Trustees who want to pay or transfer trust assets to the Official Trustee must file an affidavit, then give notice after the transfer/payment. The Official Trustee can direct the transaction and may invest the funds unless a required statement is included or a request to stop investing is made.
Administration of Trust Funds Rules(Cap. 29, section 76) [27 July 1934](Format changes—E.R. 1 of 2017) 1. Citation These rules may be cited as the Administration of Trust Funds Rules. 2. Affidavit to be filed by trustee desiring to pay money to account of, or to deposit shares, etc., in name of, Official Trustee Any trustee desiring to pay money to the account of, or to transfer or deposit shares, stock, or securities into or in the name of, the Official Trustee under the provisions of the Ordinance relating to the administration of trust funds, shall file an affidavit setting forth—(a) his own name and address;(b) the place where he is to be served with any petition or any notice of any proceeding or order of the court, or of the judge in chambers, relating to the trust fund;(c) the amount of money, shares, stock, or securities, which he proposes to pay or transfer into or deposit in court, to the credit of the trust;(d) a short description of the trust and of the instrument creating it;(e) the name of the persons interested in or entitled to the fund, to the best of the knowledge and belief of the trustee; and(f) the submission of the trustee to answer all such inquiries relating to the application of the money, shares, stock, or securities paid in, transferred, or deposited under the Ordinance as the court or a judge in chambers may think proper to make or direct. 3. Directions for payment of money, etc. The Official Trustee, on production of an office copy of the affidavit, shall give the necessary directions for payment, transfer, or deposit, and place the money, shares, stock, or securities, to the account of the particular trust; and shall grant a certificate of such payment, transfer, or deposit. 4. Investment of moneys Where it is deemed unnecessary to have the money, or the dividends or interest of the shares, stock, or securities, invested in the meantime, the affidavit shall further contain a statement to that effect. But where the affidavit contains no such statement, the Official Trustee shall be at liberty to invest, as soon as conveniently may be, the money paid in or the dividends or interest on the shares, stock, or securities transferred, and all accumulations thereof, in or upon such investments and securities as the court may direct or approve, and every such investment shall be made in the matter of the particular trust:Provided that where at any time a request in writing, by or on behalf of any party claiming to be entitled, that such investment may be discontinued is left with the Official Trustee, he shall be at liberty to cease making any further investment in the matter of the particular trust until the court has made some order in that behalf. 5. Notice of payment, etc., to cestui que trust The trustee, having made the payment, transfer, or deposit, shall forthwith give notice thereof to the several persons named in his affidavit as interested in or entitled to the fund. 6. Applications relating to fund Such persons, or any of them, or the trustee may apply by petition, or, in a case where the fund does not exceed two thousand dollars in value, by summons, respecting the investment, payment out, or distribution of the fund or of the dividends or interest thereof. 7. Notice to trustee of application by cestui que trust The trustee shall be served with notice of any application made to the court or in chambers respecting the fund, or the dividends or interest thereof, by any person interested therein or entitled thereto. 8. Notice to cestui que trust of application by trustee The persons interested in or entitled to the fund shall be served with notice of any application made by the trustee to the court or in chambers respecting the fund or the dividends or interest thereof. 9. Place for service on applicant No petition shall be set down to be heard, and no summons shall be sealed, until the petitioner or applicant has first named in his petition or summons a place where he may be served with any petition or summons or notice of any proceeding or order of the court relating to the fund. 10. Title of petition, etc. Every petition presented, summons issued, and affidavit filed under the said provisions shall be intituled in the matter of the Ordinance and in the matter of the particular trust.