Among other things, they create a statutory duty of care similar to that of the UK’s, and establish a beneficiary’s rights to remove trustees without resort to the courts
The first major amendments to Hong Kong's trust regime for nearly eighty years have at long last been passed into law and will come into force on 1 December.
Among other things, they create a statutory duty of care similar to that of the UK's, and establish a beneficiary's rights to remove trustees without resort to the courts.
Other significant aspects of the Amendment Bill are:
• the abolition of the rule against perpetuities and the rule against excessive accumulation of income;
• New statutory trustees' powers to insure and to appoint agents nominees and custodians, along with corresponding new duties and liabilities for trustees;
• statutory control of trustees exemption clauses;
• statutory provisions concerning the validity of reserving investment powers to settlors;
• anti-forced heirship provisions.