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THE HONGKONG GOVERNMENT GAZETTE, 31ST OCTOBER, 1874.
An Ordinance enacted by the Governor of Hongkong, with the advice. of the Legislative Council thereof, to provide for the security of properties vested in the "Official Trustee."
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1874.1
WHEREAS it is expedient to provides ve ted for the
rity of money and other properties vested in the Official Trustee Be it enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:
Title.
Preamble.
the Colonial
I. Instead of paying the same into a banking establishment Trust funds as directed by the first section of Ordinance No. 7 of 1873, all to be paid into trustees, executors, administrators or other persons having in Treasury their hands any monies belonging to any trust whatsoever, or instead of a the major part of them, shall be at liberty, on filing an affidavit Bank. shortly describing the instrument creating the trust according to the best of their knowledge and belief, to pay the same with the privity of the Official Trustee into the Colonial Treasury to the account of the Official Trustee (by his official designation), in the matter of the particular trust (describing the same by the names of the parties as accurately as may be, for the purpose of distinguishing it), in trust to attend the orders of the Court.
II. The Colonial Treasurer shall not pay out any such monies Monies to be except upon an order of the Court and upon a certificate by the paid out upon Official Trustee as to the identity of the person entitled to pay and certificate ment under such order.
order of Court
of the Official Trustee.
III. When monies are to be paid out for the purchase of land, Monies for the or of any interest therein, or for investment on mortgage of purchase or
mortgage of land, or of any interest therein, the monies shall only be paid to land to be paid or in such manner as is directed by the vendor or mortgagor or to the vendor, his authorised agent.
or mortgagor or as he directs.
IV. When monies are to be paid out for the purchase of the Monies for the securities of any Government or of shares in a public company,
purchase of shares to be or for any other investment approved by the Court, the monies
paid to the shall only be paid to the broker or other person authorised by broker author- the Court to effect the purchase or investment.
ised by the Court.
V. Such monies shall not be paid out except upon delivery to Monies to be the Colonial Treasurer of the instrument of transfer or mortgage paid only upon or other assurance duly executed together with all deeds, writings delivery of certificates and other evidences of title to the property which title. forms the subject matter of the investment.
documents of
necessary
VI. Whenever registration is required to perfect the title If registration made by any such instrument of transfer, mortgage, or other required, the assurance, the Colonial Treasurer may deliver to the Official documents may Trustee, taking his receipt therefor, all necessary documents to be delivered enable him to obtain the required registration, and the Official to Official Trustee shall immediately after registration deliver the perfected documents to the Colonial Treasurer, who shall retain the same and keep them and all other documents delivered to him under this Ordinance, in safe custody in the Colonial Treasury, to attend the orders of the Court.
Trustee.
VII. The Official Trustee may, unless the Court otherwise The Official order, receive the income dividends and annual produce of the Trustee may several investments to be made as aforesaid, and shall apply the same according to the terms of the trust relating thereto.
receive divid- dends unless otherwise ordered.
rities in the
VIII. Whenever Trustees or other persons desire to deposit Trustees may any shares, stocks, or securities in the name of the Official Trustee deposit secu- in a bank as provided in the first section of Ordinance No. 7 of Colonial 1873, instead of making the deposit in such bank as in the said Treasury -section mentioned, they shall deposit the shares, stocks, or secu- instead of in a rities in the name of the Official Trustee in the Colonial Treasury bank, in the matter of the particular trust (describing the same by the names of the parties as accurately as may be for the purpose of distinguishing it), in trust to attend the orders of the Court.
vested directly in the Official Trustee to be
IX. Whenever under the provisions of any will or other tes- Property tamentary document, or of any instrument inter vivos, any pro- perty of any kind becomes vested in the Official Trustee upon trust for any purpose, the Official Trustee shall hold such property held in trust to in trust to attend the orders of the Court.
attend the
orders of
the Court,
Colonial
X. If any part of such property consist of monies, the Official Monies to be Trustee shall pay the same into the Colonial Treasury to his paid into the account (by his official designation) in the particular trust, Treasury. (describing the same by the names of the parties as accurately as may be for the purpose of distinguishing it) in trust to attend the orders of the Court, and all such monies shall thereafter be dealt with in the same manner as is hereinbefore directed for other monies paid into the Colonial Treasury under this Ordinance.
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