Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 8

Investment in bearer securities

(1) A trustee may, unless expressly prohibited by the instrument creating the
trust, retain or invest in securities payable to bearer which, if not so
payable, would have been authorized investments.

(2) Securities payable to bearer retained or taken as an investment by a
trustee (not being a trust corporation) shall, until sold, be deposited by him
for safe custody and collection of income with a banker or banking company.

(3) A direction that investments shall be retained or made in the name of a
trustee shall not, for the purposes of this section, be deemed to be such an
express prohibition as aforesaid.

(4) A trustee shall not be responsible for any loss incurred by reason of such
deposit, and any sum payable in respect of such deposit and collection shall
be paid out of the income of the trust property. [cf. 1925 c. 19 s. 7 U.K.]