Hong Kong Ordinances

STAMP DUTY ORDINANCE - SECT 30

Interpretation of Part IV

PART IV

UNIT TRUSTS

(1) (Omitted as spent)

(2) In this Part-

"certificate to bearer" (不記名證明書), in relation to a unit under a
unit trust  scheme, means a document by the delivery of which the unit can be
transferred;

"trust instrument" (信託文書), in relation to a unit trust scheme, means
the trust deed or other instrument (whether under seal or not) creating or
recording the trusts by virtue of which persons are to participate in such
scheme;

"trust property" (信託財產), in relation to a unit trust scheme, means
property subject to the trusts of the trust instrument;

"unit" (單位), in relation to a unit trust scheme, means a right or interest

(whether described as a unit, as a sub-unit or otherwise) of a beneficiary
under the trust instrument;

"unit trust scheme" (單位信託計劃) means any arrangements made for the
purpose, or having the effect, of providing, for persons having funds
available for investment, facilities for the participation by them, as
beneficiaries under a trust, in any profits or income arising from the
acquisition, holding, management or disposal of any property whatsoever.

(3) Where a person authorizes or requires the trustees or managers under a
unit trust scheme to treat him as no longer interested in a unit under that
scheme and authorizes or requires them to treat another person as entitled to
that unit, he shall be deemed for the purposes of this Ordinance to transfer
that unit, and any instrument whereby he gives the authority or makes the
requirement or any other instrument expressed to be substituted therefor by
the managers with the approval of the Collector shall be deemed for those
purposes to be a transfer operating as a voluntary disposition inter vivos
under section 27(4) or a transfer by way of sale falling within head 2(4) in
the First Schedule according to the nature of the transaction as between him
and the person whom he authorizes or requires the trustees or managers to
treat as entitled to the unit. (Amended 77 of 1981 s. 7)

(4) Where a person authorizes or requires the trustees or managers under a
unit trust scheme to treat him as no longer interested in a unit under that
scheme and does not authorize or require them to treat another person as
entitled to that unit, he shall be deemed for the purposes of this Ordinance
to transfer that unit to the managers by way of sale, and any instrument
whereby he gives the authority or makes the requirement or any other
instrument expressed to be substituted therefor by the managers with the
approval of the Collector shall be deemed for those purposes to be a transfer
falling within head 2(4) in the First Schedule. (Amended 77 of 1981 s. 7)

(5) Where the managers under a unit trust scheme authorize or require the
trustees under that scheme to treat a person as entitled to a unit thereunder
and their power so to do arises from a previous transfer to them of that unit
or some other unit, they shall be deemed for the purposes of this Ordinance to
transfer the first-mentioned unit to that person by way of sale, and any
instrument whereby they give the authority or make the requirement or any
other instrument expressed to be substituted therefor by the managers with the
approval of the Collector shall be deemed for those purposes to be a transfer
falling within head 2(4) in the First Schedule; but this subsection does not
apply to anything done by the managers for the purpose merely of recognizing
or giving effect to a transmission of a unit by operation of law. (Amended 77
of 1981 s. 7)

"certificate to bearer" (不記名證明書)

"trust instrument" (信託文書)

"trust property" (信託財產)

"unit" (單位)

"unit trust scheme" (單位信託計劃)