Trustee Ordinance

(1)
Subject to subsection (2), this section applies to a trustee
who—
(a)
acts in a professional capacity; and
(b)
receives remuneration for the trustee’s services provided to, or on behalf of, the trust.
(2)
This section does not apply to an approved trustee of a registered scheme under the Mandatory Provident Fund Schemes Ordinance (
Cap. 485
).
(3)
The terms of a trust must
not—
(a)
relieve, release or exonerate a trustee from liability for a breach of trust arising from the trustee’s own fraud, wilful misconduct or gross negligence; or
(b)
grant the trustee any indemnity against the trust property for the liability.
(4)
A term of a trust is invalid to the extent to which it purports
to—
(a)
relieve, release or exonerate a trustee from liability for a breach of trust arising from the trustee’s own fraud, wilful misconduct or gross negligence; or
(b)
grant the trustee any indemnity against the trust property for the liability.
(5)
This section has effect in respect of a trust created on or after the commencement date
#
of the 2013 amending Ordinance.
(6)
For a trust created before the commencement date
#
of the 2013 amending Ordinance, this
section—
(a)
has effect in respect of the trust on the expiry of 1 year after that date; and
(b)
does not affect the liability for anything done by a trustee of the trust within that 1-year period.
(7)
In this section, a reference to a trustee who acts in a professional capacity is to be construed in accordance with
section 41R(1)
.