PROPERTY AND TRUSTEES RELIEF ORDINANCE
Title
PROPERTY AND TRUSTEES RELIEF ORDINANCE
Description
Property and Trustees Relief.
No. 7 of 1873.
An Ordinance to extend to this Colony some of the Provisions
of certain Acts of the Imperial Parliament for the Relief of
Trustees and Executors.
9th July, 1873.
WHEREAS it is expedient to extend to dais Colony some of the
provisions of certain A cts of the Imperial Parliament for the relief
of trustees and executors : Be it enacted by the Governor of Hongkong,
with the advice of the Legislative Council thereof, as follows:-
1. So,much= of section I of Ordinance No. 7 of 186 and of such
parts of the two schedules to the said Ordinance as extend to this Colony
the Lrhperial Act, l0-and 11 Vic., c.°96, and the General Orders of the
High Court of Chancery of the 10th of June, 1848; are hereby repealed.
ORDINANCE -No. 7 01? 1873.
Avperty a2:d Trustees Relief.
Assignment of Personally.
2. Any person shall have power to assign personal property, now Assignment
to self and -.
by law assignable, including chattels real, directly to himself and
another o't'
person or other persons or corporation, by the like means as he might
Q235;g 3.2z j'
assign the same to another.
. Summary Administration of Trust Estates.
3. For the purpose of carrying out the provisions next hereinafter
Official
contained, it shall be lawful for the Governor, from time to tilde, to
appoint a fit person to be ' Official Trustee' under this Ordinance; the
said office shall have perpetual succession and all lands or any interests
therein, and all monies, stocks, shares and other securities which may be
vested in the Official Trustee under this Ordinance, shall be deemed to be
vested in the Official Trustee for the time being, without, any further
transfer, or conveyance.
4. All trustees, executors, administrators, or other persons, having
Trutoes.nay
transfer trust
in their hands any ironies belonging to any trust whatsoever, or the
estate to
official
major part of them, shall be at liberty,.on filing an affidavit shortly
Trustee.
describing the instrument creating the trust, according to the best of
iro , 11 Vic.,
their knowledge and belief, to pay the same with the privity of the
Official
Trustee, .and in accordance with such directions as they shall ieooive for
the purpose, into such banking establishment in' the Colony as the
~Governor may from time to time appoint for the purposes of this Ordi-
nance ; ,and the said trust monies shall be paid into 'such bank on
deposit
:bearing interest or otherwise, 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 said
Court; and -all trustees or other persons having any shares, stocks, or
securities standing in their names.in the books of any public company
or corporation established in the Colony, or in the names of any deceased,
persons of whom they shall be personal representatives, upon any trusts
whatsoever, -or the major part of them, shall be at liberty on filing such
afdavit as aforesaid to transfer such shares, stocks, or securities with
such privity-and in. accordance with such directions as aforesaid into the
name of the 'Official, Trustee' (by his official designation),or to
deposit
the same in his name : in such ba*k as aforesaid in tke : matter of the
Tarticultir trust,(describing t:be same as aforesaid.), in trust to
attend the.
1-1 17 , 94
of Official
Trustee to be
sufficient
discharge.
Court may .'
make orders
on petition
without bill
filei3,.'
[ta.~.zi Vic.,
Charge on
trust estate
for the use of
the Grown.
ORDINANCE No. 7, o>, lai 3.
Property and Trustees Relief.
orders of the said Court; and all trustees o r other persons in whom any.
land's within the Colony or any interest therein, shall be or become
vested
upon any trusts whatever, or the major part of them shall be at liberty
on filing such affidavit as aforesaid, to convey and assign such lands or
interest therein with such privity and in accordance with such directions
as aforesaid to the Official 'trustee in trust to attend the orders of
the said
Court; and in every such case the certificate of the Official Trustee for
the
money so paid, or of the transfer or deposit of such shares, stocks, or
securities, or of the conveyance of such lands or interest therein, shall
be,
a sufficient discharge to such trustees or` other persons for the money
so,
paid, or the shares, stocks, or securities so transferred or deposited,
or the
lands or interest therein so conveyed as aforesaid.
5. Such orders as shall seem fit shall be from tune to time made by
the Supreme Court in respect of-the trust estate and for the investment,
and. payment of any such movies, or of any dividends or interest on any
such shares, stocks, or securities, and for the transfer and delivery out
of
any such shares, stocks, or securities, and for the administration of any
such trusts generally, upowa petition to be presented in a summary way
to the Supreme Court without bill, by such party or parties, as to the
Court shall appear to be competent and necessary in that behalf, and:
service of such petition shall be made upon such person or persons as the
Court shall see fit and direct; and every order made upon any such
petition shall have the same authority and effect, and shall be enforced
in the same.' manner. as if the same had been made in a suit regularly
instituted in the Court; and if it shall appear that the trust,estate
cannot
be safely administered without the institution of one or more suit or
suits,
,the'Court may direct any such suit or. snits to be instituted.
6. There shall be imposed and levied for the use of the Crown upon
all trust estates administered under this Ordinance, a. charge equivalent
to the following percentabe on the net value of the trust estate, that is
-
to say: Two per centum where the value of the trust estate, does not
exceed ten thousand dollars, and` where 'the value exceeds ten thousand
dollars two per centum on the first ten` thousand dollars, acrd one per,
centiim on the excess. The said charge shall constitute a primary lien
upon the trust estate, and shall be levied in the ci3,se of trust monies,
deposited in a bark by an order of tke Supreme Court, authorizing the
payment thereof to the Official .Trustee for the use of the Crown,
and:in:,
ORDINANCE -No.` fi bF-I8iB.
Property and Trustees Belief.
the case of stocks, shares, or securities, by sale; mortgage, or otherwise
as the Court may by order direct, and in case of any such sale or
mortgage, the Court may by the same or any further order empower the
Official Trustee to execute all instruments necessary for.carrying out
this
provision, and instruments so executed, shall be as valid and effectual to
all intents and-purposes as if the same bad been executed by all persons,
who, but for this,provision would have been necessary parties thereto.
[Anaended by Ordinance No. 5 of 1885. ]
7. The Official Trustee shall receive out of the general revenues of
Remunera
.
Lion of Ufttcinl
the Colony such yearly salary as shall, from time to time, be filed bar
r,u,t,,.
the Governor in Council.
8. The Official Trustee shall incur no personal liability whatever by
reason o£ any lands or interest therein bin; conveyed to him upon the
trust aforesaid, or of any shares, stocks, or securities being transferred
into his name under dais Ordinance, or by reason of any loss accruing to
the trust estate, otherwise than .by leis own wilful neglect or default:
Provided always that nothinn herein contained 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.
g, The rules contained- in the schedule- to this Ordinance shall be
ltnieaof
observed in proceedings under tile provisions hereinbefore contained,
prracticer.
e~''1
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 Supreme Court in relation to the making of General Rules and
Orders.
Advice of the Court as to the Management of Trust Property.
Any trustee, executor, or administrator, shall be at liberty,
without the institution of a suit, to apply by petition to the Supreme
Court, or upon a written, statement by summons in Chambers, for the
opinion; advice, or direction of the Supreme Court on any question
respecting the management or administration of the trust property,, or
the assets of any testator or intestate, such application to be,served
upon,
or the hearing thereof to be attended by all persons interested in such
application, or such of them as the Court shall think expedient, and the
trustee, executor, or administrator, acting upon the opinion, advice, or
to official
Trustee.
Trustee,
executor, &e.,
may apply' by
petition to
the supreme
Court for
opinion, a&
vice, &c., in
management.,
&c., of trust,
property.,
X22 y 23 Vie.;
c. 35, s. 30.;,
N.-Ds to -
distribution
o£ assets, see .
