Trustee Ordinance

(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 Ordinance 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
section 40
or
40A
without a new trustee being appointed,
then—
(Amended
13 of 2013 s. 26
)
(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 Ordinance 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 person 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 Ordinance, 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 subsections (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 statute or 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 subsection
lease
(
租約
) includes an underlease and an agreement for a
                lease or underlease.
(5)
For purposes of registration of the deed, 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 Ordinance.
(6)
This section applies to deeds of appointment or discharge executed on or after 1 July 1901.
[cf. 1925 c. 19 s. 40 U.K.]