Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 81

Objects

(1) The objects of a trust company may be some or all of, but shall not exceed
the following-

   (a)  to accept and execute the offices of executor, administrator, trustee,
        receiver, receiver and manager, assignee, liquidator, guardian of the
        property of infants, committee of the estates of lunatics, or other
        like office of a fiduciary nature;

   (b)  to act as attorney or agent for the collection, receipt and payment of
        money and for winding up estates and for the sale or purchase of any
        movable or immovable property;

   (c)  to act as agent for the management and control of movable and
        immovable property for and on behalf of the owners thereof or for or
        on behalf of executors, administrators or trustees;

   (d)  to act as investing and financial agent for and on behalf of
        executors, administrators, and trustees or any other persons
        whatsoever and to receive money in trust for investment and to allow
        interest thereon until invested; and to undertake for and on behalf of
        executors, administrators and trustees or any other persons whatsoever
        the negotiation of loans of all descriptions and the procuring and
        lending of money on the security of any description of property
        immovable or movable or without taking any security on such terms as
        may be arranged, and to advance and lend moneys to protect any estate,
        trust or property entrusted to the company as aforesaid and to charge
        interest upon any such advances: Provided that nothing herein
        contained shall be held either to restrict or extend the powers of the
        company as trustee or agent under the terms of any trust or agency
        that may be conferred upon it;

   (e)  to take securities of such nature as are deemed expedient for any
        moneys owing to the company;

   (f)  to be the custodian on such terms as are agreed upon of any moneys,
        securities, jewellery, plate or other valuable property and of papers,
        documents, deeds, wills, debentures and other evidence of title or
        indebtedness;

   (g)  to receive and manage any sinking, redemption, guarantee or any other
        special fund or deposit and to act as agent for countersigning,
        registering or otherwise ascertaining and certifying to the
        genuineness of any issue of shares, stocks, bonds, debentures or other
        securities for money of any government, municipal or other corporate
        body or of any association, whether incorporated or not, duly
        authorized to issue and make such issue and to hold any such
        securities as agent or trustee and to act generally as agent for any
        such government, municipal or corporate body or association;

   (h)  to acquire and hold immovable property for the actual use and
        occupation of the company or any of its officers and servants and to
        erect, construct, enlarge, alter and maintain any buildings necessary
        or convenient for the said purposes and to sell or otherwise dispose
        of any such immovable property if not required for the said purposes;

   (i)  to hold land which having been mortgaged to the company is acquired by
        it for the protection of its investments; and from time to time sell,
        mortgage, lease or otherwise dispose thereof;

   (j)  to deposit the moneys of the company not immediately required with any
        bank or banks at interest until such moneys can be more permanently
        invested and to invest the moneys of the company in accordance with
        the provisions of section 91;

   (k)  to borrow moneys and secure the repayment thereof with interest in
        accordance with the provisions of section 93;

   (l)  to receive and collect such remuneration for its services as is agreed
        upon or as fixed or allowed from time to time by law and all usual and
        customary charges, costs and expenses;

   (m)  to support and subscribe to any charitable or public object and any
        institution, society or club which may be for the benefit of the
        company or its employees or may be connected with any town or place
        where the company carries on business; to give pensions, gratuities or
        charitable aid to any person or persons who may serve or have served
        the company or to the wives, children or other relatives of such
        persons; to make payments towards insurance and to form and contribute
        to provident and benefit funds for the benefit of any persons employed
        by the company: Provided that no such subscription, gift, payment or
        contribution shall be given or made, except out of profits of the
        company available for distribution as dividend;

   (n)  to acquire and undertake the whole or any part of the business of any
        person or company of a like nature to any business which a trust
        company is authorized to carry on and in consideration for such
        acquisition to undertake all or any of the liabilities of such person
        or company and to issue shares to such person or company;

   (o)  to do all such other things as are incidental or conductive to the
        attainment of the before mentioned objects or any of them;

   (p)  to carry out all or any of the objects aforesaid either within or
        outside Hong Kong and by or through trustees, agents or otherwise and
        either alone or in conjunction with others. (Added 48 of 1968 s. 4.
        Amended 9 of 1993 s. 7)

(2) Nothing in this section shall be construed to authorize any trust company
to engage in the business of banking or of insurance or the business of a
deposit, provident or benefit society.

(3) No trust company shall carry on any business or execute any office other
than the businesses or offices included in the objects set out in subsection
(1).

(4) For the avoidance of doubt it is hereby declared that nothing in
subsection (1) shall be construed so as to restrict, or at any time to have
restricted, a trust company to carrying out its objects within Hong Kong only.
(Added 48 of 1968 s. 4. Amended 9 of 1993 s. 7) (Amended 24 of 1950 Schedule)