N6: 9 of 1870,
ORDINANCE No. r oF 1873.
Property and Trustees Relief.
direction given by the~Court, shall be deemed, so far as regards his oven
responsibility, to have discharges his duty as such trustee, executor; or
administrator, in the subject matter of the said application: Provided
nevertheless, that this Ordinance shall not extend to indemnify and`
trustee, executor, or administrator, in respect of any act done in
accord,-
ance with such opinion,, advice, or direction, as aforesaid, if such
trustee,,'
'executor, or administrators shall have been guilty' of any fraud or
wilfalf
=
concealment or rnisrepresentutiori .in obtaining such opinion, advice, or
direction ; and the costs of such application as aforesaid shall be in the
Pe -6 -1 or statement
u ion, &c',discretion of the Court: Provided also that the petitioi
to be signed
by counsel. shall be signed by counsel, and the Court may require the
petitioner or
[23 t 24 Vic.,
x._38, g, a.7 applicant to ,attend him by counsel either in Chambers, or
in Court,
where it deems it necessary to have the assistance of counsel.
Payments under Power°s of Attorney.
11. No trustee, executor, or administrator, making any payment Or:
mEntun~;~r dotn.n.:any act bona fcde under or in pursuance of any power,
of attorney`-
b~ii yn tta. sh~:ll be liable for the'xnoneys so paid, or the act so
done, by reason that
e able by.
*easah o~ the , person who gave the, power of attorney was dead at the
time of such
death of party
giving such
power,
C22 4`23 tic.,
c-..35, s..28, j
Aw torliability
of oieoptor or
°administator-
in r~spe~t o~
rents, qoqe ,
nants;;ar
agreements: ' .
[22 ~ 23 TTis.,
c. 36,.s. 2y.]
-
payment or act, or had' done some act to avoid the power : Provided
that the fact of the death, or of the doing of such act as last
aforesaid, at
the time of such payment, or act bond fide done as aforesaid by such
trustee, executor, . or administrator was not hzzown to him : Provided
always, that nothing herein , contained shall in any manner affect or`
preiudice the right of any person entitled to the money against the person
to whom such payment shall have been made, but that such person- .so
entitled shall have the same remedy against such person to whom such
`payment shall be made as he would have had against the trustee, executor
or:ac'lministrator if the money had not been. paid away under such po),ver
ofattorney.
Liability in ?espect of Rents and Covenants.
12. Where an: executor. or administrator, liable, as such to the rents,
covenants, ,or agreements contained .i:n any lease or agreement for a.
lease: `~
granted or assigned-: to the testator or intestate whcise estate is being
< _
administered, shall have satisfied all such liabilities under- the said,
lease,or agreement song lease as may.have~acerued due and been claimed up
to the time of the assignment. hereafter mentioned, and shall have set
ORDINANCE- No. .?°- or 1973;
Pebperty and, Trustees Relief..
apart a sufficient fund to answer any future claim that may be made in.
respect of any fixed and ascertained sum covenanted or agreed by the
lessee to be laid out on the property demised or agreed to be~ demised,,.
although the period for laying out the same may not have arrived, and
shall have assigned the lease or agreement for a lease to a purchaser
thereof, he shall be at liberty to distribute the residuary personal
estate
of the deceased .to and amongst the parties entitled thereto,
respectively,
without appropriating any part or any, further part (as the case may be).
of the personal estate of the deceased to meet any future liability under
the said lease or agreement for a lease; and the executor or
administrator so
distributing the residuary estate shall not, after having assigned the
said
lease or agreement for a lease, and having, where necessary, set apart
such sufficient fund as aforesaid, be personally liable in respect. of any
subsequent claim under the said lease or aoreernent for a lease ; but
nothiria herein contained. shall prejudice the right of the lessor or
those
claimin,; under him; to follow the assets of the deceased into the hands
of the person or persons to or amongst whom the said assets way have
been distributed-.
Indennzity off' trustees:
13. Every deed, will, or other instruriient creatinn a trust either
expressly or by implication shall, without prejudice to. the clituses,
actually
contained therein, be deemed to contain a- clause in the words or. to the
effect following; that is to say:--'That the trustees or trustee for the
time being of the said deed, will, or other instrument shall be
respectively
chargeable only for such moneys, stocks, funds and securities as they
shall
respectively actually receive, notwithstanding their respectively signing
any, receipt for the sake of conformity, and shall be answerable and
accountable only for their own acts, receipts; neglects, or defaults, and
not
for those of each other, nor for any banker, broker, or other person, with
whom any .trust moneys or securities may be deposited; nor for the
insufficiency or deficiency of any stocks, funds, or securities, nor for
any
other loss, unless the same shall happen through their own wilful default
respectively; and also that it shall be lawful for the trustees or trustee
for the, time being of the said deed will; or other instrument, to
reimburse
themselves or himself, or pay or discharge out of the trust premises all
expenses incurred in or about the execution of the trustsor powers of the
said deed, will., ox other instrument.'
Every- trust
instrument to,
be deemed to
contain
clauses for-.
the indemnity
and reim-
bursement of .
the trustees.
[22 ,tQ3 Yic.,
c. 35, s. 31.)
empowered to
sell may sell
in lots, and
-either by
auction or by
private
. Contract.
(23 't 24 T'ic.,
C.. 145, s. 1.3
Sale may. be:
'mitde apder
speoial condi-
tions-and
trustees may y
buy in, &c.
[23 * 24 Vie.,
4. 145, s. 2. 1
If rusteea
exercising
power of sale,
&c., empower-
ed to convey.
[23 J- 24 Vie',
a. 145, s. ,3.]
ORDINANCE No. 7 0ir 1873.
Property and Trustees Relief.
Powers of sale and exchange.
14. In all cases where by any will, deed, or other instrument of
settlement it is expressly declared that trustees or other persons therein
named or indicated shall have a power of sale, either generally or in any
particular event, over any hereditaments named or referred to in or from.
time to time subject to the trusts of such will, deed, or other
instrument,
it shall be lawful for such trustees or other persons, whether such here-
ditaments be vested in them or not, to exercise such bower of sale by
selling such hereditaments either. together or in lots, and either by
auction or private contract, and either at one time or several times, and
(in case' the power shall expressly authorise an exchange) to exchange
any hereditaments which for the time being shall be subject to the trusts-
aforesaid for any other hereditaments in Hongkong (as the case may be),
and upon such exchange to give or . receive any money for equality of
exchange.
. . 15. It shall be lawful for the persons making any such sale or
ew,hange to insert any, such special or .other stipulations, either as to
title or evidence of title, or otherwise, in any conditions of sale, or
con-
tract fur sale or exchange, as they shall think fit, and also to buy in
the
hereditaments or any part thereof at any sale by auction, and to rescind
o>: vary any contract for sale or exchange, and to resell the
hereditaments
which shall be so bought in, or as to which the contract shall be so
rescinded, without being responsible for guy loss which may be oc-
casioned thereby, and no purchaser under any such sale shall be bound
to inquire'whether the persons making the same may or may not have
in, contemplation any particular re-investment of the purchase money in
the purchase of any other hereditaments or otherwise. '
x` 16. For the purpose of completing any such sale or exchange as
a'fi resaid, the persons empowered to sell or exchange as aforesaid shall
have full power to convey or otherwise dispose of the hereditaments in
question, as may be necessary.
Investment of trust funds.
