### Trustee Ordinance 《受託人條例》

12. Power to deposit at bank and to pay calls
(1) Trustees may, pending the negotiation and preparation of any mortgage or charge, or during any other time while an investment is being sought for, pay any trust money into a bank to a deposit or other account, and all interest, if any, payable in respect thereof shall be applied as income.
(2) Trustees may apply the trust funds of the trust in payment of a call on any shares subject to the trust. (Replaced 13 of 2013 s. 10)
[cf. 1925 c. 19 s. 11 U.K.]

13. Power of trustees for sale to sell by auction, etc.
(1) Where a trust for sale or a power of sale of property is vested in a trustee, he may sell or concur with any other person in selling all or any part of the property, either subject to prior charges or not, and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matter as the trustee thinks fit, with power to vary any contract for sale, and to buy in at any auction, or to rescind any contract for sale and to resell, without being answerable for any loss.
(2) A trust or power to sell or dispose of land includes a trust or power to sell or dispose of part thereof, whether the division is horizontal, vertical, or made in any other way.
[cf. 1925 c. 19 s. 12 U.K.]

14. Power to sell subject to depreciatory conditions
(1) No sale made by a trustee shall be impeached by any beneficiary upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it also appears that the consideration for the sale was thereby rendered inadequate.
(2) No sale made by a trustee shall, after the execution of the conveyance, be impeached as against the purchaser upon the ground that any of the conditions subject to which the sale was made may have been unnecessarily depreciatory, unless it appears that the purchaser was acting in collusion with the trustee at the time when the contract for sale was made.
(3) No purchaser, upon any sale made by a trustee, shall be at liberty to make any objection against the title upon any of the grounds aforesaid.
(4) This section applies to sales made before or after the commencement of this Ordinance.
[cf. 1925 c. 19 s. 13 U.K.]

### Trustee Ordinance 《受託人條例》

15. Power of trustees to give receipts
(1) The receipt in writing of a trustee for any money, securities, or other personal property or effects payable, transferable, or deliverable to him under any trust or power shall be a sufficient discharge to the person paying, transferring, or delivering the same and shall effectually exonerate him from seeing to the application or being answerable for any loss or misapplication thereof.
(2) A receipt in writing for the proceeds of sale or other capital money arising under a trust for sale of land shall be a sufficient discharge if it is signed by the person or persons lawfully executing the conveyance in pursuance of that sale and the person making payment shall not be liable for any loss or misapplication of those proceeds or that money. (Replaced 62 of 1984 s. 63)
(3) This section applies notwithstanding anything to the contrary in the instrument, if any, creating the trust.
[cf. 1925 c. 19 s. 14 U.K.]

16. Power to do other acts
A personal representative, or 2 or more trustees acting together, or, subject to the restrictions imposed in regard to receipts by a sole trustee not being a trust corporation, a sole acting trustee where by the instrument, if any, creating the trust, or by statute, a sole trustee is authorized to execute the trusts and powers reposed in him, may, if and as he or they think fit—
(a) accept any property, before the time at which it is made transferable or payable; or
(b) sever and apportion any blended trust funds or property; or
(c) pay or allow any debt or claim on any evidence that he or they think sufficient; or
(d) accept any composition or any security, for any debt, or for any property, claimed; or
(e) allow any time for payment of any debt; or
(f) compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim, or thing whatever relating to the testator’s or intestate’s estate or to the trust,
and for any of those purposes may enter into, give, execute and do such agreements, instruments or composition or arrangement, releases, and other things as to the personal representative, trustees or sole acting trustee seem expedient, without being responsible for any loss occasioned by an act or thing done under this section if the personal representative, trustees or sole acting trustee has or have discharged the statutory duty of care in doing so. (Amended 13 of 2013 s. 13)
[cf. 1925 c. 19 s. 15 U.K.]

### Trustee Ordinance 《受託人條例》

17. Powers of trustees of renewable leaseholds to renew and raise money for the purpose
(1) A trustee of any leaseholds for lives or years which are renewable from time to time either under any covenant or contract, or by custom or usual practice, may, if he thinks fit, and shall, if thereto required by any person having any beneficial interest, present or future, or contingent, in the leaseholds, use his best endeavours to obtain from time to time a renewed lease of the same hereditaments on the accustomed and reasonable terms, and for that purpose may from time to time make or concur in making a surrender of the lease for the time being subsisting, and do all such other acts as are requisite:
Provided that, where by the terms of the settlement or will the person in possession for his life or other limited interest is entitled to enjoy the same without any obligation to renew or to contribute to the expense of renewal, this section shall not apply unless the consent in writing of that person is obtained to the renewal on the part of the trustee.
(2) If money is required to pay for the renewal, the trustee effecting the renewal may pay the same out of any money then in his hands in trust for the persons beneficially interested in the lands to be comprised in the renewal lease, and if he has not in his hands sufficient money for the purpose he may raise the money required by mortgage of the hereditaments to be comprised in the renewed lease, or of any other hereditaments for the time being subject to the uses or trusts to which those hereditaments are subject, and no person advancing money upon a mortgage purporting to be under this power shall be bound to see that the money is wanted, or that no more is raised than is wanted for the purpose, or otherwise as to the application thereof.
(3) This section applies to trusts created either before or after the commencement of this Ordinance, but nothing in this section shall authorize any trustee to do anything which he is in express terms forbidden to do, or to omit to do anything which he is in express terms directed to do, by the instrument creating the trust.
[cf. 1893 c. 53 s. 19 U.K.]