Pensions Act, 1990
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Appointment and removal of trustees by High Court. |
63.—(1) The High Court (in this Part referred to as “the court”) may, on application to it by the Board by petition, make an order for the appointment of one or more new trustees of a scheme in substitution for the existing trustees of the scheme. | |
(2) The court may make an order under subsection (1) in relation to the trustees of a scheme, if it considers— | ||
(a) that the trustees have failed to carry out the duties imposed on them by law (including this Act), and | ||
(b) that the scheme is being or has been administered in such a manner as to jeopardise the rights and interests thereunder of the members of the scheme. | ||
(3) (a) A petition under this section shall be served only on the existing trustees unless the court directs otherwise. | ||
(b) Upon the hearing of a petition under this section, the Board, the existing trustees of the scheme concerned, the employer concerned and the members of the scheme shall be entitled to be heard unless the court directs otherwise. | ||
(4) A trustee of a scheme appointed under this section shall, as well before as after the resources of the scheme become by law vested in him have the same powers, authorities and discretions and may in all respects act as if he had been originally appointed a trustee by the rules of the scheme. | ||
(5) An order under this section may make provision for such ancillary and consequential matters (including the vesting of the property of the scheme concerned in the trustees appointed by the order and (notwithstanding anything contained in the rules of the scheme) the making of payments from the resources of the scheme to the trustees appointed by the order in respect of fees, expenses or other matters relating to their duties as such trustees) as the court considers necessary or expedient. | ||
(6) An order under this section shall not operate further or otherwise as a discharge to any former trustee of the scheme concerned than an appointment of new trustees under any power for that purpose contained in any instrument would have operated. | ||
(7) Where any land of which the ownership is registered under the Registration of Title Act, 1964 , becomes vested, by order under this section, in any person or persons, the registering authority under that Act shall, upon production of the relevant order under this section, and upon payment of the appropriate fee, register that person or those persons in the appropriate register maintained under that Act as owner (within the meaning of that Act) of the land. | ||
(8) Where an order is made under this section, any assets vested by the order that immediately before the commencement of the order were standing registered in the books of any bank, corporation or company or were entered in any register kept in pursuance of any enactment in the names of the former trustees of the scheme concerned shall, upon such commencement, be transferred into the names of the new trustees of the scheme. |