17. Trustees having trust money in their hands which it is their
duty to invest at interest, shall be at liberty, _ at their discretion,
to,
invest, the same in any of the public stocks, funds, or securities in
England, or in real securities in any part of the United Kingdom, or on
ORDINANCE' No: `7:or 18,71;:
Property and Trustees Relief. .
Last India Stock, or on the stock of East Indian Railways guaranteed
by the Government of India, and, by leave of the Court, in any securities
or investments within the Colony which the Court shall sanction and
approve, and such trustees shall also be at liberty, at their discretion,
to
call in any trust funds invested in any other securities than as
aforesaid,
and to invest the same on any such securities as aforesaid, and also, from
time to time, at their discretion, to vary any such investments as
aforesaid for others of the same nature; and such trustees shall not be
liable on that account as for a breach of trust, if such investment shall
in other respects be reasonable and proper: Provided always, that no
such original investment as aforesaid (except in the three per cent
Consolidated Bank Annuities) and no such chanve of investment as
aforesaid, shall. be made where there is a person under no disability
entitled in possession to receive the income of the trust fund for his
life,
or'for a term of years determinable with his life, or for any greater
estate, without the consent in writing of such person.
Maintenance and education of irafaqtts.
18. In all cases where any property is~ held by trustees in trust for
an infant, either absolutely or contingently on his attaining the age of
twenty-one years, or on the occurrence of any event previously to his
attaining that age, it shall be lawful for such trustees, at their sole
discretion, to pay to the guardians (if any) of such infant, or otherwise
to apply for or towards the maintenance or education of such infant, the
whole or any part of the income to which such infant may be entitled
in respect of such property, whether there .be any other fund applicable
to the same purpose, or, any other person bound by law to provide for
such maintenance or education or not, and such trustees shall accumulate
all the residue of such income. by way of compound interest-, by invest-
ing the same and the resulting income thereof from time to time in
proper securities, for the benefit of the person who shall ultimately
become entitled to the property from which such accumulations shall
have arisen : Provided always, that it shall be lawful for such. trustees
at any time, if it shall appear to them expedient, to, apply the whole
or any part of such accumulations as if the same were part of the income
arising in the then current year:
and 22 ~ 23,
Yw., c. 35; s-
aphy income
of property of
infants, &c.,
for their
maintenance.
X23 Qp 24 Vic.,
c. 146, 8. 26.E
,ORDINANCE No. 7 .oF 1873.
Property and Trustees IR,elief.
appointment of mew =trustees.
Provisions for 19. Whenever any trustee, either original or substituted,
and
.appointment whether appointed by the Supreme Court or otherwise, shall
die, or desire
trustees on
death, &o. to be discharged from, or refuse, or become unfit or incapable
to get in
t2Y3 4-.24 Vic
., . the trusts or powers in him reposed, before the same shall have been
fully discharged and performed, it shall be lawful for the person or
persons
nominated for that purpose by the deed, will, or other instrument creatinn
the trust (if any) or if there be no sucll person, or no such person able
and willing to act, then for the surviving or continuing trustees or
trustee
for the time being, or the acting executors, or executor or
administrators,
or administrator of the last survivinn and continuing trustee, or for the
last retiring trustee, by writing, to appoint any other person or persons
to be a trustee or trustees in the place of the trustee or trustees so
dying,
or desiring to be discharged, or refusing or becoming unfit or incapable
wto act ,as aforesaid; and so often as any new trustee or trustees shall
be
so,appointed as aforesaid, all the trust property (if any) which for the
time being shall be vested in the surviving or continuing trustees or
trustee, or in the heirs, executors; or administrators of any trustee,
shall
with all convenient speed be conveyed, assigned and transferred, so that
the same may be legally and effectually vested in such new trustee or
trustees, either solely or jointly with the surviving or continuing
trustees
or trustee, as the case may require; and every new trustee or trustees to
be appointed as aforesaid, as well before as after such conveyance pr
assignment as aforesaid, and also every trustee appointed by the Supreme
-Court either before or after the -passing of this Ordinance, shall have
the
same powers, authorities and discretions and shall in all respects act as
if
'he ,bad been .originally nominated a trustee by 'the deed, will, or other
>°. `,2h,strurn.eut creating the trust.
The power of appointing new trustees hereinbefore contained
may y be exercised . in cases where a trustee nominated in a will has died
in the lifetime .of the testator.
Appointment,
of new
trustees in
cases
hereinnamed.
[Q3 t24 Vic.,
'
14,5 28.1
xu`sxee'i
Trus tee's ,receipts.
21. 'The receipts in writing of any trustees or trustee for any money
re°% pta,-to be a~. able: to them or him by:, reason 'or in the exercise of
an. : tr.usts or
c~ie~xg?$ 1~ Y Y. y
G23 lt2¢ M
~ avers :re osed -)r vested an them or him shall be sufficient discharges
for
c i4s, S. 2n ~ ~. P the money therein expressed to be received, and shall
effectually <exoner~te
ORDINANCE No: 7 =of :I8E 3:
.Property and Trustees Relief.
the persons paying such money from seeing to the application thereof,
-or from being answerable for anyloss or misapplication thereof.
Powers to executors to compound.
22, It shall be lawful for any executors to pay any debts or claims
upon any evidence that they may think sufficient and to accept any
'composition, or 4any security, real or personal, for any debts due to the
deceased, and to allow any time for payment of any such debts as they
shall think fit, and also to compromise, compound or submit to arbitration
all debts, accounts, claims and things -whatsoever relating to the estate
of the deceased, and for any of the purposes aforesaid to enter into, give
and execute such: agreement:, instruments of composition, releases and
other things, as they shall think expedient, without being responsible
for any loss to be occasioned thereby. '
In what cases powers hereby conferred shall not tale Pfect.
23. None of the powers or incidents hereby conferred or annexed
to particular offices, estates, or circumstances shall take effect or be
exerciseable if it is declared in the deed, will, or other instrument
creat-
ing such offices, estates, or circumstances, that they shall not tike
eff~at
and where there is no siich declaration, then if any variations 'or
limiita-
dons of any of the powers or incidents hereby conferred or annexed are
contained in such deed, will, or other instrument, such powers 'or
incidents
shall be exerciseable or shall take effect only subject to such variations
or limitations. .
24. Nothing in' this Ordinance .contained shall be deemed to
empower any trustees or other persons to deal.with.or affect the estates
.or rights of any persons soever, except to the extent to which they
,might have dealt with Qr,affected the estates or rights of such persons
i£
,the deed, will or.other instrument under which such trustees or other
persons are empowered to act had contained express powers for such
trustees or other persons so to deal with or affect such estates or
rights.
Executors
may com- -
ound, &c.
fQS t 24.Fic'.,.''
o. r4.s, s. 30.]
s
Application of Ordinance.
Powers, ,S,c.#
hereby given
map be
ne~atlVea:b~
e~presa
declaTatm~.-°
Extent of .
powers here-
by conferred::
(28 cfi' 24 VIC.,
c. 145, s. 33.)
,26. The.provisions of this (3rdinance shall extend to persons entitled
FrQvi3ioua
retrospective,
,or acting under, a:deed, .«ill,.codicii, or ~ath.er instrumeri4 executed
as well
;before as after passing thereof.
ORDINANCE No. 7 0F 1873.
Property and Trustees Relief.
SCHEDULE.
RULES REFERRED TO IN SECTION 9.
1. Any trustee desiring to pay money to the account of, or transfer or
deposit
shares, stock, or securities into or in the name of the Official Trustee
under the pro-
visions of this Ordinance relating to the summary administration of trust
funds, shah
file an affidavit, entitled in the, matter of the Ordinance and in the
matter of the trust,
and setting forth :-
(l.) His own name and address.
