Trustee Ordinance

(1)
A
                specified
                company
                may apply in writing to the Registrar of Companies to be registered as a trust
                company under this Part.
(Amended
28 of 2012 ss. 912 & 920
;
14 of 2025 s. 101
)
(1A)
In subsection (1
)—
specified company
(
指明公司
)—
(a)
means—
(i)
a company incorporated in Hong Kong; or
(ii)
a re-domiciled company; but
(b)
does not include a private company within the meaning of
section
                            11
of the Companies Ordinance (
Cap.
                            622
).
(Added
14 of 2025 s. 101
)
(2)
A company which makes an application under subsection (1) shall be eligible to
                be registered under this Part if, but only
if—
(a)
the
                    objects of the company as set out in its articles of association are restricted
                    to some or all of the objects set out in
section 81
;
(Amended
28 of 2012 ss. 912 & 920
)
(b)
the issued share capital of the company is not less than
                    $3,000,000;
(c)
in the case of a company having an issued share capital of $3,000,000 that
                    capital is bona fide fully paid up for a cash consideration and, in the case of
                    a company having an issued share capital exceeding $3,000,000 at least
                    $3,000,000 of that capital is bona fide paid up for a cash
                    consideration;
(d)
the board of directors has been duly appointed in accordance with the
                    articles of association of the company;
(e)
the company has
either—
(i)
deposited
                        in the name of the Director of Accounting Services with an authorized
                        institution within the meaning of section 2 of the Banking Ordinance (
Cap. 155
) a sum not less than $1,500,000 and
                        lodged a receipt issued by the authorized institution for that amount with
                        the Director of Accounting Services;
(Replaced
13 of 2013 s. 36
)
(ii)
deposited in the name of the Director of Accounting Services with a
                        finance company that is a subsidiary of a bank within the meaning of
section 2
of the Banking Ordinance (
Cap. 155
) a sum not less than $1,500,000 and lodged a receipt
                        issued by the finance company for that amount with the Director of
                        Accounting Services; or
(Amended
27 of 1986 s. 137
;
49 of 1995 s. 53
)
(iii)
deposited with the Director of Accounting Services a guarantee, in
                        terms acceptable to the Director of Accounting Services, from a bank within
                        the meaning of
section 2
of the Banking Ordinance (
Cap. 155
); and
(Added
9 of 1993 s. 3
. Amended
49 of 1995 s. 53
)
(f)
the
                    company is able to meet its obligations, apart from its liability to its
                    shareholders, without taking into account the sum deposited under paragraph (e).
(Amended
L.N. 16 of
                            1977
;
13 of 2013 s. 36
)
(3)
For the purposes of subsection (2
)—
(a)
finance
                        company
(
財務公司
) means a company whose principal
                    business involves the receiving on deposit of money, whether repayable to
                    depositors with or without interest or other consideration, and the lending of
                    that money, or a substantial part of that money, to borrowers on terms that the
                    money is repayable to the company or its nominee with interest or at a premium
                    or with consideration in money or money’s worth, but does not include a bank
                    within the meaning of
section 2
of the Banking Ordinance (
Cap. 155
);
(Amended
49 of 1995 s. 53
)
(b)
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
                    finance 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).
(Amended
27 of 1986 s. 137
;
49 of 1995 s. 53
;
28 of 2012 ss. 912 & 920
)
(4)
A trust company registered under this Ordinance before the date of
                        commencement
+
of the Trustee (Amendment) Ordinance 1975 (
23 of 1975
) which has not previously complied with the requirements as to
                eligibility for registration as a trust company as set out in subsection (2) of this
                section shall, within 9 months after that date, comply with those requirements to
                the satisfaction of the Registrar of Companies.
(Amended
90 of 1975 s. 2
)
(4A)
Subject to subsection (4B), a trust company registered under this Ordinance,
                whether before, on or after the date of commencement of the Trustee (Amendment)
                Ordinance 1993 (
9 of 1993
), shall after its
                registration and for so long as it carries on any business or executes any office
                included in the objects set out in
section 81(1)
comply with the
                requirements set out in subsection (2).
(Added
9 of 1993 s. 3
)
(4B)
A trust company registered before the date of commencement of the Trustee
                (Amendment) Ordinance 1993 (
9 of 1993
) which at that
                date does not comply with one or more of the requirements set out in subsection (2)
                shall, within 9 months after that date, comply with those requirements to the
                satisfaction of the Registrar of Companies.
(Added
9 of 1993 s. 3
)
(5)
(Repealed
28 of 2012 ss. 912 & 920
)