4
Standing orders of the committee.
Power to solicit and take
subscriptions and bequests.
Accounts.
Servants and advisers.
Cost of administration.
23/9053
CAP. 1076]
Grantham Scholarships Fund
[1985 Ed.
8. The committee may, from time to time with the approval of the Governor, frame and, from time to time with the like approval, alter standing orders for its internal management and control; and all such standing orders when so approved as aforesaid shall be binding on every member of the committee.
9. The committee may, from time to time, solicit and take on behalf of the trustee subscriptions and bequests to the fund.
10. (1) The trustee shall cause proper accounts to be kept of all transactions of the fund and shall cause to be prepared for every period of 12 months ending on 31 August in each year a statement of the accounts of the fund, which statement shall include an income and expenditure account and balance sheet and shall be signed by the trustee.
(2) The accounts of the fund and the signed statement of the accounts shall be audited by an auditor appointed by the Governor and the auditor shall certify the statement subject to such report, if any, as he thinks fit.
(3) A copy of the signed and audited statement of accounts together with the auditor's report, if any, shall be laid on the table of the Legislative Council, not later than 31 December next following the end of such period or so soon thereafter as the Governor, in his absolute discretion, may allow.
(Replaced, 23 of 1966, s. 2)
11. (1) The committee may appoint upon such salary and upon such terms as it may think proper such servants as it may think necessary for the purpose of carrying out the provisions of this Ordinance, and may employ any professional persons to advise it on any matter arising out of or in connexion with such provisions.
(2) All salaries and fees of any person so appointed or employed shall be paid by the trustee out of the fund.
12. (1) The cost of the administration of the fund, other than the salaries and fees paid under the provisions of section 11(2), shall be a charge on the general revenue of the Colony:
Provided that the Financial Secretary may direct that an annual supervision fee to be determined by him shall be charged against the income of the fund and paid into the general revenue of the Colony.
(2) The fee charged under the proviso to subsection (1) shall- (a) be in respect of the year commencing on 1 September 1966 and ending on 31 August 1967, and thereafter in respect of every period of 1 year ending on 31 August; and
(b) not exceed 24 per cent of the annual income of the fund.
(Replaced, 23 of 1966, s. 3)
Page 5
Page 6