(2.) 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.
(3.) The amount of money, stock, or securities, which he /proposes to pay
or
transfer into or deposit in Court to the credit of the trust.
(4.) A short description of the trust and of the instrument creating it.
(5.) The names of the persons interested in or entitled to the fund, to
the
beat of the knowledge and belief of the trustee.
The submission of the trustee to answer all such inquiries relating to the
application of the men©y, stock, or securities, paid in, transferred, or
deposited, under the Acts`, as the Court or a Judge in Chambers may
think proper to make or direct. , .
Payment, transfer, or deposit.
2. ,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, stock,
or securities, to the account of the particular trust; and shall grant a
certificate of such
payment, transfer, or deposit. '
Additional statement in affidavit, where investment not desired.
Investment by Registrar', where, no such statement.
3. Where it is deemed unnecessary to have the money or the dividends or
interest
of 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 into. Court or the dividends or interest on shares, stock, or
securities
transferred, and all accumulations thereof in or upon such investments
and securities.
as the Court shall direct or approve, and every such investment shall be
made in th'e-
matter of the particular trust:- Provided always,, 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
shall have made some order in that behalf.
Property and Trustees Relief.
No. 7 of 1873.
Notice of payment, transfer, or deposit.
4. 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.
dpplication by petition or summons.
5. Such persons, or any of them, or the trustee, may apply by petition,
or, in cases
'where the trust fund does not exceed $2,000 in value, by summons,
respecting the
investment, payment out, or distribution of the fund, or of t'he
dividends or interest
thereof.
Notice to trustee of application by cestuique trust.
g. 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.
Notice to the cestuique trust of application by the trustee.
7. 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
in Court or the interest or dividends thereof, ,
Place for service on petitioners.
8. No petition shall be set down to be beard, 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 of
order of the Court relating to the trust fund.
Title of petitions, summons, and adavits.
Petitions presented, summons issued, and affidavits filed under the said
provisions,
shall be entitled in the Matter of this Ordinance, and in the matter of the particular trust.
1170
Title.
Preamble.
Repealing clause.
1171
Assignment to self and others.
[22 & 23 Vic., c. 35, s. 21.]
Official Trustee.
Trestees may transfer trust estate to Official Trustee.
[10 & 11 Vic., c. 96, s. 1.]
1172
Certificate of Official Trustee to be sufficient discharge.
Court may make orders on petition without bill filed.
[10 & 11 Vic., c. 96, s. 2.]
Charge on trust estate for the use of the Crown.
1173
Remuneration of Official Trustee.
Protection to Official Trustee.
Rules of procedure and practice.
Trustee, executor, &c., may apply by petion to the Supreme Court for opinion, advice, &c., in management, &c., of trust property.
[22 & 23 Vic., c. 35, s. 30.]
N.--As to distribution of assets, see
1174
Ordinance No. 9 of 1870, s. 3.
Petition, &., to be signed by counsel.
[23 & 24 Vic., c. 35, s. 9.]
Trustee, &c., making payment under power of attorney not to eb liable by reason of death of party giving such power.
[22 & 23 Vic., c. 35, s. 26.]
As to liability of executor or administrator in respect of rents, covenants, or agreements.
[22 & 23 Vic., c. 35, s. 27.]
1175
Every trust instrument to be deemed to contain clauses for the indemnity and reimbursement of the trustees.
[22 & 23 Vic., c. 35, s. 31.]
1176
Trustees empowered to sell may sell in lots, and either by auction or by private contract.
[23 & 24 Vic. c. 145, s. 1.]
Sale may be made under special conditions and trustees amy buy in, &c.
[23 & 24 Vic., c. 145, s. 2.]
Trustees exercising power of sale, &c., empowered to convey.
[23 & 24 Vic., c. 145, s. 3.]
On what securities trust funds may be inested.
[23 & 24 Vic., c. 145, s. 25,
1177
and 22 & 23, Vic., c. 35, s. 32.]
Trustees may apply income of property of infants, &c., for their maintenance.
[23 & 24 Vic., c. 145, s. 26.]
1178
Provisions for appointment of new trustees on death, &c.
[23 & 24 Vic., c. 145, s. 27.]
appointment fo new trustees in cases hereinnamed.
[23 & 24 Vic., c. 145, s. 28.]
Trustee's receipts to be discharges.
[23 & 24 Vic., c. 145, s. 29.]
1179
Executors may compound, &c.
[23 & 24 Vic., c. 145, s. 30.]
Powers, &c., hereby given may be negatived by express declaration.
[23 & 24 Vic., c. 145, s. 32.]
Extent of powers here-by conferred.
[23 & 24 Vic., c. 145, s. 33.]
Provisions retrospective.
1180
[ * Sic.]
[ * Official Trustee.]
1181
No. 7 of 1873.
An Ordinance to extend to this Colony some of the Provisions
of certain Acts of the Imperial Parliament for the Relief of
Trustees and Executors.
9th July, 1873.
WHEREAS it is expedient to extend to dais Colony some of the
provisions of certain A cts of the Imperial Parliament for the relief
of trustees and executors : Be it enacted by the Governor of Hongkong,
with the advice of the Legislative Council thereof, as follows:-
1. So,much= of section I of Ordinance No. 7 of 186 and of such
parts of the two schedules to the said Ordinance as extend to this Colony
the Lrhperial Act, l0-and 11 Vic., c.°96, and the General Orders of the
High Court of Chancery of the 10th of June, 1848; are hereby repealed.
ORDINANCE -No. 7 01? 1873.
Avperty a2:d Trustees Relief.
Assignment of Personally.
2. Any person shall have power to assign personal property, now Assignment
to self and -.
by law assignable, including chattels real, directly to himself and
another o't'
person or other persons or corporation, by the like means as he might
Q235;g 3.2z j'
assign the same to another.
. Summary Administration of Trust Estates.
3. For the purpose of carrying out the provisions next hereinafter
Official
contained, it shall be lawful for the Governor, from time to tilde, to
appoint a fit person to be ' Official Trustee' under this Ordinance; the
said office shall have perpetual succession and all lands or any interests
therein, and all monies, stocks, shares and other securities which may be
vested in the Official Trustee under this Ordinance, shall be deemed to be
vested in the Official Trustee for the time being, without, any further
transfer, or conveyance.
4. All trustees, executors, administrators, or other persons, having
Trutoes.nay
transfer trust
in their hands any ironies belonging to any trust whatsoever, or the
estate to
official
major part of them, shall be at liberty,.on filing an affidavit shortly
Trustee.
describing the instrument creating the trust, according to the best of
iro , 11 Vic.,
their knowledge and belief, to pay the same with the privity of the
Official
Trustee, .and in accordance with such directions as they shall ieooive for
the purpose, into such banking establishment in' the Colony as the
~Governor may from time to time appoint for the purposes of this Ordi-
nance ; ,and the said trust monies shall be paid into 'such bank on
deposit
:bearing interest or otherwise, 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 said
Court; and -all trustees or other persons having any shares, stocks, or
securities standing in their names.in the books of any public company
or corporation established in the Colony, or in the names of any deceased,
persons of whom they shall be personal representatives, upon any trusts
whatsoever, -or the major part of them, shall be at liberty on filing such
afdavit as aforesaid to transfer such shares, stocks, or securities with
such privity-and in. accordance with such directions as aforesaid into the
name of the 'Official, Trustee' (by his official designation),or to
deposit
the same in his name : in such ba*k as aforesaid in tke : matter of the
Tarticultir trust,(describing t:be same as aforesaid.), in trust to
attend the.
