--(1) Where any stock-
----(a) is standing in the name of a patient beneficially entitled thereto; or
----(b) is standing in the name of the receiver in trust for a patient or as part of his property and-
--------(i) the receiver dies intestate;
--------(ii) himself becomes incapable by reason of mental disorder of acting as receiver;
--------(iii) is out of the jurisdiction of the court;
--------(iv) it is uncertain whether he is still alive; or
--------(v) he neglects or refuses to transfer the stock or to receive and pay over the dividends as the court directs,
--the court may order some fit and proper person to transfer the stock into the name of the receiver, or, as the case may be, a new receiver for the patient, or into court, or otherwise deal with it as the court may direct, and also to receive and pay over the dividends thereof in such manner as the court directs.
--(2) Where an order is made under paragraph (1) or under section 40 of the Act directing stock to be transferred into court, the person required to effect the transfer is to be-
----(a) in the case of stock standing in the stock register kept by a bank, some proper officer of that bank; or
----(b) in any other case, some proper officer of the company or other body, whose stock is to be transferred,
and that person may, if so ordered, recover any sum accrued due before the transfer by way of dividend, bonus or periodical payment in respect of the stock and pay it into court to the general account of the patient or to a separate account or otherwise deal with it as the court may direct.
Notes
Amended by Legal Notice 233 of 2005.
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