HONG KONG LEGISLATIVE COUNCIL
5 July 1989
香港立法局
一九八九年七月五日
21
Items 1 and 2 of the schedule to the Bill amend the Sir Robert Black Trust Fund Ordinance and the Li Po Chun Charitable Trust Fund Ordinance by removing the requirement for the Financial Secretary to approve investments which are not authorized by the Trustee Ordinance (Cap. 29). This amendment enables investment decisions to be made quickly in changing market conditions, when investments which are not trust investments are to be made.
Item 3 amends the Sir Murray MacLehose Trust Fund Ordinance by removing the limitation on investments in Hong Kong. This amendment gives the fund the flexibility to make investments overseas, if and when this becomes appropriate, in order to optimize the return on investments. The amendment also brings the Ordinance in line with other Ordinances governing the operation of trust funds.
Item 3 also amends the Sir Murray MacLehose Trust Fund Ordinance by specifying the trustee's power to appoint a professional person or financial institution to manage the investment of the moneys of the fund subject to the directions to the trustee, rather than a broad power for the person or institution to administer and manage the fund.
Item 4 amends the Sir Edward Youde Memorial Fund Ordinance by empowering the board of trustees to appoint a professional person or financial institution to manage the investments of the moneys of the fund subject to the directions of the board. This amendment provides more flexibility to the investment operations of the fund and is in its interest.
Sir, I move that the debate on this motion be adjourned.
Question on the adjournment proposed, put and agreed to.
LI PO CHUN CHARITABLE TRUST FUND (AMENDMENT). BILL 1989
THE SECRETARY FOR DISTRICT ADMINISTRATION moved the Second Reading of: "A Bill to amend the Li Po Chun Charitable Trust Fund Ordinance."
He said: Sir, I move that the Li Po Chun Charitable Trust Fund (Amendment) Bill 1989 be read the Second time.