1-1 17 , 94
of Official
Trustee to be
sufficient
discharge.
Court may .'
make orders
on petition
without bill
filei3,.'
[ta.~.zi Vic.,
Charge on
trust estate
for the use of
the Grown.
ORDINANCE No. 7, o>, lai 3.
Property and Trustees Relief.
orders of the said Court; and all trustees o r other persons in whom any.
land's within the Colony or any interest therein, shall be or become
vested
upon any trusts whatever, or the major part of them shall be at liberty
on filing such affidavit as aforesaid, to convey and assign such lands or
interest therein with such privity and in accordance with such directions
as aforesaid to the Official 'trustee in trust to attend the orders of
the said
Court; and in every such case the certificate of the Official Trustee for
the
money so paid, or of the transfer or deposit of such shares, stocks, or
securities, or of the conveyance of such lands or interest therein, shall
be,
a sufficient discharge to such trustees or` other persons for the money
so,
paid, or the shares, stocks, or securities so transferred or deposited,
or the
lands or interest therein so conveyed as aforesaid.
5. Such orders as shall seem fit shall be from tune to time made by
the Supreme Court in respect of-the trust estate and for the investment,
and. payment of any such movies, or of any dividends or interest on any
such shares, stocks, or securities, and for the transfer and delivery out
of
any such shares, stocks, or securities, and for the administration of any
such trusts generally, upowa petition to be presented in a summary way
to the Supreme Court without bill, by such party or parties, as to the
Court shall appear to be competent and necessary in that behalf, and:
service of such petition shall be made upon such person or persons as the
Court shall see fit and direct; and every order made upon any such
petition shall have the same authority and effect, and shall be enforced
in the same.' manner. as if the same had been made in a suit regularly
instituted in the Court; and if it shall appear that the trust,estate
cannot
be safely administered without the institution of one or more suit or
suits,
,the'Court may direct any such suit or. snits to be instituted.
6. There shall be imposed and levied for the use of the Crown upon
all trust estates administered under this Ordinance, a. charge equivalent
to the following percentabe on the net value of the trust estate, that is
-
to say: Two per centum where the value of the trust estate, does not
exceed ten thousand dollars, and` where 'the value exceeds ten thousand
dollars two per centum on the first ten` thousand dollars, acrd one per,
centiim on the excess. The said charge shall constitute a primary lien
upon the trust estate, and shall be levied in the ci3,se of trust monies,
deposited in a bark by an order of tke Supreme Court, authorizing the
payment thereof to the Official .Trustee for the use of the Crown,
and:in:,
ORDINANCE -No.` fi bF-I8iB.
Property and Trustees Belief.
the case of stocks, shares, or securities, by sale; mortgage, or otherwise
as the Court may by order direct, and in case of any such sale or
mortgage, the Court may by the same or any further order empower the
Official Trustee to execute all instruments necessary for.carrying out
this
provision, and instruments so executed, shall be as valid and effectual to
all intents and-purposes as if the same bad been executed by all persons,
who, but for this,provision would have been necessary parties thereto.
[Anaended by Ordinance No. 5 of 1885. ]
7. The Official Trustee shall receive out of the general revenues of
Remunera
.
Lion of Ufttcinl
the Colony such yearly salary as shall, from time to time, be filed bar
r,u,t,,.
the Governor in Council.
8. The Official Trustee shall incur no personal liability whatever by
reason o£ any lands or interest therein bin; conveyed to him upon the
trust aforesaid, or of any shares, stocks, or securities being transferred
into his name under dais Ordinance, or by reason of any loss accruing to
the trust estate, otherwise than .by leis own wilful neglect or default:
Provided always that nothinn herein contained 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.
g, The rules contained- in the schedule- to this Ordinance shall be
ltnieaof
observed in proceedings under tile provisions hereinbefore contained,
prracticer.
e~''1
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 Supreme Court in relation to the making of General Rules and
Orders.
Advice of the Court as to the Management of Trust Property.
Any trustee, executor, or administrator, shall be at liberty,
without the institution of a suit, to apply by petition to the Supreme
Court, or upon a written, statement by summons in Chambers, for the
opinion; advice, or direction of the Supreme Court on any question
respecting the management or administration of the trust property,, or
the assets of any testator or intestate, such application to be,served
upon,
or the hearing thereof to be attended by all persons interested in such
application, or such of them as the Court shall think expedient, and the
trustee, executor, or administrator, acting upon the opinion, advice, or
to official
Trustee.
Trustee,
executor, &e.,
may apply' by
petition to
the supreme
Court for
opinion, a&
vice, &c., in
management.,
&c., of trust,
property.,
X22 y 23 Vie.;
c. 35, s. 30.;,
N.-Ds to -
distribution
o£ assets, see .
N6: 9 of 1870,
ORDINANCE No. r oF 1873.
Property and Trustees Relief.
direction given by the~Court, shall be deemed, so far as regards his oven
responsibility, to have discharges his duty as such trustee, executor; or
administrator, in the subject matter of the said application: Provided
nevertheless, that this Ordinance shall not extend to indemnify and`
trustee, executor, or administrator, in respect of any act done in
accord,-
ance with such opinion,, advice, or direction, as aforesaid, if such
trustee,,'
'executor, or administrators shall have been guilty' of any fraud or
wilfalf
=
concealment or rnisrepresentutiori .in obtaining such opinion, advice, or
direction ; and the costs of such application as aforesaid shall be in the
Pe -6 -1 or statement
u ion, &c',discretion of the Court: Provided also that the petitioi
to be signed
by counsel. shall be signed by counsel, and the Court may require the
petitioner or
[23 t 24 Vic.,
x._38, g, a.7 applicant to ,attend him by counsel either in Chambers, or
in Court,
where it deems it necessary to have the assistance of counsel.
Payments under Power°s of Attorney.
11. No trustee, executor, or administrator, making any payment Or:
mEntun~;~r dotn.n.:any act bona fcde under or in pursuance of any power,
of attorney`-
b~ii yn tta. sh~:ll be liable for the'xnoneys so paid, or the act so
done, by reason that
e able by.
*easah o~ the , person who gave the, power of attorney was dead at the
time of such
death of party
giving such
power,
C22 4`23 tic.,
c-..35, s..28, j
Aw torliability
of oieoptor or
°administator-
in r~spe~t o~
rents, qoqe ,
nants;;ar
agreements: ' .
[22 ~ 23 TTis.,
c. 36,.s. 2y.]
-
payment or act, or had' done some act to avoid the power : Provided
that the fact of the death, or of the doing of such act as last
aforesaid, at
the time of such payment, or act bond fide done as aforesaid by such
trustee, executor, . or administrator was not hzzown to him : Provided
always, that nothing herein , contained shall in any manner affect or`
preiudice the right of any person entitled to the money against the person
to whom such payment shall have been made, but that such person- .so
entitled shall have the same remedy against such person to whom such
`payment shall be made as he would have had against the trustee, executor
or:ac'lministrator if the money had not been. paid away under such po),ver
ofattorney.
Liability in ?espect of Rents and Covenants.
