For the purposes of rule 15A.48 the Exchange will normally require the trustee, custodian or depositary to be:-

(1) a bank licensed under section 16 of the Banking Ordinance;
(2) a trust company which is a subsidiary of such a bank;
(3) a trust company registered under Part VIII of the Trustee Ordinance; or
(4) a banking institution or trust company incorporated outside Hong Kong which is acceptable to the Exchange.

However, the Exchange may in exceptional cases accept an alternative person to be trustee, custodian or depositary.