associations whatever, and all persons, shall be equally bound and compellable to comply with the requisitions of such person or persons so appointed as aforesaid, to the extent and in conformity with the terms of such order, as the said Bank of England, or such companies, associations, or persons would have been bound and compellable to comply with the requisitions of the person in whose place such appointment shall have been made (ƒ).

(f) This provision appears to have been introduced in consequence of the case, Re Smyth's Settlement, 4 De G. & S. 499, ante, p. 664.

panies so obeying.

7. Every order made or to be made, being or purporting to Indemnity to be made under this or the Trustee Act, 1850, by the Lord bank and com Chancellor, intrusted as aforesaid, or by the Court of Chancery, and duly passed and entered, shall be a complete indemnity to the Bank of England, and all companies and associations whatsoever, and all persons, for any act done pursuant thereto; and it shall not be necessary for the Bank of England, or such company or association, or person, to inquire concerning the propriety of such order, or whether the Lord Chancellor, intrusted as aforesaid, or the Court of Chancery, had jurisdiction to make the same.

new trustees in

8. When any person is or shall be jointly or solely seised or Power to appoint lands or entitled to any stock upon any trust, lieu of persons possessed of any and such person has been or shall be convicted of felony, it convicted of shall be lawful for the Court of Chancery, upon proof of such felony. conviction, to appoint any person to be a trustee in the place of such convict, and to make an order for vesting such lands, or

c. 55, s. 8.

15 & 16 Vict. the right to transfer such stock, and to receive the dividends or income thereof, in such person to be so appointed trustee ; and such order shall have the same effect as to lands as if the convict trustee had been free from any disability, and had duly executed a conveyance or assignment of his estate and interest in the same (g).

Power to the court to appoint new trustees

where there is no existing trustee.

Chancellor may make orders for appointment of

trustees, without

it being necessary that it should be

made in Chancery,

&c.

As to powers of

with the care of lunatics.

(g) See 13 & 14 Vict. c. 60, s. 46 (ante, p. 675), as to the escheat of trust property; and 13 & 14 Vict. c. 60, s. 32 (ante, p. 667), as to the appointment of new trustees.

9. In all cases where it shall be expedient to appoint a new trustee, and it shall be found inexpedient, difficult or impracticable so to do without the assistance of the Court of Chancery, it shall be lawful for the said court to make an order appointing a new trustee or new trustees whether there be any existing trustee or not at the time of making such order (h). (h) See the note to 13 & 14 Vict. c. 60, s. 32, ante, p. 669.

10. In every case in which the Lord Chancellor, intrusted as aforesaid, has jurisdiction under this act, or the Trustee Act, 1850, to order a conveyance or transfer of land or stock, or to make a vesting order, it shall be lawful for him also to make an order appointing a new trustee or new trustees, in like manner as the Court of Chancery may do in like cases, without its being necessary that the order should be made in chancery as well as in lunacy, or be passed and entered by the registrar of the Court of Chancery (i).

(i) Where a petition is presented under the Trustee Acts, 1850 and 1852, for the appointment of new trustees in the place of trustees, some of whom are dead and the survivor a person of unsound mind, not so found by inquisition, the petition may be presented in lunacy only, and not in chancery. (Re Owen, L. R., 4 Ch. 782. See Re Boyce, 12 W. R. 359, where Lord Westbury made an order in lunacy and in chancery.)

11. All the jurisdiction conferred by this act on the Lord persons intrusted Chancellor, intrusted by virtue of the Queen's sign manual with the care of the persons and estates of lunatics, shall and may be had, exercised and performed by the person or persons for the time being intrusted as aforesaid (k).

Act to be con

strued as part of Trustee Act, 1850.

All orders made under Trustee

Act, 1850, or this

(k) See 15 & 16 Vict. c. 87, s. 15, ante, p. 650.

12. This act shall be read and construed according to the definition and interpretations contained in the second section of the Trustee Act, 1850, and the provisions of the said lastmentioned act (except so far as the same are altered by or inconsistent with this act) shall extend and apply to the cases provided for by this act, in the same way as if this act had been incorporated with and had formed part of the said Trustee Act, 1850 (7).

