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Cap. 29activeordinance

Trustee Ordinance

受託人條例

Full legislation

s.41W

Trustee is not exempted from liability for breach of trust

acts in a professional capacity; and

Table of Contents

Sections

3AStatutory duty of care
9Loans and investments by trustees not chargeable as breaches of trust
10Liability for loss by reason of improper investment
11Powers supplementary to powers of investment
12Power to deposit at bank and to pay calls
13Power of trustees for sale to sell by auction, etc.
14Power to sell subject to depreciatory conditions
15Power of trustees to give receipts
16Power to do other acts
17Powers of trustees of renewable leaseholds to renew and raise money for the purpose
18Power to raise money by sale, mortgage, etc.
19Protection to purchasers and mortgagees dealing with trustees
20Devolution of powers or trusts
21Power to insure
22Application of insurance money where policy kept up under any trust, power or obligation
23
24Reversionary interests, valuations, and audit
25
26Power to concur with others
27Individual trustee’s delegation by power of attorney
27AValidation of appointments where objects are excluded or take illusory shares
28Protection against liability in respect of rents and covenants
29Protection by means of advertisement
30Protection in regard to notice
31
32
33Power to apply income for maintenance and to accumulate surplus income during a minority
34Power of advancement
35Protective trusts
36Limitation of the number of trustees
37Power of appointing new or additional trustees
38Supplemental provisions as to appointment of trustees
39Evidence as to a vacancy in a trust
40Retirement of trustee without a new appointment
40AAppointment and retirement of trustees on beneficiaries’ directions
40BAppointment of substitute for incapacitated trustee
40CProvisions supplementary tosections 40Aand40B
40DApplication ofsections 40Aand40B
41Vesting of trust property in new or continuing trustees
41AApplication of Part 4A
41BPower to appoint agents
41CPersons who may act as agents
41DLinked functions, etc.
41ETerms of agency
41FSpecial restrictions relating to asset management
41GPower to appoint nominees
41HPower to appoint custodians
41IInvestment in bearer securities
41JPersons who may be appointed as nominees or custodians
41KTerms of appointment of nominees and custodians
41LApplication ofsections 41M, 41Nand41O
41MReview of agents
41NReview of nominees and custodians
41OLiability for agents, nominees and custodians
41PEffect of trustees exceeding their powers
41QApplication of Part 4B
41RInterpretation of Part 4B
41SRemuneration of trustees under instrument creating trust
41TRemuneration of trustees other than under instrument creating trust
41UTrustee’s expenses
41VRemuneration and expenses of agents, nominees and custodians
41WTrustee is not exempted from liability for breach of trust
41XReserve power of settlor
41YTransfer of movable property not affected by foreign law of inheritance
42Power of court to appoint new trustees
43Power to authorize remuneration
44Powers of new trustee appointed by court
45Vesting orders of land
46Orders as to contingent rights of unborn persons
47Vesting order in place of conveyance by infant mortgagee
48Vesting order consequential on order for sale or mortgage of land
49Vesting order consequential on judgment for specific performance, etc.
50Effect of vesting order
51Power to appoint person to convey
52Vesting orders as to stock and thing in action
53Vesting orders of charity property
54Vesting orders in relation to infant’s beneficial interest
55Orders made upon certain allegations to be conclusive evidence
56Power of court to authorize dealing with trust property
57Persons entitled to apply for orders
57ACharitable trusts
58Power to give judgment in absence of a trustee
59Power to charge costs on trust estate
60Power to relieve trustee from personal liability
61Power to make beneficiary indemnity for breach of trust
62Payment into court by trustees
63Power of court on application to appoint judicial trustee
64Rules
65Definitions
66Appointment of Official Trustee
67Payment of trust moneys into bank to credit of Official Trustee
68Transfer of trust securities into name of Official Trustee
69Conveyance of land in trust to Official Trustee
70Certificate to be given by Official Trustee
71Order for payment, etc. by majority of trustees without concurrence of others
72Administration of trust estate
73Charges upon trust estate administered by Official Trustee
74General rights and powers of Official Trustee
75Limitation of liability of Official Trustee
76Rules for administration of trust funds
77Application by company to be registered as a trust company
78Issue of certificate
79Register of trust companies to be kept
80Deposit to be held as security
81Objects
82Trust company may act as executor
83Trust company to apply for probate or administration
84Procedure as to petitions, etc.
85Appointment of a company to be a trustee
86Joint tenancy
87Trust company may act as agent
88Security not required
89Trust funds to be kept separate
90Investment of trust funds
91Investment of trust company’s own funds
92Loans to trust company officers, etc. prohibited
93Borrowing
94
95Investigation by inspector
96Special provision as to winding up a trust company
97Personal liability of officers of a trust company
98Offences
99Not to be guardian or committee
100Restriction on holding shares in a trust company
101Voluntary winding-up or disposal may be restrained
102Liability and powers of trust company
103Registration of a trust company as shareholder, etc. not notice of trust
104Unclaimed money to be paid into court
105Fees payable by trust companies
106Registration of certain banking corporations as trust companies
107Limitation of powers of inspectors undersection 95
108Striking off trust company registered undersection 106
109Indemnity
110Transitional and savings for the purpose of 2013 amending Ordinance
7A7A.
88.
55.
66.
77.
1Savings for repeal ofsection 8(investment in bearer securities)
2Savings for repeal ofsection 23(deposit of documents for safe custody)
3Savings for repeal ofsection 25(power to employ agents)
4Transitional and savings provisions concerning Part2 of 2013amending Ordinance

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