ADMINISTRATION OF TRUST FUNDS RULES

ADMINISTRATION OF TRUST FUNDS RULES

SUBSIDIARY LEGISLATION.

ADMINISTRATION OF TRUST FUNDS RULES.

(Cap. 29. section 76).

[27th July, 1934.]

1. These rules may be cited as the Administration of Trust Funds
Rules.

2. Any trustee desiring to pay money to the account of. or to
transfer or deposit shares. stock, or securities into or in the name of. the
Official Trustee under the provisions of the Ordinance relating to the
administration of trust funds, shall file an affidavit setting forth

(a)his own name and address;

(b)the place where he is to be served with any petition or any
notice of any proceeding or order of the court, or of the judge
in chambers, relating to the trust fund;

(e)the amount of money, shares, stock, or securities, which he
proposes to pay or transfer into or deposit in court, to the
credit of the trust;

(d)a short description of the trust and of the instrument creating
it;

(e)the name of the persons interested in or entitled to the fund,
to the best of the knowledge and belief of the trustee; and

the submission of the trustee to answer all such inquiries
relating to the application of the money, shares, stock, or
securities paid in, transferred, or deposited under the
Ordinance as the court or a judge in chambers may think
proper to make or direct.

3. The Official Trustee, on production of an office copy of the
affidavit, shall give the necessary directions for payment, transfer, or
deposit, and place the money, shares, stock, or securities, to the
account of the particular trust; and shall grant a certificate of such
payment, transfer, or deposit.

4. Where it is deemed unnecessary to have the money, or the
dividends or interest of the shares, stock, or securities, invested in the
meantime, the affidavit shall further contain a statement to that effect.
But where the affidavit contains no such statement, the Official Trustee
shall be at liberty to invest, as soon as conveniently may be, the money
paid in or the dividends or interest on the shares, stock, or securities
transferred, and all accumulations thereof, in or upon such investments
and securities as the court may direct or approve, and every such
investment shall be made in the matter of the particular trust:





Provided that where at any time a request in writing, by or on
behalf of any party claiming to be entitled, that such investment may be
discontinued is left with the Official Trustee, he shall be at liberty to
cease making any further investment in the matter of the particular trust
until the court has made some order in that behalf.

5. The trustee, having made the payment, transfer. or deposit, shall
forthwith give notice thereof to the several persons named in his
affidavit as interested in or entitled to the fund.

6. Such persons, or any of them. or the trustee may apply by
petition, or, in a case where the fund does not exceed two thou~ dollars
in value, by summons, respecting the investment payment out, or
distribution of the fund or of the dividends or interest thereof.

7. The trustee shall be served with notice of any application made
to the court or in chambers respecting the fund, or the dividends or
interest thereof, by any person interested therein or entitled thereto.

8. The persons interested in or entitled to the fund shall be served
with notice of any application made by the trustee to the court or in
chambers respecting the fund or the dividends or interest thereof.

9. No petition shall be set down to be heard, and no summons shall
be sealed, until the petitioner or applicant has first named in his petition
or summons a place where he may be served with any petition or
summons or notice of any proceeding or order of the court relating to
the fund.

10. Every petition presented. summons issued. and affidavit filed
under the said provisions shall be intituled in the matter of the
Ordinance and in the matter of the particular trust.
18 of 1934, First Schedule. Citation. Affidavit to be filed by trustee desiring to pay money to account of, or to deposit shares, etc., in name of ,, Official Trustee. (Cap. 29.) Directions for payment of money, etc. Investment of moneys. Notice of payment, etc., to cestui que trust. Applications relating to fund. Notice to trustee of application by cestui que trust. Notice to cestui que trust of application by trustee. Place for service on applicant. Title of petition, etc.

18 of 1934, First Schedule. Citation. Affidavit to be filed by trustee desiring to pay money to account of, or to deposit shares, etc., in name of ,, Official Trustee. (Cap. 29.) Directions for payment of money, etc. Investment of moneys. Notice of payment, etc., to cestui que trust. Applications relating to fund. Notice to trustee of application by cestui que trust. Notice to cestui que trust of application by trustee. Place for service on applicant. Title of petition, etc.

https://oelawhk.lib.hku.hk/items/show/2266

1964

v3

29

2