12. Where an: executor. or administrator, liable, as such to the rents,
covenants, ,or agreements contained .i:n any lease or agreement for a.
lease: `~
granted or assigned-: to the testator or intestate whcise estate is being
< _
administered, shall have satisfied all such liabilities under- the said,
lease,or agreement song lease as may.have~acerued due and been claimed up
to the time of the assignment. hereafter mentioned, and shall have set
ORDINANCE- No. .?°- or 1973;
Pebperty and, Trustees Relief..
apart a sufficient fund to answer any future claim that may be made in.
respect of any fixed and ascertained sum covenanted or agreed by the
lessee to be laid out on the property demised or agreed to be~ demised,,.
although the period for laying out the same may not have arrived, and
shall have assigned the lease or agreement for a lease to a purchaser
thereof, he shall be at liberty to distribute the residuary personal
estate
of the deceased .to and amongst the parties entitled thereto,
respectively,
without appropriating any part or any, further part (as the case may be).
of the personal estate of the deceased to meet any future liability under
the said lease or agreement for a lease; and the executor or
administrator so
distributing the residuary estate shall not, after having assigned the
said
lease or agreement for a lease, and having, where necessary, set apart
such sufficient fund as aforesaid, be personally liable in respect. of any
subsequent claim under the said lease or aoreernent for a lease ; but
nothiria herein contained. shall prejudice the right of the lessor or
those
claimin,; under him; to follow the assets of the deceased into the hands
of the person or persons to or amongst whom the said assets way have
been distributed-.
Indennzity off' trustees:
13. Every deed, will, or other instruriient creatinn a trust either
expressly or by implication shall, without prejudice to. the clituses,
actually
contained therein, be deemed to contain a- clause in the words or. to the
effect following; that is to say:--'That the trustees or trustee for the
time being of the said deed, will, or other instrument shall be
respectively
chargeable only for such moneys, stocks, funds and securities as they
shall
respectively actually receive, notwithstanding their respectively signing
any, receipt for the sake of conformity, and shall be answerable and
accountable only for their own acts, receipts; neglects, or defaults, and
not
for those of each other, nor for any banker, broker, or other person, with
whom any .trust moneys or securities may be deposited; nor for the
insufficiency or deficiency of any stocks, funds, or securities, nor for
any
other loss, unless the same shall happen through their own wilful default
respectively; and also that it shall be lawful for the trustees or trustee
for the, time being of the said deed will; or other instrument, to
reimburse
themselves or himself, or pay or discharge out of the trust premises all
expenses incurred in or about the execution of the trustsor powers of the
said deed, will., ox other instrument.'
Every- trust
instrument to,
be deemed to
contain
clauses for-.
the indemnity
and reim-
bursement of .
the trustees.
[22 ,tQ3 Yic.,
c. 35, s. 31.)
empowered to
sell may sell
in lots, and
-either by
auction or by
private
. Contract.
(23 't 24 T'ic.,
C.. 145, s. 1.3
Sale may. be:
'mitde apder
speoial condi-
tions-and
trustees may y
buy in, &c.
[23 * 24 Vie.,
4. 145, s. 2. 1
If rusteea
exercising
power of sale,
&c., empower-
ed to convey.
[23 J- 24 Vie',
a. 145, s. ,3.]
ORDINANCE No. 7 0ir 1873.
Property and Trustees Relief.
Powers of sale and exchange.
14. In all cases where by any will, deed, or other instrument of
settlement it is expressly declared that trustees or other persons therein
named or indicated shall have a power of sale, either generally or in any
particular event, over any hereditaments named or referred to in or from.
time to time subject to the trusts of such will, deed, or other
instrument,
it shall be lawful for such trustees or other persons, whether such here-
ditaments be vested in them or not, to exercise such bower of sale by
selling such hereditaments either. together or in lots, and either by
auction or private contract, and either at one time or several times, and
(in case' the power shall expressly authorise an exchange) to exchange
any hereditaments which for the time being shall be subject to the trusts-
aforesaid for any other hereditaments in Hongkong (as the case may be),
and upon such exchange to give or . receive any money for equality of
exchange.
. . 15. It shall be lawful for the persons making any such sale or
ew,hange to insert any, such special or .other stipulations, either as to
title or evidence of title, or otherwise, in any conditions of sale, or
con-
tract fur sale or exchange, as they shall think fit, and also to buy in
the
hereditaments or any part thereof at any sale by auction, and to rescind
o>: vary any contract for sale or exchange, and to resell the
hereditaments
which shall be so bought in, or as to which the contract shall be so
rescinded, without being responsible for guy loss which may be oc-
casioned thereby, and no purchaser under any such sale shall be bound
to inquire'whether the persons making the same may or may not have
in, contemplation any particular re-investment of the purchase money in
the purchase of any other hereditaments or otherwise. '
x` 16. For the purpose of completing any such sale or exchange as
a'fi resaid, the persons empowered to sell or exchange as aforesaid shall
have full power to convey or otherwise dispose of the hereditaments in
question, as may be necessary.
Investment of trust funds.
17. Trustees having trust money in their hands which it is their
duty to invest at interest, shall be at liberty, _ at their discretion,
to,
invest, the same in any of the public stocks, funds, or securities in
England, or in real securities in any part of the United Kingdom, or on
ORDINANCE' No: `7:or 18,71;:
Property and Trustees Relief. .
Last India Stock, or on the stock of East Indian Railways guaranteed
by the Government of India, and, by leave of the Court, in any securities
or investments within the Colony which the Court shall sanction and
approve, and such trustees shall also be at liberty, at their discretion,
to
call in any trust funds invested in any other securities than as
aforesaid,
and to invest the same on any such securities as aforesaid, and also, from
time to time, at their discretion, to vary any such investments as
aforesaid for others of the same nature; and such trustees shall not be
liable on that account as for a breach of trust, if such investment shall
in other respects be reasonable and proper: Provided always, that no
such original investment as aforesaid (except in the three per cent
Consolidated Bank Annuities) and no such chanve of investment as
aforesaid, shall. be made where there is a person under no disability
entitled in possession to receive the income of the trust fund for his
life,
or'for a term of years determinable with his life, or for any greater
estate, without the consent in writing of such person.
Maintenance and education of irafaqtts.
18. In all cases where any property is~ held by trustees in trust for
an infant, either absolutely or contingently on his attaining the age of
twenty-one years, or on the occurrence of any event previously to his
attaining that age, it shall be lawful for such trustees, at their sole
discretion, to pay to the guardians (if any) of such infant, or otherwise
to apply for or towards the maintenance or education of such infant, the
whole or any part of the income to which such infant may be entitled
in respect of such property, whether there .be any other fund applicable
to the same purpose, or, any other person bound by law to provide for
such maintenance or education or not, and such trustees shall accumulate
all the residue of such income. by way of compound interest-, by invest-
ing the same and the resulting income thereof from time to time in
proper securities, for the benefit of the person who shall ultimately
become entitled to the property from which such accumulations shall
have arisen : Provided always, that it shall be lawful for such. trustees
at any time, if it shall appear to them expedient, to, apply the whole
or any part of such accumulations as if the same were part of the income
arising in the then current year:
and 22 ~ 23,
Yw., c. 35; s-
aphy income
of property of
infants, &c.,
for their
maintenance.
X23 Qp 24 Vic.,
c. 146, 8. 26.E
,ORDINANCE No. 7 .oF 1873.
Property and Trustees IR,elief.
appointment of mew =trustees.
