中國遠洋運輸(集團)總公司 (前稱中國遠洋運輸總公司) v. WANG HU alias WON SO FOO 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. WANG HU alias WON SO FOO AND OTHERS

Given the express declarations of trust, proof of ownership of the deferred shares, diligent attempts at service including substituted service, and the trustees' failure to transfer the shares within 28 days of written demand, the court vested in the plaintiff the right to transfer the deferred shares and to receive accrued or accruing dividends pursuant to s52(1)(b)(iii) and (iv) of the Trustee Ordinance and allowed the plaintiff to transfer the shares thereafter.

Citation
中國遠洋運輸(集團)總公司 (前稱中國遠洋運輸總公司) v. WANG HU alias WON SO FOO AND OTHERS
Parties
Defendant Trustee: Defendant 1; Defendant Trustee: Defendant 2; Defendant Trustee: Defendant 3; Defendant Trustee: Defendant 4; Defendant Trustee: Defendant 5; Defendant Trustee: Defendant 6; Defendant Trustee: Defendant 7; Defendant Trustee: Defendant 8; Defendant Trustee: Defendant 9
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
18 December 2014
Case Number
HCMP852/2014
Procedural Posture
Application Under Trustee Ordinance for Vesting of Beneficiary Rights in Respect of Deferred Shares / Hearing on Application for Vesting Orders; Defendants Absent After Substituted Service
Outcome
Application granted. Rights to transfer deferred shares and to receive accrued or accruing dividends vested in plaintiff; plaintiff may transfer the shares; no order as to costs.
Legal Topics
Vesting Orders Under Trustee Ordinance S52, Substituted Service and Proceeding in Absence S58, Declaration of Trust, Transfer of Shares and Entitlement to Dividends
Source Language
EN
Trusts Equity Civil Procedure Company Law Vesting Orders Under Trustee Ordinance S52 Substituted Service and Proceeding in Absence S58 Declaration of Trust Transfer of Shares and Entitlement to Dividends

Case Brief

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Parties

Defendant 1

Defendant Trustee

Defendant 2

Defendant Trustee

Defendant 3

Defendant Trustee

Defendant 4

Defendant Trustee

Defendant 5

Defendant Trustee

Defendant 6

Defendant Trustee

Defendant 7

Defendant Trustee

Defendant 8

Defendant Trustee

Defendant 9

Defendant Trustee

Procedural Posture

Application Under Trustee Ordinance for Vesting of Beneficiary Rights in Respect of Deferred Shares / Hearing on Application for Vesting Orders; Defendants Absent After Substituted Service

Legal Issues

  1. 1 Whether the trustees had neglected to transfer the shares after written demand under s52(1) of the Trustee Ordinance
  2. 2 Whether the court could proceed in the absence of the defendants after substituted service under s58
  3. 3 Whether rights to transfer and accrued dividends should be vested in the plaintiff under s52(1)(b)(iii) and (iv)

Ratio Decidendi

Given the express declarations of trust, proof of ownership of the deferred shares, diligent attempts at service including substituted service, and the trustees' failure to transfer the shares within 28 days of written demand, the court vested in the plaintiff the right to transfer the deferred shares and to receive accrued or accruing dividends pursuant to s52(1)(b)(iii) and (iv) of the Trustee Ordinance and allowed the plaintiff to transfer the shares thereafter.

Court Disposition

Application granted. Rights to transfer deferred shares and to receive accrued or accruing dividends vested in plaintiff; plaintiff may transfer the shares; no order as to costs.

Orders

  • The right to transfer the deferred shares registered in the name of each defendant in Ocean Tramping Company, Limited and the right to receive the dividends accrued or to accrue thereon prior to the transfer of the share 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.