| 单词 | Trust fund investment |
| 释义 | 信託基金投資 An investment made by a trustee in securities or other permissible property, so as to obtain a return of income and capital appreciation for the benefit of those ultimately entitled: Low v Bouverie [1891] 3 Ch 82. Unless a trustee is expressly otherwise authorised or required under the terms of his trust, he must duly and promptly invest all capital trust money coming to his hands: Cann v Cann (1884) 51 LT 770. It is a power exercised by the trustee at his discretion, subject to any consent or direction with respect to the investment of the trust funds, required by the instrument creating the trust or by any Ordinance: Trustee Ordinance (Cap 29) s 6. A trustee may invest any trust funds in his hands, whether at the time in a state of investment or not, in any investment specified in the Second Schedule of the Trustee Ordinance, and in any other investment (including deposits in a bank outside Hong Kong) which may be authorised by the court on summary application for that purpose made in chambers: s 4(1). Where a trustee improperly sells a proper investment and invests in an improper investment, prima facie he is liable to replace the investment sold (and not merely to make good the proceeds misapplied); and, if sale of the improper investment realises more than is required for this purpose, the excess belongs to the trust estate: Re Bell’s Indenture, Bell v Hickley [1980] 3 All ER 425, 1 WLR 1217. See also Security; Trust; Trust instrument. 由證券或其他所容許的的財產的受託人作出的投資，目的在於為最終權益享有者獲得收益的回報及資本增值：Low v Bouverie [1891] 3 Ch 82。除非某受託人另有明文獲授權或根據其信託條款規定，他／她必須適當而迅速地將所有到他／她手上的資本信託款項用作投資之用：Cann v Cann (1884) 51 LT 770。這是由受託人酌情行使的權力，但仍須受設立信託的文書或任何條例在信託基金的投資方面所規定的同意或指示所規限：《受託人條例》(第29章)第6條。受託人可將手上的信託基金投資在以下項目，不論該基金當時是否在投資狀態－(a)《受託人條例》附表2所指明的任何投資項目；及(b) 法院所特准的其他投資項目（包括在香港以外地方的銀行的存款），而該等投資項目是有人為該目的而循簡易程序在內庭作出申請，並獲法院特准者：第4(1)條。如某受託人不當地出售某投資項目及投資在不適當的投資項目上，則表面上他／她有修復已出售投資項目的法律責任(不僅修復不當運用的收益)；此外，如不適當的投資項目的售賣變現較此目的所需的為多，則有關的超出額屬於有關的信託產業：Re Bell’s Indenture, Bell v Hickley [1980] 3 All ER 425, 1 WLR 1217。另見 Security; Trust; Trust instrument。 |
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