2
be a member of the Board, in view of the Boards increased
responsibilities arising from the creation of a Trust Fund
and the requirement for additional expertise on finance.
and investment matters.
5.
The Trust Fund established by the Bill will
be vested in a Committee of Trustees, to be appointed
by the Board.
Members of the Jubilee Sports Centre Trust
Fund Committee of
Trustees will not exceed 5 in number,
and will include at least two members of the Jubilee
Sports Centre Board.
6.
The Committee of Trustees will be empowered
to make investments as provided for in the Trustee Ordinance.
In keeping with the provisions of the Trustee Ordinance,
the Jubilee Sports Centre Trust Fund, which is a charitable
trust, may not be pledged as security for any loan which
the Committee or Board may seek to raise.
7.
The Committee of Trustees will be required
to lay before the Legislative Council, by 31 December
each year, a signed statement of the audited accounts
together with a report on the administration of the Fund
for the relevant financial year.
8.
For the purpose of taxation, the Jubilee
Sports Centre is an exempted person under Section 88 of
the Inland Revenue Ordinance. However, the Jubilee Sports
Centre Trust Fund Committee will be a separate legal entity
and a separate exemption will be sought in respect of the
Trust Fund if the Bill is enacted.
9.