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TRUSTEE ACT (NORTHERN IRELAND) 1958 - SECT 39

Vesting of trust property in new or continuing trustees.

39.(1) Where by a deed a new trustee is appointed to perform any trust, then

(a)if the deed contains a declaration by the appointor to the effect that any
estate or interest in any land subject to the trust, or in any chattel so
subject, or the right to recover or receive any debt or other thing in action
so subject, shall vest in the persons who by virtue of the deed become or are
the trustees for performing the trust, the deed shall operate, without any
conveyance or assignment, to vest in those persons as joint tenants and for
the purposes of the trust the estate, interest or right to which the
declaration relates; and

(b)if the deed is made after the commencement of this Act and does not contain
such a declaration, the deed shall, subject to any express provision to the
contrary therein contained, operate as if it had contained such a declaration
by the appointor extending to all the estates, interests and rights with
respect to which a declaration could have been made.

(2) Where by a deed a retiring trustee is discharged under the statutory power
without a new trustee being appointed, then

(a)if the deed contains such a declaration as aforesaid by the retiring and
continuing trustees, and by the other person, if any, empowered to appoint
trustees, the deed shall, without any conveyance or assignment, operate to
vest in the continuing trustees alone, as joint tenants, and for the purposes
of the trust, the estate, interest, or right to which the declaration relates;
and

(b)if the deed is made after the commencement of this Act and does not contain
such a declaration, the deed shall, subject to any express provision to the
contrary therein contained, operate as if it had contained such a declaration
by such persons as aforesaid extending to all the estates, interests and
rights with respect to which a declaration could have been made.

(3) An express vesting declaration, whether made before or after the
commencement of this Act, shall, notwithstanding that the estate, interest or
right to be vested is not expressly referred to, and provided that the other
statutory requirements were or are complied with, operate and be deemed always
to have operated (but without prejudice to any express provision to the
contrary contained in the deed of appointment or discharge) to vest in the
persons respectively referred to in sub-sections (1) and (2), as the case may
require, such estates, interests and rights as are capable of being and ought
to be vested in those persons.

(4) This section does not extend

(a)to land conveyed by way of mortgage for securing money subject to the
trust, except land conveyed on trust for securing debentures or debenture
stock;

(b)to land held under a lease which contains any covenant, condition or
agreement against assignment or disposing of the land without licence or
consent, unless, prior to the execution of the deed containing expressly or
impliedly the vesting declaration, the requisite licence or consent has been
obtained, or unless, by virtue of any rule of law, the vesting declaration,
express or implied, would not operate as a breach of covenant or give rise to
a forfeiture;

(c)to any share, stock, annuity or property which is only transferable in
books kept by a company or other body, or in manner directed by or under any
enactment.

In this sub-section "lease" includes an underlease and an agreement for a
lease or underlease.

(5) For purposes of registration of the deed in any registry, the person or
persons making the declaration expressly or impliedly, shall be deemed the
conveying party or parties, and the conveyance shall be deemed to be made by
him or them under a power conferred by this Act.

(6) This section applies to deeds of appointment or discharge executed on or
after the first day of January, eighteen hundred and eighty-two.

Power of court to appoint new trustees.

© 1958 Crown Copyright

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