Trustee Ordinance

(1)
A trust company may invest moneys forming part of its own capital or reserve or accumulated
profits—
(a)
in or upon any securities in or upon which private trustees may by law invest trust moneys; and
(b)
in or upon such other securities as the Financial Secretary may from time to time approve.
(Amended
9 of 1993 s. 4
)
(2)
A trust company may acquire and hold immovable property for the actual use and occupation of itself or of any of its officers or servants and may sell and dispose of the same.
(3)
A trust company may, for the protection of its investments, acquire land which has been mortgaged to it, but shall sell any land so acquired within 3 years after the acquisition thereof, unless such time is extended by the Financial Secretary.
(Amended
9 of 1993 s. 4
)
(4)
No trust company shall directly or indirectly invest any of its moneys otherwise than in accordance with subsections (1), (2) and (3
):
Provided that nothing in this section shall be deemed to prevent the acceptance by a trust company of any securities whatsoever to secure the payment of a debt previously contracted in good faith; but any security so acquired by the company which it would otherwise be prohibited from taking or holding shall, within 2 years from the time of its acquisition, or within such further time as may be allowed by the Registrar of Companies, be sold or disposed of.