Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 18

Power to raise money by sale, mortgage, etc.

(1) Where trustees are authorized by the instrument, if any, creating the
trust or by law to pay or apply capital money subject to the trust for any
purpose or in any manner, they shall have and shall be deemed always to have
had power to raise the money required by sale, conversion, calling in, or
mortgage of all or any part of the trust property for the time being in
possession.

(2) This section applies notwithstanding anything to the contrary contained in
the instrument, if any, creating the trust, but does not apply to trustees of
property held for charitable purposes. [cf. 1925 c. 19 s. 16 U.K.]