1964_TRUSTEE_ORDINANCE — Page 42

1985 Ed.]

Trustee

(CAP. 29

41

in relation to any trust, he shall have regard to the interests of the trust, but subject to this he shall, whenever practicable, take into consideration the wishes of the creator of the trust and of the other trustees (if any) and of the beneficiaries, either expressed or implied by the practice of the creator of the trust, or in the previous management of the trust.

75. 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 any cestui que trust or any person other than the Official Trustee and the trustees so discharged as aforesaid.

76. The Governor in Council may make rules providing for the administration of trust funds.

(Replaced, 9 of 1950, Schedule)

PART VIII

TRUST COMPANIES

77. (1) Any company incorporated in Hong Kong (not being a private company within the meaning of section 29 of the Companies Ordinance) may apply in writing to the Registrar of Companies to be registered as a trust company under this Part.

(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 memorandum and articles of association are restricted to some or all of the objects set out in section 81;

(b) the issued share capital of the company is not less than $1,000,000;

(c) in the case of a company having an issued share capital of $1,000,000 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 $1,000,000 at least $1,000,000 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 with the Director of Accounting Services investments specified in the Second Schedule (other than those specified in paragraphs 7, 14, 15, 17 and 19) to the value of not less than $500,000; or

Limitation of liability of Official Trustee.

Rules for administration of trust funds.

Application by company to be registered as a trust company. (Cap. 32.)

Second Schedule.