中國遠洋運輸(集團)總公司(前稱中國遠洋運輸總公司) v. TONG BUN alias CHAN MIN YING AND OTHERS

中國遠洋運輸(集團)總公司(前稱中國遠洋運輸總公司) v. TONG BUN alias CHAN MIN YING AND OTHERS

Given the defendants had executed declarations of trust, the plaintiff retained original share certificates, the plaintiff made written requests for transfer and the trustees failed to transfer within 28 days, and substituted service was properly effected, the court was entitled to vest the rights to the shares and accrued dividends in the plaintiff under section 52(1)(b)(iii) and (iv) of the Trustee Ordinance.

Citation
中國遠洋運輸(集團)總公司(前稱中國遠洋運輸總公司) v. TONG BUN alias CHAN MIN YING AND OTHERS
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 December 2014
Case Number
HCMP853/2014
Procedural Posture
Miscellaneous Proceedings: Vesting Order Under Trustee Ordinance / Judgment
Outcome
Application granted: vesting order made in favour of the plaintiff under section 52(1)(b)(iii) and (iv) Trustee Ordinance; no order as to costs.
Legal Topics
Vesting Order, Non Voting Deferred Shares, Section 52 Trustee Ordinance, Substituted Service
Source Language
EN
Trusts Equity Property Civil Procedure Vesting Order Non Voting Deferred Shares Section 52 Trustee Ordinance Substituted Service

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Procedural Posture

Miscellaneous Proceedings: Vesting Order Under Trustee Ordinance / Judgment

Legal Issues

  1. 1 Whether the court may make a vesting order under section 52(1) Trustee Ordinance
  2. 2 Whether substituted service under the order of the Master and advertisement satisfied service requirements to permit hearing in absence of defendants
  3. 3 Whether prerequisites for vesting existed: express declarations of trust, demand for transfer and trustees neglecting to transfer for 28 days

Ratio Decidendi

Given the defendants had executed declarations of trust, the plaintiff retained original share certificates, the plaintiff made written requests for transfer and the trustees failed to transfer within 28 days, and substituted service was properly effected, the court was entitled to vest the rights to the shares and accrued dividends in the plaintiff under section 52(1)(b)(iii) and (iv) of the Trustee Ordinance.

Court Disposition

Application granted: vesting order made in favour of the plaintiff under section 52(1)(b)(iii) and (iv) Trustee Ordinance; no order as to costs.

Orders

  • The right to transfer the deferred shares registered in the name of each defendant in Yick Fung Shipping and Enterprises Company, Limited and the right to receive the dividends accrued or to accrue thereon prior to the transfer of the shares be vested in the plaintiff.
  • The plaintiff may thereafter transfer the shares to itself or to any other person or entity as the plaintiff may desire.