### Trustee Ordinance 《受託人條例》

18. Power to raise money by sale, mortgage, etc.
(1) Where trustees are authorized by the instrument, if any, creating the trust or by law to pay or apply capital money subject to the trust for any purpose or in any manner, they shall have and shall be deemed always to have had power to raise the money required by sale, conversion, calling in, or mortgage of all or any part of the trust property for the time being in possession.
(2) This section applies notwithstanding anything to the contrary contained in the instrument, if any, creating the trust, but does not apply to trustees of property held for charitable purposes.
[cf. 1925 c. 19 s. 16 U.K.]

19. Protection to purchasers and mortgagees dealing with trustees
No purchaser or mortgagee, paying or advancing money on a sale or mortgage purporting to be made under any trust or power vested in trustees, shall be concerned to see that such money is wanted, or that no more than is wanted is raised, or otherwise as to the application thereof.
[cf. 1925 c. 19 s. 17 U.K.]

20. Devolution of powers or trusts
(1) Where a power or trust is given to or imposed on 2 or more trustees jointly, the same may be exercised or performed by the survivors or survivor of them for the time being.
(2) Until the appointment of new trustees, the personal representatives or representative for the time being of a sole trustee, or, where there were 2 or more trustees of the last surviving or continuing trustee, shall be capable of exercising or performing any power or trust which was given to, or capable of being exercised by, the sole or last surviving or continuing trustee, or other the trustees or trustee for the time being of the trust.
(3) This section takes effect subject to the restrictions imposed in regard to receipts by a sole trustee, not being a trust corporation.
(4) In this section personal representative (遺產代理人) does not include an executor who has renounced or has not proved.
[cf. 1925 c. 19 s. 18 U.K.]

### Trustee Ordinance 《受託人條例》

21. Power to insure
(1) The trustee of a trust may—
(a) insure any property that is subject to the trust against loss or damage due to any event; and 
(b) pay the premiums out of the trust funds. 
(2) If a property is held on a bare trust, the power to insure the property is subject to any direction given by the sole beneficiary or (if more than one beneficiary) each of the beneficiaries that—
(a) the property is not to be insured; or 
(b) the property is not to be insured except on the conditions specified in the direction.
(3) For the purpose of subsection (2), a property is held on a bare trust if it is held on trust for—
(a) the sole beneficiary under the trust who is absolutely entitled to the property subject to the trust and—
(i) is an individual of full age and capacity; or 
(ii) is a body corporate whose constitution does not prohibit it from exercising the power under this section; or 
(b) 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—
(i) an individual of full age and capacity; or 
(ii) a body corporate whose constitution does not prohibit it from exercising the power under this section. 
(4) If a direction under subsection (2) is given, the power to insure, so far as it is subject to the direction, ceases to be a delegable function for the purpose of section 41B (power to appoint agents).
(Replaced 13 of 2013 s. 14)

### Trustee Ordinance 《受託人條例》

22. Application of insurance money where policy kept up under any trust, power or obligation
(1) Money receivable by trustees or any beneficiary under a policy of insurance against the loss or damage of any property subject to a trust, shall, where the policy has been kept up under any trust in that behalf or under any power statutory or otherwise, or in performance of any covenant or of any obligation statutory or otherwise, or by a tenant for life impeachable for waste, be capital money for the purpose of the trust as the case may be. (Amended 13 of 2013 s. 15)
(2) If any such money is receivable by any person, other than the trustees of the trust, that person shall use his best endeavours to recover and receive the money, and shall pay the net residue thereof after discharging any costs of recovering and receiving it, to the trustees of the trust, or, if there are no trustees capable of giving a discharge therefor, into court.
(3) Any such money—
(a) if it was receivable in respect of property held upon trust for sale, shall be held upon the trusts and subject to the powers and provisions applicable to money arising by a sale under such trust;
(b) in any other case, shall be held upon trusts corresponding as nearly as may be with the trusts affecting the property in respect of which it was payable.
(4) Such money, or any part thereof, may also be applied by the trustees, or, if in court, under the direction of the court, in rebuilding, reinstating, replacing, or repairing the property lost or damaged, but any such application by the trustees shall be subject to the consent of any person whose consent is required by the instrument, if any, creating the trust to the investment of money subject to the trust.
(5) Nothing contained in this section shall prejudice or affect the right of any person to require any such money or any part thereof to be applied in rebuilding, reinstating, or repairing the property lost or damaged, or the right of any mortgagee, lessor, or lessee, whether under any statute or otherwise.
(6) This section applies to policies effected either before or after the commencement of this Ordinance, but only to money received after such commencement.
[cf. 1925 c. 19 s. 20 U.K.]

### Trustee Ordinance 《受託人條例》

26. Power to concur with others
Where an undivided share in the proceeds of sale of land directed to be sold, or in any other property, is subject to a trust, or forms part of the estate of a testator or intestate, the trustees or personal representatives may (without prejudice to the trust for sale affecting the entirety of the land and the powers of the trustees for sale in reference thereto) execute or exercise any trust or power vested in them in relation to such share in conjunction with the persons entitled to or having power in that half over the other share or shares, and notwithstanding that any one or more of the trustees or personal representatives may be entitled to or interested in any such other share, either in his or their own right or in a fiduciary capacity.
[cf. 1925 c. 19 s. 24 U.K.]

### Trustee Ordinance 《受託人條例》

27A. Validation of appointments where objects are excluded or take illusory shares
(1) An appointment made in exercise of a power to appoint property among 2 or more objects—
(a) shall not be invalid on the ground that—
(i) an unsubstantial, illusory or nominal share only is appointed to or left unappointed to devolve upon any 1 or more of those objects; or
(ii) any object of the power is thereby altogether excluded;
(b) shall be valid notwithstanding that any 1 or more of those objects is not thereby, or in default of appointment, to take any share in the property.
(2) Subsection (1) shall not operate to affect any provision—
(a) in the instrument which creates the power referred to in that subsection; and
(b) which declares the amount of any share from which any object referred to in that subsection is not to be excluded.
(Added 79 of 1997 s. 2)