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Re President Securities (Hong Kong) Ltd

Judgment Cited in 1 Precedent Map Related
Vincent
JurisdictionHong Kong
Judgment Date24 August 2023
Neutral Citation[2023] HKCFI 2212
Subject MatterMiscellaneous Proceedings
Judgement NumberHCMP1153/2023
Year2023
HCMP1153/2023 RE PRESIDENT SECURITIES (HONG KONG) LTD

HCMP 1153/2023

[2023] HKCFI 2212

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF FIRST INSTANCE

MISCELLANEOUS PROCEEDINGS NO 1153 OF 2023

____________

IN THE MATTER of President Securities (Hong Kong) Limited (統一證券(香港)有限公司)
and
IN THE MATTER of Sections 56 and 62 of the Trustee Ordinance (Cap 29)
and
IN THE MATTER of Order 92 or the Rules of High Court (Cap 4A)

____________

PRESIDENT SECURITIES (HONG KONG) Applicant
LIMITED (統一證券(香港)有限公司)

____________

Before: Hon Au-Yeung J in Chambers
Date of Hearing: 24 August 2023
Date of Judgment: 24 August 2023

________________________

J U D G M E N T

________________________

1. The Applicant (“President Securities”) was licensed to carry on types 1, 4, 6 and 9 regulated activities and has ceased business on 31 December 2022. Before cessation of its business, President Securities had between April and November 2022 made efforts (including placing advertisements in newspapers) to contact its clients. Those clients have addresses in Hong Kong, PRC, Taiwan, and Singapore. Despite those efforts, there remains unclaimed cash, securities and bonds held by President Securities for those clients.

2. This is an ex parte application by President Securities for payment in of unclaimed assets of its clients pursuant to sections 62 and 56 of the Trustee Ordinance, Cap 29. At the start of this hearing, I have granted leave to amend the originating summons to reflect updates since its issue.

3. Section 62(1) of the Trustee Ordinance, provides that:

“Trustees, or the majority of trustees, having in their hands or under their control money or securities belonging to a trust, may pay the same into court, and the same shall, subject to the rules of court, be dealt with according to the orders of the court.”

4. Section 56(1) of the Trustee Ordinance provides that:

“Where in the management or administration of any property vested in trustees, any sale, lease, mortgage, surrender, release, or other disposition, or any purchase, investment, acquisition, expenditure, or other transaction, is in the opinion of the court expedient, but the same cannot be effected by reason of the absence of any power for that purpose vested in the trustees by the trust instrument, if any, or by law, the court may by order confer upon the trustees, either generally or in any particular instance, the necessary power for the purpose, on such terms, and subject to such provisions and conditions, if any, as the court may think fit and...

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1 cases
  • Re President Securities (Hong Kong) Ltd
    • Hong Kong
    • 24 August 2023
    ...RE PRESIDENT SECURITIES (HONG KONG) LTD HCMP 1153/2023 [2023] HKCFI 2212 IN THE HIGH COURT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION COURT OF FIRST INSTANCE MISCELLANEOUS PROCEEDINGS NO 1153 OF 2023 ____________ IN THE MATTER of President Securities (Hong Kong) Limited (統一證券(香港)有限公司) a......

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