Hong Kong Regulations

JUDICIAL TRUSTEE RULES - RULE 10

Trust account at bank and custody of documents

(1) When a judicial trustee is appointed, a separate account for receipts and
payments on behalf of the trust shall be kept in the name of the trustees at
some bank approved by the court.

(2) All title deeds and all certificates and other documents which are
evidence of the title of the trustee to any of the trust property shall be
deposited either with that bank or in such other custody as the court directs.

(3) The deeds or documents shall be deposited in the names of the trustees,
and the judicial trustee shall give notice to the body or person with whom the
deeds or documents are so deposited not to deliver any of them over to any
person except on a request signed by the judicial trustee and countersigned by
the officer of the court, and also to allow any person authorized by the
officer of the court in writing to inspect them during business hours.

(4) The judicial trustee shall deposit with the court a list of all deeds or
documents deposited in any custody in pursuance of this rule, and shall give
information to the court from time to time of any variation to be made in the
list.

(5) The judicial trustee shall, if at any time directed by the court, give an
order to the bank at which the trust account is kept, not to pay at any one
time any sum over a specified amount out of the trust account except on an
order countersigned by the officer of the court.

(6) Any payments on account of the income of the trust property may be
provided for by means of a standing order to the bank at which the trust
account is kept.

(7) The court may give such directions to the judicial trustee as may, in the
opinion of the court, be necessary or expedient for carrying this rule into
effect, and for securing the safety of the trust property.

(8) Where an official of the court is judicial trustee, the court may direct
that, instead of a separate account of the receipts and payments on behalf of
the trust being kept at some bank approved by the court, all receipts on
behalf of the trust may be dealt with, and all payments on behalf of the trust
may be made, in such manner, and subject to such regulations as to the
accounts to be kept of the receipts and payments and the procedure to be
followed in dealing therewith, as the Director of Accounting Services shall
direct. (L.N. 16 of 1977; L.N. 453 of 1993)