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General rights and powers of Official Trustee.
Limitation of Official Trustee.
No. 5.] THE ORDINANCES OF HONGKONG: [A.D. 190 shall be as valid and effectual to all intents and purposes as if the same had been executed by all persons who, but for this provision, would have been necessary parties thereto.
(3.) There shall also be imposed and levied for the use of the Crown upon every such estate a charge equivalent to two per cent on the annual revenue of the trust estate. The Official Trustee shall deduct such charge in making up the annual accounts of the estate, and pay the same into the Colonial Treasury.
11. In the administration of any trust estate, the Official Trustee shall have and may exercise all the rights and powers conferred upon trustees by this Ordinance, so far as they are applicable to such trust estate.
12. The Official Trustee shall incur no personal liability by reason of any securities being transferred into his name as aforesaid, or by reason of any land being conveyed to him as aforesaid, or by reason of any loss accruing to any trust estate in his hands, otherwise than by his own wilful neglect or default: Provided that nothing in this Part shall be deemed to affect any rights or remedies against the trust estate or against any cestui que trust or any person other than the Official Trustee and the trustee so discharged as aforesaid.
Rules for summary administration of trust funds. Schedule.
13. The rules contained in the Schedule to this Ordinance shall be observed in proceedings under the provisions of this Part relating to the summary administration of trust funds, subject to the repeal or variation thereof under the powers for the time being vested in the Court in relation to the making of general rules and orders.
Authorized investments.
56 & 57 Vict. c. 53 s. 1 and 63 & 64 Vict. c. 62 s. 2.
PART II.
INVESTMENTS.
14. A trustee may, unless expressly forbidden by the instrument, if any, creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in manner following; that is to say,-
(1.) in any of the parliamentary stocks, or public funds, or government securities of the United Kingdom;
(2.) on real or heritable securities in Great Britain or Ireland or in this Colony;
(3.) in the stock of the Bank of England or the Bank of Ireland;
(4.) in India three and a half per cent. stock and India three per cent stock, or in any other capital stock which may at any time hereafter be issued by the Secretary of State in Council of India under the
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