### Trustee Ordinance 《受託人條例》

41M. Review of agents
(1) While an agent continues to act for a trust, the trustees of the trust must—
(a) keep under review the arrangements under which the agent acts and the way in which those arrangements are being put into effect; 
(b) if circumstances make it appropriate to do so, consider whether there is a need to exercise any power of intervention that the trustees have; and 
(c) if the trustees consider that there is a need to do so, exercise the power of intervention. 
(2) If an agent has been authorized to exercise asset management functions, the duty to review under subsection (1) includes—
(a) a duty to consider whether there is a need to revise or replace the policy statement made for the purposes of section 41F; 
(b) if the trustees consider that there is a need to revise or replace the policy statement, a duty to do so; and 
(c) a duty to assess whether the policy statement is being complied with. 
(3) The trustees must carry out the review as frequently as the circumstances of the trust may require having regard to the nature of the functions required to be exercised by the agent. 
(4) Section 41F(3) and (4) applies to the revision or replacement of a policy statement under this section as it applies to the making of a policy statement under that section. 
(5) For the purposes of subsection (1)—
power of intervention (干預權力) includes—
(a) a power to give directions to the agent; and 
(b) a power to revoke the authorization or appointment of the agent. 

41N. Review of nominees and custodians
(1) While a nominee or custodian continues to act for a trust, the trustees of the trust must—
(a) keep under review the arrangements under which the nominee or custodian acts and the way in which those arrangements are being put into effect; 
(b) if circumstances make it appropriate to do so, consider whether there is a need to exercise any power of intervention that the trustees have; and
(c) if the trustees consider that there is a need to do so, exercise the power of intervention. 
(2) The trustees must carry out the review as frequently as the circumstances of the trust may require having regard to the nature of the functions required to be exercised by the nominee or custodian. 
(3) For the purposes of subsection (1)—
power of intervention (干預權力) includes—
(a) a power to give directions to the nominee or custodian; and 
(b) a power to revoke the appointment of the nominee or custodian.

41O. Liability for agents, nominees and custodians
(1) A trustee of a trust is not liable for any act or omission of an agent, nominee or custodian acting for the trust (each is a representative

### Trustee Ordinance 《受託人條例》

41P. Effect of trustees exceeding their powers
A failure by the trustees to act within the limits of the powers conferred by this Part does not invalidate—
(a) the authorization of a person to exercise a function of the trustees as an agent; or 
(b) the appointment of a person to act as a nominee or custodian.

41Q. Application of Part 4B
This Part applies in respect of—
(a) services provided to, or on behalf of, a trust (whenever created) on or after the commencement date# of this Part; or 
(b) expenses incurred on behalf of a trust (whenever created) on or after the commencement date# of this Part.
(Amended E.R. 2 of 2014)Editorial Note:
# Commencement date: 1 December 2013.

41R. Interpretation of Part 4B
(1) For the purposes of this Part, a trustee acts in a professional capacity if—
(a) the trustee acts in the course of a profession or business that consists of, or includes, the provision of services in connection with—
(i) the management or administration of trusts generally or a particular kind of trust; or 
(ii) any particular aspect of the management or administration of trusts generally or a particular kind of trust; and
(b) the services that the trustee provides to, or on behalf of, the trusts fall within the description of paragraph (a). 
(2) For the purposes of this Part, a person acts as a lay trustee if the person—
(a) is not a trust corporation; and 
(b) does not act in a professional capacity. 
(Amended E.R. 2 of 2014)

### Trustee Ordinance 《受託人條例》

41S. Remuneration of trustees under instrument creating trust
(1) Subject to subsection (2)—
(a) subsections (3) and (4) apply to a trustee who—
(i) is a trust corporation; or 
(ii) is not a trust corporation, but is acting in a professional capacity as a trustee of a non-charitable trust; and
(b) subsections (3) and (4) apply to a trustee—
(i) if the trustee is not a trust corporation, but is acting in a professional capacity as a trustee, other than the sole trustee, of a charitable trust; but
(ii) only to the extent to which a majority of the other trustees of the charitable trust have agreed that those subsections apply to the trustee, subject to any inconsistent provision in the instrument creating the trust or an enactment. 
(2) Subsections (3) and (4) apply to a trustee—
(a) only if there is a provision in the instrument creating the trust or an enactment entitling the trustee to receive payment out of trust funds for services provided by the trustee to, or on behalf of, the trust; and 
(b) except to the extent to which any inconsistent provision is made in the instrument creating the trust or an enactment. 
(3) A trustee is to be treated as being entitled under the instrument creating the trust to receive payment for services provided even if the services are capable of being provided by a lay trustee. 
(4) Any payment to which a trustee is entitled for services provided is to be treated as remuneration for services (but not as a disposition of property) for the purposes of section 10 of the Wills Ordinance (Cap. 30) (avoidance of gifts to attesting witnesses and their spouses).