Trustee Ordinance

(1)
No member of a trust company shall at any time hold shares in the capital of the company to an amount exceeding one-fifth of the issued capital of the company for the time being.
(2)
Subsection (1) does not apply to a trust company that is the subsidiary of a bank within the meaning of
section 2
of the Banking Ordinance (
Cap. 155
).
(Added
23 of 1975 s. 6
. Amended
49 of 1995 s. 53
)
(3)
For the purposes of subsection (2) of this section,
section 15
of the Companies Ordinance (
Cap. 622
) applies as if a reference in that section to “a body corporate” were read as a reference to a trust company and as if the reference in that section to “another body corporate” or “other body corporate” were read as a reference to a bank within the meaning of
section 2
of the Banking Ordinance (
Cap. 155
).
(Added
23 of 1975 s. 6
. Amended
49 of 1995 s. 53
;
28 of 2012 ss. 912
& 920)