### Trustee Ordinance 《受託人條例》

36. Limitation of the number of trustees
(1) Where, at the commencement of this Ordinance there are more than 4 trustees of a settlement of land or more than 4 trustees holding land on trust for sale, no new trustees shall (except where as a result of the appointment the number is reduced to 4 or less) be capable of being appointed until the number is reduced to less than 4, and thereafter the number shall not be increased beyond 4.
(2) In the case of settlements and dispositions on trust for sale of land made or coming into operation after the commencement of this Ordinance—
(a) the number of trustees thereof shall not in any case exceed 4, and where more than 4 persons are named as such trustees, the 4 first named (who are able and willing to act) shall alone be the trustees, and the other persons named shall not be trustees unless appointed on the occurrence of a vacancy;
(b) the number of the trustees shall not be increased beyond 4.
(3) The restrictions hereby imposed on the number of trustees do not apply in the case of land vested in trustees for charitable, ecclesiastical, or public purposes or where the net proceeds of the sale of the property are held for like purposes.
[cf. 1925 c. 19 s. 34 U.K.]

### Trustee Ordinance 《受託人條例》

38. Supplemental provisions as to appointment of trustees
(1) On the appointment of a trustee for the whole or any part of trust property—
(a) the number of trustees may, subject to the restrictions imposed by this Ordinance on the number of trustees, be increased; and
(b) a separate set of trustees, not exceeding 4 may be appointed for any part of the trust property held on trusts distinct from those relating to any other part or parts of the trust property, notwithstanding that no new trustees or trustee are or is to be appointed for other parts of the trust property, and any existing trustee may be appointed or remain one of such separate set of trustees, or, if only one trustee was originally appointed, then, save as hereinafter provided, one separate trustee may be appointed; and
(c) it shall not be obligatory, save as hereinafter provided, to appoint more than one new trustee where only one trustee was originally appointed, or to fill up the original number of trustees where more than 2 trustees were originally appointed, but, except where only one trustee was originally appointed, and a sole trustee when appointed will be able to give valid receipts for all capital money, a trustee shall not be discharged from his trust unless there will be either a trust corporation or at least 2 individuals to act as trustees to perform the trust; and
(d) any assurance or thing requisite for vesting the trust property, or any part thereof, in a sole trustee, or jointly in the persons who are the trustees, shall be executed or done.
(2) Nothing in this Ordinance shall authorize the appointment of a sole trustee, not being a trust corporation, where the trustee, when appointed, would be under the age of 21 years or, would not be able to give valid receipts for all capital money arising under the trust. (Amended 32 of 1990 s. 10)
[cf. 1925 c. 19 s. 37 U.K.]

39. Evidence as to a vacancy in a trust
(1) A statement, contained in any instrument coming into operation after the commencement of this Ordinance by which a new trustee is appointed for any purpose connected with land, to the effect that a trustee has remained out of Hong Kong for more than 12 months or refuses or is unfit to act, or is incapable of acting, or that he is not entitled to a beneficial interest in the trust property in possession, shall, in favour of a purchaser of a legal estate, be conclusive evidence of the matter stated. (Amended 9 of 1993 s. 7)
(2) In favour of such purchaser any appointment of a new trustee depending on that statement, and any vesting declaration, express or implied, consequent on the appointment, shall be valid.
[cf. 1925 c. 19 s. 38 U.K.]

### Trustee Ordinance 《受託人條例》

40. Retirement of trustee without a new appointment
(1) Where a trustee is desirous of being discharged from the trust, and after his discharge there will be either a trust corporation or at least 2 individuals to act as trustees to perform the trust, then, if such trustee as aforesaid by deed declares that he is desirous of being discharged from the trust, and if his co-trustees and such other person, if any, as is empowered to appoint trustees, by deed consent to the discharge of the trustee, and to the vesting in the co-trustees alone of the trust property, the trustee desirous of being discharged shall be deemed to have retired from the trust, and shall, by the deed, be discharged therefrom under this Ordinance, without any new trustee being appointed in his place.
(2) Any assurance or thing requisite for vesting the trust property in the continuing trustees alone shall be executed or done.
[cf. 1925 c. 19 s. 39 U.K.]

### Trustee Ordinance 《受託人條例》

40A. Appointment and retirement of trustees on beneficiaries’ directions
(1) This section applies in relation to a trust if—
(a) no person is nominated for the purpose of appointing new trustees by the instrument creating the trust or an enactment; and 
(b) either—
(i) the sole beneficiary under the trust is absolutely entitled to the property subject to the trust and—
(A) is an individual of full age and capacity; or 
(B) is a body corporate whose constitution does not prohibit it from exercising the power under this section; or 
(ii) all the beneficiaries under the trust (taken together) are absolutely entitled to the property subject to the trust and each of whom is either—
(A) an individual of full age and capacity; or
(B) a body corporate whose constitution does not prohibit it from exercising the power under this section. 
(2) The sole beneficiary or all the beneficiaries may give either or both of the following directions—
(a) a written direction to a trustee directing the trustee to retire from the trust; 
(b) a written direction to a sole trustee or all the trustees for the time being or, if there is none, to the personal representative of the last person who was a trustee, directing the sole trustee, trustees or the personal representative to appoint by writing a person specified in the direction as a trustee. 
(3) A trustee to whom a direction under subsection (2)(a) has been given must make a deed declaring the trustee’s retirement if—
(a) reasonable arrangements have been made for the protection of any rights of the trustee in connection with the trust; 
(b) after the trustee has retired, there will be either a trust corporation or at least 2 persons to act as trustees of the trust; and 
(c) either—
(i) another person is to be appointed as a new trustee on the trustee’s retirement (whether in compliance with a direction given under subsection (2)(b) or otherwise); or 
(ii) the continuing trustees by deed consent to the retirement. 
(4) When the deed declaring the trustee’s retirement is made—
(a) the retirement takes effect and the trustee is discharged from the trust; and
(b) the trustee and the continuing trustees (together with any new trustee) must (subject to any arrangement for the protection of the rights of the retiring trustee) do anything necessary to vest the property subject to the trust in—
(i) the continuing trustees; or 
(ii) the continuing trustees and new trustees. 
(5) This section has effect subject to the restrictions imposed by section 36 on the number of trustees.
(Added 13 of 2013 s. 25)