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69
B. ENDOWMENT.
TESTATOR'S RESIDUARY ESTATE.
The Testator's estate remaining after providing for the cost of the erection of the original buildings and the equipment of the main Hospital was on the 30th September. 1914 (the date of the last Balance Sheet) as follows:-
Amount invested in Colonial Government Stocks and British Railway Debenture Stocks,...... Amount advanced on mortgages of Leasehold
properties in Hongkong and Kowloon,
Estimated liability for outstanding legacies and annuities under Testator's Will,
$422,830.28
917,000.00
Value of Testator's leasehold properties in Hong- kong and Kowloon remaining unsold,
939,500.00
Cash,
43,886.20
$2,323,216,48
20,000.00
$2,303,216.48
Deducting the estimated cost of the erection and equip- ntent of the Maternity Ward, (see prevents page),
There remains au estimated net surplus of,
105,150.00
$2,198,066,48
$112,728.26
And the cost of maintaining and running the Hospital for such year was,
48,552.25
$64,176.01
The net income of the Estate for the year ending 30th September, 1914 was, ..............................
Leaving a surplus income of,.....................
After erection of the Maternity Ward the income will be reduced by the sale of the investments required to provide for the cost of such erection, and the cost of maintaining and running the Hospital will be increased by the addition of such Maternity Ward.
It is the express wish of the Testator that the Hospital should "be quite self-supporting" and "be able to sustain itself" and that it should be "absolutely unnecessary at any time during the continuance of this Institution to appeal to the public in any way for funds for its maintenance.'
In view of this and having regard to the need for expansion of the Hospital which the Trustees fully anticipate at no distant date and the continual requirements for repairs and renewals of every kind which its maintenance in the climate of Hongkong will entail the Trustees retain the whole of the surplus residue of the Testator's Estate as a fund to provide for the endowment maintenance and future expansion of the Hospital.
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C. MANAGEMENT.
NAME OF THE HOSPITAL.
I. The Hospital shall be called "Matilda Hospital."
OBJECTS OF THE HOSPITAL.
II. The objects for which the Matilda Hospital is established are:-
(a) To the Glory of God and for the good of men and in memory of Matilda Lincolne Sharp, Resident in this Colony from 1858 to 1893, (b) To provide carry on and maintain a Hospital for the benefit of patients primarily who are poor helpless and forsaken and to provide gratuitous medical relief to any such person suffering from disease or ill-health.
(e) The Hospital shall be considered to be established as a Religious
and Evangelistic Institution.
(d) The Hospital is reserved for British, American and European Patients; Chinese, Portuguese or Japanese are to be excluded,
(e) Generally to do all things necessary or expedient for the proper and effective carrying out of these objects in accordance with the terms of the Will.
THE GOVERNING BODY.
III. (1) The Management of the Hospital shall be vested in a Board of management hereinafter called the Governing Body, which shall consist of : —
(a) The Trustees for the time being of the Will and Codicil of the Testator or in case of their absence from time to time their respective Attorneys.
(Such Trustees for the time being are hereinafter called the “Trustees
of the Will")
(b) The Bishop of the Diocese for the time being.
The Chaplain of St. John's Cathedral for the time being. The Minister of the Union Church for the time being.
(All the above, including the Trustees of the Will, are hereinafter called
"The Hospital Trustees ".)
(c) Four Gentlemen who shall be invited by the Governing Body at the last ordinary meeting of each year to act as additional Members of the Governing Body for the period of one year. They shall retire from their said Office on the 31st day of December in each year and they shall be eligible for re-election for a further term or terms of office. The Governing Body may at any time fill any casual vacancies amongst the additional Members,
(2) Save as otherwise provided the Governing Body shall have the superin- tendence, control and management of the Hospital, its Buildings, and the land upon which it stands, or any other land and buildings acquired for the purpose of extending the same.
(3) The Governing Body may make and formulate such Bye-laws and Regulations as they may from time to time think fit in relation to any matters within the scope of their authority for the regulation of the Hospital, its officers and servants, and may vary and repeal the same from time to time.
(4) A Secretary to the Governing Body shall be appointed at the first meeting in each year whose duties and salary shall be fixed and prescribed by the Governing Body.