Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 2

Interpretation

(Past version on 30/06/1997).

Adaptation amendments retroactively made - see 25 of 1998 s. 2 In this
Ordinance, unless the context otherwise requires-

"authorized investments" (特准投資項目) means investments authorized by
the instrument, if any, creating the trust for the investment of money subject
to the trust, or by law;

"contingent right" (待確定權利) as applied to land includes a contingent
or executory interest, a possibility coupled with an interest, whether the
object of the gift or limitation of the interest or possibility is or is not
ascertained, also a right of entry, whether immediate or future, and whether
vested or contingent; (Amended L.N. 446 of 1994)

"convey" and "conveyance" (轉易) as applied to any person include the
execution by that person of every necessary or suitable assurance

(including an assent) for conveying, assigning, appointing, surrendering, or
otherwise transferring or disposing of land whereof he is seized or possessed,
or wherein he is entitled to a contingent right, either for his whole estate
or for any less estate, together with the performance of all formalities
required by law for the validity of the conveyance;

"income" (收益) includes rents and profits;

"instrument" (文書) includes enactment;

"land" (土地) includes land of any tenure, and mines and minerals, whether
or not severed from the surface, buildings or parts of buildings, whether the
division is horizontal, vertical or made in any other way, and other corporeal
hereditaments; also a rent and other incorporeal hereditaments, and an
easement, right, privilege, or benefit in, over, or derived from
land, or an undivided share in land; and in this definition "mines and
minerals" (礦藏及礦物) includes any strata or seam of minerals or
substances in or under any land, and powers of working and getting the same,
and an undivided share thereof;

"lunatic" (精神病人) means any person who has been found by due course of
law to be of unsound mind and incapable of managing his affairs;

"mortgage" (按揭) and "mortgagee" (承按人) include and relate to every
estate and interest regarded in equity as merely a security for money, and
every person deriving title under the original mortgagee;

"pay" and "payment" (繳存) as applied in relation to stocks and securities
and in connection with the expression "into court" include the deposit or
transfer of the same in or into court;

"person of unsound mind" (精神不健全的人) means any person, not a
minor, who not having been found to be a lunatic is incapable from infirmity
of mind of managing his own affairs;

"personal representative" (遺產代理人) means the executor, original or by
representation, or administrator for the time being of a deceased person;

"possession" (管有) includes receipt of rents and profits or the right to
receive the same, if any; and "possessed" (據有) applies to receipt of
income of and to any vested estate less than a life interest in possession or
in expectancy in any land;

"property" (財產) includes movable and immovable property, and any estate,
share and interest in any property, movable or immovable, and any debt, and
any thing in action, and any other right or interest, whether in possession or
not;

"rights" (權利) includes estates and interests;

"sale" (售賣) includes an exchange;

"securities" (證券) includes stocks, funds and shares, and so far as relates
to payments into court has the same meaning as in the enactments relating
to funds in court and "securities payable to bearer"
(須付款予持有人的證券) includes securities transferable by delivery
or by delivery and endorsement;

"stock" (股票) includes fully paid up shares, and, so far as relates to
vesting orders made by the court under this Ordinance, includes any fund,
annuity, or security transferable in books kept by any corporation, company or
society, or by instrument of transfer either alone or accompanied by other
formalities, and any share or interest therein;

"transfer" (轉讓、轉歸), in relation to stock or securities, includes the
performance and execution of every deed, power of attorney, act, and thing on
the part of the transferor to effect and complete the title in the transferee;

"trust" (信託) does not include the duties incident to an estate conveyed by
way of mortgage, but with this exception the expression "trust" (信託) and

"trustee" (受託人) extend to implied and constructive trusts, and to cases
where the trustee has a beneficial interest in the trust property, and to the
duties incident to the office of a personal representative, and

"trustee" (受託人) where the context admits includes a personal
representative, and "new trustee" (新受託人) includes an additional
trustee;

"trust corporation" (信託法團) means a corporation appointed by the court
in any particular case to be a trustee (if authorized by its constitution to
act as trustee) or any trust company registered under Part VIII; (Amended 25
of 1998 s. 2)

"trust for sale" (售產信託), in relation to land, means an immediate
binding trust for sale, whether or not exercisable at the request or with the
consent of any person, and with or without power at discretion to postpone
the sale; and "trustees for sale" (售產受託人) means the persons
(including a personal representative) holding land on trust for sale. [cf.
1925 c. 19 s. 68 U.K.]

"authorized investments" (特准投資項目)

"contingent right" (待確定權利)

"convey" and "conveyance" (轉易)

"income" (收益)

"instrument" (文書)

"land" (土地)

"mines and minerals" (礦及礦物)

"lunatic" (精神病人)

"mortgage" (按揭) and "mortgagee" (承按人)

"pay" and "payment" (繳存)

"into court"

"personal representative" (遺產代理人)

"person of unsound mind" (精神不健全的人)

"possession" (管有)

"possessed" (據有)

"property" (財產)

"rights" (權利)

"sale" (售賣)

"securities" (證券)

"securities payable to bearer" (須付款予持有人的證券)

"stock" (股票)

"transfer" (轉讓、轉歸)

"trust" (信託)

"trust" (信託) and "trustee" (受託人)

"trustee" (受託人)

"new trustee" (新受託人)

"trust corporation" (信託法團)

"trust for sale" (售產信託)

"trustees for sale" (售產受託人)