Vesting of interest in trust corporations

(1) Where any interest in any estate is vested in a syndic or nominee on behalf of any corporation acting as the personal representative of a deceased person and such corporation becomes a trust corporation, such interest shall, except as otherwise provided in subsection (2) of this section, be deemed to vest in such corporation on the day on which it becomes a (2) Subsection (1) of this section, shall not apply to any securities registered in the name of a syndic or nominee or to any land or to any encumbrances upon land registered under the Law of Property Act, Cap. 190. 6 (3) Where any securities are registered in the name of, or any land or encumbrances thereon are registered under the Law of Property Act, Cap. 190 in the name of, a syndic or nominee on behalf of a corporation acting as the personal representative of a deceased person and such corporation becomes a trust corporation, such syndic or nominee shall forthwith do all such acts as may be necessary to transfer such securities, land or encumbrances thereon, as the case may be, to such trust corporation or to such person as such trust corporation may direct. (4) Where by virtue of subsection (1) of this section any interest in any estate is deemed to vest in any trust corporation, or pursuant to subsection (3) of this section any securities, land or encumbrances upon land are transferred to any trust corporation, such trust corporation shall indemnify the nominee in whom such interest, securities, land or encumbrances upon land, as the case may be, were vested immediately before they were deemed to vest or were transferred by the nominee to such Act.