### Trustee Ordinance 《受託人條例》

3. Application
(1) This Ordinance applies to trusts (whenever created) including, so far as this Ordinance applies, executorships and administratorships whenever constituted. (Replaced 13 of 2013 s. 4)
(2) Subject to subsection (2A), the powers conferred by this Ordinance on trustees are in addition to the powers conferred by the instrument creating the trust or an enactment. (Replaced 13 of 2013 s. 4) 
(2A) The powers conferred by this Ordinance on trustees—
(a) apply if, and so far only as, a contrary intention is not expressed in the instrument creating the trust or an enactment; and 
(b) have effect subject to the terms of that instrument or enactment. (Added 13 of 2013 s. 4)
(2B) Subsections (1) and (2) have effect except as otherwise stated in this Ordinance. (Added 13 of 2013 s. 4)
(3) This Ordinance does not affect the legality or validity of anything done before the commencement of this Ordinance, except as otherwise expressly provided.
[cf. 1925 c. 19 s. 69 U.K.]

### Trustee Ordinance 《受託人條例》

3A. Statutory duty of care
(1) If the statutory duty of care applies to a trustee as provided in Schedule 3, the trustee must exercise the care and skill that is reasonable in the circumstances, having regard to—
(a) any special knowledge or experience that the trustee has or holds out as having; and
(b) if the trustee is acting in that capacity in the course of a business or profession, any special knowledge or experience that is reasonably expected of a person acting in the course of that kind of business or profession.
(2) If the statutory duty of care applies to a trustee when exercising a power or doing an act, that duty has effect in place of any common law rules and equitable principles regarding the duty and standard of care owed by the trustee to the beneficiaries of the trust when exercising the power or doing the act. 
(3) The statutory duty of care does not apply to a trustee if, or in so far as, it appears from the instrument creating the trust or an enactment that the duty is not meant to apply. 
(4) The statutory duty of care does not apply in relation to a trust created before the commencement date# of this section in so far as provision to the effect that subsection (1) does not apply is made by a deed executed—
(a) if the trust was created by a person who is of full capacity, by that person; 
(b) if the trust was created by more than one person, by all the persons who are of full capacity; or 
(c) if none of the persons creating the trust is of full capacity, by—
(i) the sole beneficiary under the trust who 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 who (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.
(Amended E.R. 2 of 2014)Editorial Note:
# Commencement date: 1 December 2013.

### Trustee Ordinance 《受託人條例》

4. Authorized investments
(1) A trustee may invest any trust funds in his hands, whether at the time in a state of investment or not—
(a) in any investment specified in Schedule 2 subject to the compliance with any condition specified in relation to the investment in that Schedule; (Amended 13 of 2013 s. 6)
(b) in any other investment (including deposits in a bank outside Hong Kong) which may be authorized by the court on summary application for that purpose made in chambers. (Amended 9 of 1993 s. 7)
(2) Any application to the court made under subsection (1)(b) shall be made by the trustee ex parte and shall be supported by affidavit.
(3) The Financial Secretary may from time to time by order published in the Gazette amend Schedule 2. (Amended 9 of 1993 s. 2)
(Replaced 48 of 1968 s. 2. Amended E.R. 2 of 2014)

5. Retention of redeemable stocks until redemption
A trustee may retain until redemption any redeemable stock, fund, or security which may have been purchased in accordance with the powers of this Ordinance, or any Ordinance replaced by this Ordinance.
[cf. 1925 c. 19 s. 2 U.K.]

6. Discretion of trustees
Every power conferred by sections 4 and 5 shall be exercised according to the discretion of the trustee, but subject to any consent or direction with respect to the investment of the trust funds, required by the instrument, if any, creating the trust or by any Ordinance.
[cf. 1925 c. 19 s. 3 U.K.]

7. Retention of unauthorized investment
A trustee is not liable for a breach of trust only because of the trustee’s continuing to hold an investment which has ceased to be an investment authorized by the instrument creating the trust or the general law if the trustee has discharged the statutory duty of care in doing so.
(Replaced 13 of 2013 s. 7)

### Trustee Ordinance 《受託人條例》

9. Loans and investments by trustees not chargeable as breaches of trust
(1) A trustee lending money on the security of any property on which he can properly lend shall not be chargeable with breach of trust by reason only of the proportion borne by the amount of the loan to the value of the property at the time when the loan was made, if it appears to the court—
(a) that immediately prior to the making of the loan the trustee obtained a report as to the value of the property made by a person whom he reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of the property, whether such surveyor or valuer carried on business in the locality where the property is situate or elsewhere; and (Amended 48 of 1968 s. 3)
(b) that the amount of the loan does not exceed one half of the value of the property as stated in the report; and (Amended 48 of 1968 s. 3)
(c) that the loan was made under the advice of the surveyor or valuer expressed in the report.
(2) A trustee lending money on the security of any leasehold property shall not be chargeable with breach of trust only upon the ground that in making such loan he dispensed either wholly or partly with the production or investigation of the lessor’s title.
(3) A trustee shall not be chargeable with breach of trust only upon the ground that in effecting the purchase, or in lending money upon the security, of any property he has accepted a shorter title than the title which a purchaser is, in the absence of a special contract, entitled to require, if in the opinion of the court the title accepted be such as a person acting with prudence and caution would have accepted.
(4) This section applies to transfers of existing securities as well as to new securities and to investments made before as well as after the commencement of this Ordinance.
[cf. 1925 c. 19 s. 8 U.K.]

10. Liability for loss by reason of improper investment
(1) Where a trustee improperly advances trust money on a mortgage security which would at the time of the investment be a proper investment in all respects for a smaller sum than is actually advanced thereon, the security shall be deemed an authorized investment for the smaller sum, and the trustee shall only be liable to make good the sum advanced in excess thereof with interest.
(2) This section applies to investments made before as well as after the commencement of this Ordinance.
[cf. 1925 c. 19 s. 9 U.K.]