Provisions for 19. Whenever any trustee, either original or substituted,
and
.appointment whether appointed by the Supreme Court or otherwise, shall
die, or desire
trustees on
death, &o. to be discharged from, or refuse, or become unfit or incapable
to get in
t2Y3 4-.24 Vic
., . the trusts or powers in him reposed, before the same shall have been
fully discharged and performed, it shall be lawful for the person or
persons
nominated for that purpose by the deed, will, or other instrument creatinn
the trust (if any) or if there be no sucll person, or no such person able
and willing to act, then for the surviving or continuing trustees or
trustee
for the time being, or the acting executors, or executor or
administrators,
or administrator of the last survivinn and continuing trustee, or for the
last retiring trustee, by writing, to appoint any other person or persons
to be a trustee or trustees in the place of the trustee or trustees so
dying,
or desiring to be discharged, or refusing or becoming unfit or incapable
wto act ,as aforesaid; and so often as any new trustee or trustees shall
be
so,appointed as aforesaid, all the trust property (if any) which for the
time being shall be vested in the surviving or continuing trustees or
trustee, or in the heirs, executors; or administrators of any trustee,
shall
with all convenient speed be conveyed, assigned and transferred, so that
the same may be legally and effectually vested in such new trustee or
trustees, either solely or jointly with the surviving or continuing
trustees
or trustee, as the case may require; and every new trustee or trustees to
be appointed as aforesaid, as well before as after such conveyance pr
assignment as aforesaid, and also every trustee appointed by the Supreme
-Court either before or after the -passing of this Ordinance, shall have
the
same powers, authorities and discretions and shall in all respects act as
if
'he ,bad been .originally nominated a trustee by 'the deed, will, or other
>°. `,2h,strurn.eut creating the trust.
The power of appointing new trustees hereinbefore contained
may y be exercised . in cases where a trustee nominated in a will has died
in the lifetime .of the testator.
Appointment,
of new
trustees in
cases
hereinnamed.
[Q3 t24 Vic.,
'
14,5 28.1
xu`sxee'i
Trus tee's ,receipts.
21. 'The receipts in writing of any trustees or trustee for any money
re°% pta,-to be a~. able: to them or him by:, reason 'or in the exercise of
an. : tr.usts or
c~ie~xg?$ 1~ Y Y. y
G23 lt2¢ M
~ avers :re osed -)r vested an them or him shall be sufficient discharges
for
c i4s, S. 2n ~ ~. P the money therein expressed to be received, and shall
effectually <exoner~te
ORDINANCE No: 7 =of :I8E 3:
.Property and Trustees Relief.
the persons paying such money from seeing to the application thereof,
-or from being answerable for anyloss or misapplication thereof.
Powers to executors to compound.
22, It shall be lawful for any executors to pay any debts or claims
upon any evidence that they may think sufficient and to accept any
'composition, or 4any security, real or personal, for any debts due to the
deceased, and to allow any time for payment of any such debts as they
shall think fit, and also to compromise, compound or submit to arbitration
all debts, accounts, claims and things -whatsoever relating to the estate
of the deceased, and for any of the purposes aforesaid to enter into, give
and execute such: agreement:, instruments of composition, releases and
other things, as they shall think expedient, without being responsible
for any loss to be occasioned thereby. '
In what cases powers hereby conferred shall not tale Pfect.
23. None of the powers or incidents hereby conferred or annexed
to particular offices, estates, or circumstances shall take effect or be
exerciseable if it is declared in the deed, will, or other instrument
creat-
ing such offices, estates, or circumstances, that they shall not tike
eff~at
and where there is no siich declaration, then if any variations 'or
limiita-
dons of any of the powers or incidents hereby conferred or annexed are
contained in such deed, will, or other instrument, such powers 'or
incidents
shall be exerciseable or shall take effect only subject to such variations
or limitations. .
24. Nothing in' this Ordinance .contained shall be deemed to
empower any trustees or other persons to deal.with.or affect the estates
.or rights of any persons soever, except to the extent to which they
,might have dealt with Qr,affected the estates or rights of such persons
i£
,the deed, will or.other instrument under which such trustees or other
persons are empowered to act had contained express powers for such
trustees or other persons so to deal with or affect such estates or
rights.
Executors
may com- -
ound, &c.
fQS t 24.Fic'.,.''
o. r4.s, s. 30.]
s
Application of Ordinance.
Powers, ,S,c.#
hereby given
map be
ne~atlVea:b~
e~presa
declaTatm~.-°
Extent of .
powers here-
by conferred::
(28 cfi' 24 VIC.,
c. 145, s. 33.)
,26. The.provisions of this (3rdinance shall extend to persons entitled
FrQvi3ioua
retrospective,
,or acting under, a:deed, .«ill,.codicii, or ~ath.er instrumeri4 executed
as well
;before as after passing thereof.
ORDINANCE No. 7 0F 1873.
Property and Trustees Relief.
SCHEDULE.
RULES REFERRED TO IN SECTION 9.
1. Any trustee desiring to pay money to the account of, or transfer or
deposit
shares, stock, or securities into or in the name of the Official Trustee
under the pro-
visions of this Ordinance relating to the summary administration of trust
funds, shah
file an affidavit, entitled in the, matter of the Ordinance and in the
matter of the trust,
and setting forth :-
(l.) His own name and address.
(2.) 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.
(3.) The amount of money, stock, or securities, which he /proposes to pay
or
transfer into or deposit in Court to the credit of the trust.
(4.) A short description of the trust and of the instrument creating it.
(5.) The names of the persons interested in or entitled to the fund, to
the
beat of the knowledge and belief of the trustee.
The submission of the trustee to answer all such inquiries relating to the
application of the men©y, stock, or securities, paid in, transferred, or
deposited, under the Acts`, as the Court or a Judge in Chambers may
think proper to make or direct. , .
Payment, transfer, or deposit.
2. ,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, stock,
or securities, to the account of the particular trust; and shall grant a
certificate of such
payment, transfer, or deposit. '
Additional statement in affidavit, where investment not desired.
Investment by Registrar', where, no such statement.
3. Where it is deemed unnecessary to have the money or the dividends or
interest
of 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 into. Court or the dividends or interest on shares, stock, or
securities
transferred, and all accumulations thereof in or upon such investments
and securities.
as the Court shall direct or approve, and every such investment shall be
made in th'e-
matter of the particular trust:- Provided always,, 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
shall have made some order in that behalf.
Property and Trustees Relief.
No. 7 of 1873.
Notice of payment, transfer, or deposit.
4. 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.
dpplication by petition or summons.
5. Such persons, or any of them, or the trustee, may apply by petition,
or, in cases
'where the trust fund does not exceed $2,000 in value, by summons,
respecting the
investment, payment out, or distribution of the fund, or of t'he
dividends or interest
thereof.
Notice to trustee of application by cestuique trust.
g. 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.
Notice to the cestuique trust of application by the trustee.
7. 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
in Court or the interest or dividends thereof, ,
Place for service on petitioners.
8. No petition shall be set down to be beard, 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 of
order of the Court relating to the trust fund.
Title of petitions, summons, and adavits.
Petitions presented, summons issued, and affidavits filed under the said
provisions,
shall be entitled in the Matter of this Ordinance, and in the matter of the particular trust.
1170
Title.
Preamble.
Repealing clause.
1171
Assignment to self and others.
[22 & 23 Vic., c. 35, s. 21.]
Official Trustee.
Trestees may transfer trust estate to Official Trustee.
[10 & 11 Vic., c. 96, s. 1.]
1172
Certificate of Official Trustee to be sufficient discharge.
Court may make orders on petition without bill filed.
[10 & 11 Vic., c. 96, s. 2.]
Charge on trust estate for the use of the Crown.
1173
Remuneration of Official Trustee.
Protection to Official Trustee.
Rules of procedure and practice.
Trustee, executor, &c., may apply by petion to the Supreme Court for opinion, advice, &c., in management, &c., of trust property.
[22 & 23 Vic., c. 35, s. 30.]
N.--As to distribution of assets, see
1174
Ordinance No. 9 of 1870, s. 3.
Petition, &., to be signed by counsel.
[23 & 24 Vic., c. 35, s. 9.]
Trustee, &c., making payment under power of attorney not to eb liable by reason of death of party giving such power.
