1953-HKRS30-8-43_Part03 — Page 41

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Judicial truatec not to keep

money in

his hands.

Directions to judi- cial truatees.

Powers to dispense

with formal

evidence.

Accounts And audit.

Filing and inspection of accounts.

11. A judicial trustee must pay all money coming into his hands on account of his trust without delay to the trust account at the bank, and if he keeps any such money in his hands for a longer time than the court considers necessary, shall be liable to pay interest upon it at such rate not exceeding five per centum as the court may fix for the time during which the money re- mains in his bands.

12 (1) A judicial trustee may at any time request the court to give him directions as to the trust or its administration.

(2) The request must be accompanied by a statement of the facts with regard to which directions are required, and by the fee required under these rules in respect of a communication from the court with regard to the administration of the trust.

(3) The court may require the trustee or any other person to attend at chambers if it appears that such an attendance is necessary or convenient for the purpose of obtaining any informą. tion or explanation required for properly giving directions, or for the purpose of explaining the nature of the directions.

13. The court, if satisfied that there is no reasonable doubt of fact which affects the administration of a trust by a judicial

any trustee, may give directions to the judicial trustee to act withour formal proof of the fact.

Accounts and Audit.

14. (1) The court shall give directions to a judicial trustee as to the date to which the accounts of the trust are to be made up in each year, and shall fix in each year the time after that date within which the accounts are to be delivered to it for audit.

(2) The accounts shall in ordinary cases be audited by the officer of the court, but the court, if it considers that the accounts are likely to involve questions of difficulty, may refer them to a professional accountant for report, and order the payment to him of such amount in respect of his report as the court may fix.

15. (t) The accounts of any trust of which there is a judicial trustee, with a note of any corrections made upon the audit, shall be filed as the court directs.

(2) The judicial trustee shall send a copy of the accounts or, if the court thinks fit, of a summary of the accounts, of the trust. to such beneficiaries or other persons as the court thinks proper,

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(3) The court may, if it thinks fit, having regard to the nature of the relation of the applicant to the trust, allow any person applying to inspect the filed accounts so lo inspect them

on giving reasonable notice to the officer of the court.

18. A judicial trustee shall, unless the court otherwise Deductions

allowed. directs, be allowed on the audit of his accounts deductions made on account of his remuneration and allowances under these rules and also on account of the fees paid by him under these rules, but shall not be allowed any deduction on account of the expenses of professional assistance, or his own work, or personal outlay, unless the court is satisfied that the deduction is justified by the strict necessity of the case.

Remuneration and Allowances.

17. (1) Where a judicial trustee is to be remunerated, the Remunera-

tion of remuneration to be paid to him shall be fixed by the court, and fudicial may be altered by the court from time to time.

(2) In fixing the remuneration, regard shall be had to the duties entailed upon the judicial trustee by the trust.

(3) The court may make, if it thinks 61, special allowances to judicial trustees for the following matters, to be paid out of the Trust property-

(a) for the statement of trust property prepared by a judicial trustee on his appointment, an allowance not exceeding one hundred and seventy-five dollars;

(b) for realizing and re-investing trust property, where the property is realized for the purpose of re-investment, an allowance not exceeding one and a half per centum of the amount realized and re-invested;

(c) for realizing or investing trust property in any other case, an allowance not exceeding one per centum on the amount realized or invested.

(4) The court may also in any year make a special allowance to a judicial trustee, if satisfied that in that year more trouble has been thrown upon the trustee by reason of exceptional circums tances than would ordinarily be involved in the administration of the trust.

(5) Where a trustee is remunerated, any allowance under this rule must be paid in addition to the remuneration.

trustee.