Trustee Ordinance

(1)
Trustees may, unless expressly prohibited by the instrument creating the trust or an enactment, retain or invest in securities payable to bearer which, if not so payable, would have been authorized investments.
(2)
A direction that investments must be retained or made in the name of a trustee is not an express prohibition referred to in subsection (1).
(3)
If trustees retain or invest in securities payable to bearer, the trustees must appoint a person to act as a custodian of the securities.
(4)
Subsection (3) does not apply if the instrument creating the trust or an enactment contains a provision that (however expressed) permits the trustees to retain or invest in securities payable to bearer without appointing a person as a custodian.
(5)
An appointment under subsection (3) must be made, or evidenced, in writing.
(6)
Subsections (3), (4) and (5) do not impose a duty on a sole trustee if that trustee is a trust corporation.
(7)
Subsections (3), (4) and (5) do not apply to any trust having a custodian trustee.