[22 & 23 Vic., c. 35, s. 26.]
As to liability of executor or administrator in respect of rents, covenants, or agreements.
[22 & 23 Vic., c. 35, s. 27.]
1175
Every trust instrument to be deemed to contain clauses for the indemnity and reimbursement of the trustees.
[22 & 23 Vic., c. 35, s. 31.]
1176
Trustees empowered to sell may sell in lots, and either by auction or by private contract.
[23 & 24 Vic. c. 145, s. 1.]
Sale may be made under special conditions and trustees amy buy in, &c.
[23 & 24 Vic., c. 145, s. 2.]
Trustees exercising power of sale, &c., empowered to convey.
[23 & 24 Vic., c. 145, s. 3.]
On what securities trust funds may be inested.
[23 & 24 Vic., c. 145, s. 25,
1177
and 22 & 23, Vic., c. 35, s. 32.]
Trustees may apply income of property of infants, &c., for their maintenance.
[23 & 24 Vic., c. 145, s. 26.]
1178
Provisions for appointment of new trustees on death, &c.
[23 & 24 Vic., c. 145, s. 27.]
appointment fo new trustees in cases hereinnamed.
[23 & 24 Vic., c. 145, s. 28.]
Trustee's receipts to be discharges.
[23 & 24 Vic., c. 145, s. 29.]
1179
Executors may compound, &c.
[23 & 24 Vic., c. 145, s. 30.]
Powers, &c., hereby given may be negatived by express declaration.
[23 & 24 Vic., c. 145, s. 32.]
Extent of powers here-by conferred.
[23 & 24 Vic., c. 145, s. 33.]
Provisions retrospective.
1180
[ * Sic.]
[ * Official Trustee.]
1181
Abstract
1170
Title.
Preamble.
Repealing clause.
1171
Assignment to self and others.
[22 & 23 Vic., c. 35, s. 21.]
Official Trustee.
Trestees may transfer trust estate to Official Trustee.
[10 & 11 Vic., c. 96, s. 1.]
1172
Certificate of Official Trustee to be sufficient discharge.
Court may make orders on petition without bill filed.
[10 & 11 Vic., c. 96, s. 2.]
Charge on trust estate for the use of the Crown.
1173
Remuneration of Official Trustee.
Protection to Official Trustee.
Rules of procedure and practice.
Trustee, executor, &c., may apply by petion to the Supreme Court for opinion, advice, &c., in management, &c., of trust property.
[22 & 23 Vic., c. 35, s. 30.]
N.--As to distribution of assets, see
1174
Ordinance No. 9 of 1870, s. 3.
Petition, &., to be signed by counsel.
[23 & 24 Vic., c. 35, s. 9.]
Trustee, &c., making payment under power of attorney not to eb liable by reason of death of party giving such power.
[22 & 23 Vic., c. 35, s. 26.]
As to liability of executor or administrator in respect of rents, covenants, or agreements.
[22 & 23 Vic., c. 35, s. 27.]
1175
Every trust instrument to be deemed to contain clauses for the indemnity and reimbursement of the trustees.
[22 & 23 Vic., c. 35, s. 31.]
1176
Trustees empowered to sell may sell in lots, and either by auction or by private contract.
[23 & 24 Vic. c. 145, s. 1.]
Sale may be made under special conditions and trustees amy buy in, &c.
[23 & 24 Vic., c. 145, s. 2.]
Trustees exercising power of sale, &c., empowered to convey.
[23 & 24 Vic., c. 145, s. 3.]
On what securities trust funds may be inested.
[23 & 24 Vic., c. 145, s. 25,
1177
and 22 & 23, Vic., c. 35, s. 32.]
Trustees may apply income of property of infants, &c., for their maintenance.
[23 & 24 Vic., c. 145, s. 26.]
1178
Provisions for appointment of new trustees on death, &c.
[23 & 24 Vic., c. 145, s. 27.]
appointment fo new trustees in cases hereinnamed.
[23 & 24 Vic., c. 145, s. 28.]
Trustee's receipts to be discharges.
[23 & 24 Vic., c. 145, s. 29.]
1179
Executors may compound, &c.
[23 & 24 Vic., c. 145, s. 30.]
Powers, &c., hereby given may be negatived by express declaration.
[23 & 24 Vic., c. 145, s. 32.]
Extent of powers here-by conferred.
[23 & 24 Vic., c. 145, s. 33.]
Provisions retrospective.
1180
[ * Sic.]
[ * Official Trustee.]
1181
Title.
Preamble.
Repealing clause.
1171
Assignment to self and others.
[22 & 23 Vic., c. 35, s. 21.]
Official Trustee.
Trestees may transfer trust estate to Official Trustee.
[10 & 11 Vic., c. 96, s. 1.]
1172
Certificate of Official Trustee to be sufficient discharge.
Court may make orders on petition without bill filed.
[10 & 11 Vic., c. 96, s. 2.]
Charge on trust estate for the use of the Crown.
1173
Remuneration of Official Trustee.
Protection to Official Trustee.
Rules of procedure and practice.
Trustee, executor, &c., may apply by petion to the Supreme Court for opinion, advice, &c., in management, &c., of trust property.
[22 & 23 Vic., c. 35, s. 30.]
N.--As to distribution of assets, see
1174
Ordinance No. 9 of 1870, s. 3.
Petition, &., to be signed by counsel.
[23 & 24 Vic., c. 35, s. 9.]
Trustee, &c., making payment under power of attorney not to eb liable by reason of death of party giving such power.
[22 & 23 Vic., c. 35, s. 26.]
As to liability of executor or administrator in respect of rents, covenants, or agreements.
[22 & 23 Vic., c. 35, s. 27.]
1175
Every trust instrument to be deemed to contain clauses for the indemnity and reimbursement of the trustees.
[22 & 23 Vic., c. 35, s. 31.]
1176
Trustees empowered to sell may sell in lots, and either by auction or by private contract.
[23 & 24 Vic. c. 145, s. 1.]
Sale may be made under special conditions and trustees amy buy in, &c.
[23 & 24 Vic., c. 145, s. 2.]
Trustees exercising power of sale, &c., empowered to convey.
[23 & 24 Vic., c. 145, s. 3.]
On what securities trust funds may be inested.
[23 & 24 Vic., c. 145, s. 25,
1177
and 22 & 23, Vic., c. 35, s. 32.]
Trustees may apply income of property of infants, &c., for their maintenance.
[23 & 24 Vic., c. 145, s. 26.]
1178
Provisions for appointment of new trustees on death, &c.
[23 & 24 Vic., c. 145, s. 27.]
appointment fo new trustees in cases hereinnamed.
[23 & 24 Vic., c. 145, s. 28.]
Trustee's receipts to be discharges.
[23 & 24 Vic., c. 145, s. 29.]
1179
Executors may compound, &c.
[23 & 24 Vic., c. 145, s. 30.]
Powers, &c., hereby given may be negatived by express declaration.
[23 & 24 Vic., c. 145, s. 32.]
Extent of powers here-by conferred.
[23 & 24 Vic., c. 145, s. 33.]
Provisions retrospective.
1180
[ * Sic.]
[ * Official Trustee.]
1181
Identifier
https://oelawhk.lib.hku.hk/items/show/318
Edition
1890
Volume
v2
Cap / Ordinance No.
No. 7 of 1873
Number of Pages
12
Files
Collection
Historical Laws of Hong Kong Online
Citation
“PROPERTY AND TRUSTEES RELIEF ORDINANCE,” Historical Laws of Hong Kong Online, accessed January 16, 2025, https://oelawhk.lib.hku.hk/items/show/318.
