Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 32

Implied indemnity of trustees

(1) A trustee shall be chargeable only for money and securities actually
received by him notwithstanding his signing any receipt for the sake of
conformity, and shall be answerable and accountable only for his own acts,
receipts, neglects, or defaults, and not for those of any other trustee, or of
any banker, broker, or other person with whom any trust money or securities
may be deposited, nor for the insufficiency or deficiency of any securities,
nor for any other loss, unless the same happens through his own wilful
default.

(2) A trustee may reimburse himself or pay or discharge out of the trust
premises all expenses incurred in or about the execution of the trusts or
powers. [cf. 1925 c. 19 s. 30 U.K.]