Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 91

Investment of trust company's own funds

(1) A trust company may invest moneys forming part of its own capital or
reserve or accumulated profits-

   (a)  in or upon any securities in or upon which private trustees may by law
        invest trust moneys; and

   (b)  in or upon such other securities as the Financial Secretary may from
        time to time approve. (Amended 9 of 1993 s. 4)

(2) A trust company may acquire and hold immovable property for the actual use
and occupation of itself or of any of its officers or servants and may sell
and dispose of the same.

(3) A trust company may, for the protection of its investments, acquire land
which has been mortgaged to it, but shall sell any land so acquired within 3
years after the acquisition thereof, unless such time is extended by the
Financial Secretary. (Amended 9 of 1993 s. 4)

(4) No trust company shall directly or indirectly invest any of its moneys
otherwise than in accordance with subsections (1), (2) and (3): Provided that
nothing in this section shall be deemed to prevent the acceptance by a trust
company of any securities whatsoever to secure the payment of a debt
previously contracted in good faith; but any security so acquired by the
company which it would otherwise be prohibited from taking or holding shall,
within 2 years from the time of its acquisition, or within such further time
as may be allowed by the Registrar of Companies, be sold or disposed of.