Section 1418. Letters of administration with will annexed; when and to whom granted 1

If no person is named as executor in the will or selected by virtue
  of a power contained therein or if at any time there is no  executor  or
  administrator  with  will annexed qualified to act, upon the application
  of any person who may petition for the probate of the  will  under  1402
  the  court must issue letters of administration with will annexed in the
  following order of priority:
    (a) to a sole beneficiary or if he be dead to his fiduciary;
    (b) to one or more of the residuary beneficiaries or, if any be  dead,
  to his fiduciary;
    (c)  if  there  is  no  eligible  person  entitled  to  letters  under
  subparagraphs (a) and (b) of this subdivision who will accept, the court
  may issue letters to one or more of the persons interested in the estate
  or, if any be dead, to his fiduciary.
    2. If there is no  eligible  person  entitled  to  letters  under  the
  foregoing  subdivision  who will accept or an appointment is not made by
  consent as provided in subdivision 6, letters shall issue to the  public
  administrator  or,  if there be none for the county, to the treasurer of
  the county.
    3. If none of the persons mentioned  in  subdivisions  1  and  2  will
  accept  letters  the  court  may  issue  them  to the petitioner or upon
  petitioner's refusal to accept the same to any person designated by  the
  court.
    4.  A  corporation  incorporated  within the territorial limits of the
  United  States  which  is  a  sole  or  residuary  legatee  may  act  as
  administrator  with will annexed although not specifically so authorized
  by its charter or by any provision of law.
    5. If any person otherwise entitled to letters under subdivision 1  is
  an  infant,  incompetent or conservatee the court may issue letters with
  will annexed to  the  guardian  of  the  property  of  the  infant,  the
  committee  of the property of the incompetent, or the conservator of the
  property of the conservatee with the same priority  as  if  the  infant,
  incompetent or conservatee had himself been eligible to take letters.
    6.  Administration may be granted to an eligible person or persons not
  entitled as beneficiaries upon the acknowledged and filed consent of all
  of the beneficiaries, provided  all  the  beneficiaries  are  themselves
  eligible.  The  guardian  of  the property of an infant beneficiary, the
  committee  of  the  property  of  an  incompetent  beneficiary  or   the
  conservator of the property of a conservatee beneficiary may so consent.
    7.  Administration  may  be  granted  to  a  trust  company  or  other
  corporation authorized to act as fiduciary  upon  the  acknowledged  and
  filed  consents  of  all the beneficiaries inclusive of those who may be
  non-domiciliary  aliens,  provided  that  all  such  beneficiaries   are
  otherwise   eligible.   The  guardian  of  the  property  of  an  infant
  beneficiary,  the  committee  of  the   property   of   an   incompetent
  beneficiary,  or  the  conservator  of  the  property  of  a conservatee
  beneficiary appointed within the state, may so consent.
    8. The court may refuse to issue letters of administration  with  will
  annexed  where  distribution  of  the estate is possible pursuant to the
  provisions of this act.