### Trustee Ordinance 《受託人條例》

41T. Remuneration of trustees other than under instrument creating trust
(1) Subject to subsection (2)—
(a) subsections (3) and (4) apply to a trustee who is a trust corporation; and
(b) subsections (3) and (4) apply to a trustee who is not a trust corporation, but is acting in a professional capacity as a trustee, other than the sole trustee, of a trust if each of the other trustees of the trust has agreed in writing that the trustee may be remunerated for services provided by the trustee to, or on behalf of, the trust. 
(2) Subsections (3) and (4) apply to a trustee of a charitable or non-charitable trust only if the trustee’s entitlement to remuneration—
(a) is not provided by the instrument creating the trust or an enactment; and 
(b) is not expressly prohibited by a term in the instrument or enactment. 
(3) A trustee is entitled to receive reasonable remuneration out of trust funds for services provided by the trustee to, or on behalf of, the trust. 
(4) A trustee is to be treated as being entitled under this section to receive remuneration for services provided even if the services are capable of being provided by a lay trustee. 
(5) This section applies to a trustee authorized to act in another capacity as it applies to any other trustee. 
(6) For the purpose of subsection (5), a trustee authorized to act in another capacity is a trustee who has been authorized, under a power conferred by Part 4A (appointment of agents, nominees and custodians), the instrument creating the trust or an enactment—
(a) to exercise functions as a trustee’s agent; or 
(b) to act as a nominee or custodian. 
(7) For the purposes of this section—
reasonable remuneration (合理酬金)—
(a) means, in relation to the provision of services by a trustee of a trust, the remuneration that is reasonable in the circumstances for the provision of those services by the trustee to, or on behalf of, the trust; and 
(b) includes, in relation to the provision of services by a trustee who is an authorized institution under the Banking Ordinance (Cap. 155) and provides those services in the course of, or incidental to, the exercise of its function as a trustee, the institution’s reasonable charges for the provision of those services. 

(Amended E.R. 2 of 2014)

### Trustee Ordinance 《受託人條例》

41U. Trustee’s expenses
(1) A trustee of a trust who has properly incurred expenses when acting on behalf of the trust—
(a) is entitled to be reimbursed from the trust funds for those expenses; or 
(b) may pay for those expenses out of the trust funds. 
(2) This section applies to a trustee authorized to act in another capacity as it applies to any other trustee. 
(3) For the purpose of subsection (2), a trustee authorized to act in another capacity is a trustee who has been authorized, under a power conferred by Part 4A (appointment of agents, nominees and custodians), the instrument creating the trust or an enactment—
(a) to exercise functions as a trustee’s agent; or 
(b) to act as a nominee or custodian.
(Amended E.R. 2 of 2014)

41V. Remuneration and expenses of agents, nominees and custodians
(1) This section applies, if, under a power conferred by Part 4A (appointment of agents, nominees and custodians), the instrument creating the trust or an enactment, a person other than a trustee has been—
(a) authorized to exercise functions as a trustee’s agent; or 
(b) appointed to act as a nominee or custodian. 
(2) The trustees of the trust may remunerate the agent, nominee or custodian (each is a representative

### Trustee Ordinance 《受託人條例》

41W. Trustee is not exempted from liability for breach of trust
(1) Subject to subsection (2), this section applies to a trustee who—
(a) acts in a professional capacity; and 
(b) receives remuneration for the trustee’s services provided to, or on behalf of, the trust. 
(2) This section does not apply to an approved trustee of a registered scheme under the Mandatory Provident Fund Schemes Ordinance (Cap. 485). 
(3) The terms of a trust must not—
(a) relieve, release or exonerate a trustee from liability for a breach of trust arising from the trustee’s own fraud, wilful misconduct or gross negligence; or 
(b) grant the trustee any indemnity against the trust property for the liability. 
(4) A term of a trust is invalid to the extent to which it purports to—
(a) relieve, release or exonerate a trustee from liability for a breach of trust arising from the trustee’s own fraud, wilful misconduct or gross negligence; or 
(b) grant the trustee any indemnity against the trust property for the liability. 
(5) This section has effect in respect of a trust created on or after the commencement date# of the 2013 amending Ordinance. 
(6) For a trust created before the commencement date# of the 2013 amending Ordinance, this section—
(a) has effect in respect of the trust on the expiry of 1 year after that date; and 
(b) does not affect the liability for anything done by a trustee of the trust within that 1-year period.
(7) In this section, a reference to a trustee who acts in a professional capacity is to be construed in accordance with section 41R(1).
Editorial Note:
# Commencement date: 1 December 2013.

41X. Reserve power of settlor
(1) A trust is not invalid only because of the person creating the trust (the settlor

### Trustee Ordinance 《受託人條例》

41Y. Transfer of movable property not affected by foreign law of inheritance
(1) This section applies in relation to a trust (whenever created) only if—
(a) the trust is expressed to be governed by Hong Kong law; and
(b) at all times when the trust is in force, each trustee of the trust is—
(i) an individual who ordinarily resides in Hong Kong; 
(ii) a body corporate incorporated or established in Hong Kong; or 
(iii) a body corporate incorporated or established outside Hong Kong and the central management and control of which is in Hong Kong. 
(2) A person who during his or her lifetime transfers any movable property to be held on trust (whenever created) is regarded as having the capacity to transfer the property if the person has capacity to do so under any of the following laws—
(a) the law applicable in Hong Kong; 
(b) the law of the person’s domicile or nationality; or 
(c) the proper law of the transfer. 
(3) A law relating to inheritance or succession of a foreign jurisdiction does not affect the validity of the transfer of any movable property to be held on trust if the person transferring the movable property had the capacity to do so under subsection (2). 
(4) The reference to law in paragraph (a), (b) or (c) of subsection (2) does not include any choice of law rules that form part of the law in any of those paragraphs.

42. Power of court to appoint new trustees
(1) The court may, whenever it is expedient to appoint a new trustee or new trustees, and it is found inexpedient, difficult or impracticable so to do without the assistance of the court, make an order appointing a new trustee or new trustees either in substitution for or in addition to any existing trustee or trustees, or although there is no existing trustee. In particular and without prejudice to the generality of the foregoing provision, the court may make an order appointing a new trustee in substitution for a trustee who is sentenced to a term of imprisonment or is a lunatic or a person of unsound mind or is a bankrupt or is a corporation which is in liquidation or has been dissolved.
(2) An order under this section, and any consequential vesting order or conveyance, shall not operate further or otherwise as a discharge to any former or continuing trustee than an appointment of new trustees under any power for that purpose contained in any instrument would have operated.
(3) Nothing in this section gives power to appoint an executor or administrator.
[cf. 1925 c.19 s. 41 U.K.]