Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 67

Payment of trust moneys into bank to credit of Official Trustee

(Past version on 30/06/1997).

Amendments retroactively made - see 18 of 1999 s. 3

(1) Trustees, or the majority of trustees, having in their hands or under
their control any moneys belonging to any trust, shall be at liberty, on
filing in the Registry of the court an affidavit shortly describing the
instrument creating the trust, according to the best of their knowledge and
belief, to pay the same, with the consent of the Official Trustee and in
accordance with such directions as they may receive for the purpose from him,
into the court; and the said trust moneys shall be paid through the Treasury
into a bank authorized by the Chief Executive on deposit bearing interest, or
otherwise, to the account of the Official Trustee (by his official
designation) in the matter of the particular trust (describing the same by the
names of the parties, as accurately as may be, for the purpose of
distinguishing it), in trust to attend the orders of the court. (Amended 18 of
1999 s. 3)

(2) Any trust moneys paid into a bank pursuant to subsection (1) which-

   (a)  remain unclaimed for a period of 5 years from the last making of any
        order of the Court in relation thereto; or

   (b)  if no such order shall have been made, remain unclaimed for a period
        of 5 years from the date of payment into the bank, shall be
        transferred by the Official Trustee to the general revenue of Hong
        Kong. (Added 71 of 1971 s. 3. Amended 9 of 1993 s. 7) [cf. 1847 c. 96
        s. 1 U.K.; 1893 c. 53 s. 42 U.K.]