(1) See ante, pp. 647-649.

13. Every order to be made under the Trustee Act, 1850, or this act, which shall have the effect of a conveyance or assign

c. 55, s. 13. act to be charge

ment of any lands, or a transfer of any such stock as can only 15 & 16 Vict. be transferred by stamped deed, shall be chargeable with the like amount of stamp duty as it would have been chargeable with if it had been a deed executed by the person or persons able with the seised or possessed of such lands, or entitled to such stock; and every such order shall be duly stamped for denoting the ment of the said duty (m).

pay

(m) The Commissioners of Inland Revenue have intimated to the chancery registrars that in their opinion the following descriptions of orders made under the Trustee Acts are chargeable, under 33 & 34 Vict. c. 97, with the following duties:-(1) Order appointing new trustees, one stamp of 108.; (2) Order appointing new trustees, and vesting in them the right to transfer stock, one stamp of 108.; (3) Order appointing new trustees, and vesting land in them, two stamps of 108. each; (4) Order appointing new trustees, and vesting in them the right to sue for choses in action, two stamps of 10s. each. When the choses in action are in the nature of a mortgage, bond, debenture, covenant, or foreign security, or of any money or stock secured by any such instrument, or by any warrant of attorney to enter up judgment, or by any judgment, and the total amount thereby secured is under 2,000l., an ad valorem stamp at the rate of sixpence per 1007. is to be substituted for the second stamp of 10s. (33 & 34 Vict. c. 97, sched. tit. "Mortgage," par. 3). In no case where new trustees are appointed, and a vesting order made, are more than two 10s. stamps required. No stamp is required in respect of any order merely vesting the right to call for a transfer of and to transfer any stock. (Registrar's Notice, March, 1871. W. N. 1871, Pt. 2, p. 112.)

same stamp duty as deeds of conveyance.

19 & 20 Vict. c. 120, s. 1.

Interpretation of certain terins.

Settled estates within the act.

LEASES AND SALES OF SETTLED ESTATES.

19 & 20 VICTORIA, C. 120.

An Act to facilitate Leases and Sales of Settled Estates (a). [29th July, 1856.]

WHEREAS it is expedient that the Court of Chancery should have power in certain cases to authorize leases and sales of settled estates where it shall deem that such leases or sales would be proper and consistent with a due regard for the interests of all parties entitled under the settlement; and it is also expedient that persons in possession of land for certain limited interests should have power to grant agricultural or occupation leases thereof, at rack rent, for a reasonable period: be it enacted by the Queen's most excellent Majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same, as follows:

(a) See Smith's Ch. Pr., pp. 1128-1139, 7th ed.

1. The word "settlement," as used in this act, shall signify any act of parliament, deed, agreement, copy of court roll, will or other instrument, or any number of such instruments, under or by virtue of which any hereditaments of any tenure or any estates or interests in any such hereditaments stand limited to or in trust for any persons, by way of succession (b), including any such instruments affecting the estates of any one or more of such persons exclusively; and the term "settled estates," as used in this act, shall signify all hereditaments of any tenure, and all estates or interests in any such hereditaments which are the subject of a settlement; and for the purposes of this act a tenant in tail after possibility of issue extinct shall be deemed to be a tenant for life.

(b) It was held by Stuart, V.-C., that the interest which may arise by way of accruer, is a limitation "by way of succession" within this act (Re Goodwin, 3 Giff. 620); but where there was a limitation in a will to trustees upon trust for such children of A. as should attain twentyone, and if but one who should attain twenty-one, the whole to such one, with trusts for maintenance and a gift over, it was held by Kindersley, V.-C., that this was not a limitation "by way of succession" within the act (Re Bardin, 7 W. R. 711); and this decision was affirmed. (Re Burdin, 5 Jur., N. S. 1378.)

A testator devised his real estate, and bequeathed the residue of his personal estate to trustees upon trust, at their discretion, to sell the real estate, and convert the personalty and invest the proceeds, and pay the income to his wife during her widowhood, for the maintenance of his