Hong Kong Ordinances

TRUSTEE ORDINANCE - SECT 73

Charges upon trust estate administered by Official Trustee

(Past version on 30/06/1997).

Amendments retroactively made - see 18 of 1999 s. 3

(1) There shall be imposed and levied, for the use of the Government, upon
every trust estate administered under this Part a charge equivalent to the
following percentage of the net value of the trust estate-10 per cent where
the value of the trust estate does not exceed $100000, or, where the value
exceeds $100000, 10 per cent on the first $100000 and 5 per cent on the
excess.

(2) The said charge shall constitute a primary lien upon the trust estate, and
shall be levied, in the case of trust moneys deposited in a bank, by an order
of the court, authorizing the payment thereof to the Official Trustee for the
use of the Government, and in the case of securities or land, by sale,
mortgage, or otherwise as the court may direct, and in case of any such sale
or mortgage, the court may, by the same or any further order, empower the
Official Trustee to execute all instruments necessary for carrying out this
provision, and instruments so executed shall be as valid and effectual to all
intents and purposes as if the same had been executed by all persons who, but
for this provision, would have been necessary parties thereto.

(3) There shall also be imposed and levied, for the use of the Government,
upon every such estate a charge equivalent to 5 per cent of the annual revenue
of the trust estate. The Official Trustee shall deduct such charge in making
up the annual accounts of the estate. (Amended 27 of 1985 s. 2; 18 of 1999 s.
3)