Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 62

Payment into court by trustees

Payment into Court

(1) Trustees, or the majority of trustees, having in their hands or under
their control money or securities belonging to a trust, may pay the same
into court, and the same shall, subject to the rules of court, be dealt with
according to the orders of the court.

(2) The receipt or certificate of the proper officer shall be a sufficient
discharge to trustees for the money or securities so paid into  court.

(3) Where money or securities is or are vested in any persons as trustees, and
the majority are desirous of paying the same into court, but the concurrence
of the other or others cannot be obtained, the court may order the payment
into court to be made by the majority without the concurrence of the other or
others.

(4) Where any such money or securities is or are deposited with any banker,
broker, or other depositary, the court may order payment or delivery of the
money or securities to the majority of the trustees for the purpose of payment
into court.

(5) Every transfer, payment and delivery made in pursuance of any such order
shall be valid and take effect as if the same had been made on the authority
or by the act of all the persons entitled to the money and securities so
transferred, paid or delivered. [cf. 1925 c.19 s.63 U.K.]