Section 44
Vesting of trust property in new or continuing trustees
Where by an instrument a new trustee is appointed to perform any trust, then—
(a)
if the instrument contains a declaration by the appointor to the effect that any interest in any movable property in the States of Johore, Kedah, Kelantan, Negeri Sembilan,
Pahang, Perak, Perlis, Selangor and Terengganu, or in any land or chattel in the States of Malacca, Penang,
Sabah and Sarawak, subject to the trust, 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 instrument become or are the trustee for performing the trust, that declaration shall operate, without any conveyance or assignment, to vest in those persons as
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joint owners and for the purposes of the trust the interest or right to which the declaration relates; and
(b)
if the instrument is made on or after the material date and does not contain such a declaration, the instrument 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 interests and rights with respect to which a declaration could have been made.
(2)
Where by an instrument a retiring trustee is discharged under the statutory power without a new trustee being appointed, then—
(a)
if the instrument contains such a declaration as aforesaid by the retiring and continuing trustees, and by the other person, if any, empowered to appoint trustees, that declaration shall, without any conveyance or assignment, operate to vest in the continuing trustees alone, as joint owners, and for the purposes of the trust, the interest or right to which the declaration relates; and
(b)
if the instrument is made after 1 September 1929, in the
States of Malacca and Penang, or after 9 September 1932, in the States of Johore, Kedah, Kelantan, Negeri
Sembilan,
Pahang,
Perak,
Perlis,
Selangor and
Terengganu, and does not contain such a declaration, the instrument 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 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 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 instrument of appointment or discharge) to vest in the persons
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respectively referred to in subsections (1) and (2), as the case may require, such interests and rights as are capable of being and ought to be vested in those persons.
(4)
This section does not extend—
(i)
to land conveyed by way of charge for securing money subject to the trust, except land conveyed on trust for securing debentures or debenture stock;
(ii)
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 written law or rule of law, the vesting declaration, express or implied, would not operate as a breach of covenant or give rise to a forfeiture;
(iii)
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 written law.
(b)
In this subsection “lease” includes an underlease and an agreement for a lease or underlease.
(5)
This section applies to instruments executed after 1 August 1886, in the States of Malacca and Penang and after 12 November 1920, in the States of Johore, Kedah, Kelantan, Negeri Sembilan,
Pahang, Perak, Perlis, Selangor and Terengganu.