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TRUSTEE ACT 1850 - SECT 26

Effect of an order vesting the legal right to transfer stock.

26. Where any order shall have been made under any of the provisions of
this Act vesting the right to any stock in any person or persons appointed by
the [High Court] ... such legal right shall vest accordingly, and thereupon
the person or persons so appointed are hereby 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,
or relating to the receipt of the dividends thereof, to the extent and in
conformity with the terms of such 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, and shall
be equally indemnified in complying with the requisition of such person or
persons so appointed as they would have been indemnified in complying with the
requisition of the person in whose place such appointment shall have been
made; and after notice in writing of any such order of the [High Court] ...
concerning any stock shall have been given, it shall not be lawful for the
Bank of England, or any company or association whatever, or any person, having
received such notice, to act upon the requisition of the person in whose place
an appointment shall have been made in any matter whatever relating to the
transfer of such stock, or the payment of the dividends or produce thereof.

© 1850 Crown Copyright

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