Short title.
Establish- ment of trust fund.
Vesting of the Fund.
AND WHEREAS the said trustees in the exercise of the dis- cretion given them by the Will of the said ]. E. Joseph consulted with the Chinese members of the Legislative Council who approved of the institution of the use of the trust moneys to assist farmers in the New Territories to raise their standard of living:
AND WHEREAS the said trustees pursuant to the said trust paid the trust moneys, being the sum of $439.553.60, to the Government to be used for the object above recited :
AND WHEREAS the Government received the trust moneys to hold the same in trust for the said object
And Whereas the Government consider that the said object may best be achieved by making statutory provision to extinguish the existing trust and to vest all moneys subject to such trust at the commencement of this Ordinance in a trustee upon trust to apply the same for the encouragement and improvement of agriculture in the New Territories with specific power to make loans to Farmers' Co-operative Societies :
Now, THEREFORE, BE IT ENACTED by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows-
1. This Ordinance may be cited as the J. E. Joseph TrusI Fund Ordinance, 1954.
2. (1) There is hereby established a trust fund to be known as the J. E. Joseph Trust Fund (hereinafter referred to as the Fund).
(2) The Fund shall consist of $430.553.60 being moneys paid over to the Government by The Hongkong and Shanghai Banking Corporation under the provisions of a trust created by the Will of the said J. E. Joseph, together with any sums accumulated by way of interest thereon at the commencement of this Ordinance, and such other moneys as may from time to time be donated.
3. As from the commencement of this Ordinance, the Fund is hereby transferred to and vested in the Registrar of Co-opera- tives as trustee (hereinafter referred to as the Trustee).
of exist-
4. (1) As from the commencement of this Ordinance, any Extin- existing trust attaching to the trust moneys is hereby extinguishment guished, but without prejudice to any act or thing lawfully done ing trust, or omitted to be done under any such trust.
(3) Any person who has done or omitted to do any act or thing in relation to the trust moneys in good faith and in the execution or intended execution of any trust or trusts attaching to such moneys, is hereby discharged from all liability for any claims by any other person in respect of the trust moneys.
5.
etc.
The cost of administering the Fund shall be defrayed Adminis out of moneys provided by the Legislative Council.
trative cost to be borne by Govern- ment.
trust.
8. (1) The Trustee shall hold and stand possessed of the Purpose of capital and income of the Fund upon trust for the encouragement and improvement of agriculture in the New Territories, and for the fulfilment of the said purpose the Trustee shall have power to make loans to Farmers' Co-operative Societies in the New Terri- tories at such rate of interest, if any, and subject to such conditions as the Trustee shall from time to time determine.
(2) The Trustee may at his discretion, with the concurrence of the Financial Secretary, convert a loan made under subsection (1) into a grant.
accounta.
7. The Trustee shall cause proper accounts to be kept of Keeping all income and expenditure and such accounts shall be audited at least once in every year by an auditor appointed from time to time by the Governor, and a copy of such accounts together with a copy of the auditor's report thereon shall be laid upon the Table of the Legislative Council.
to
8. The Trustee may, and where so directed by the Governor Troslee shall, consult with any person or body nominated by the Governor, consult but the Trustee shall not be bound to accept the advice of such nominated person or body.
peraons.
Governor
9. (1) The Governor may give to the Trustee directions Powers of as to the discharge by the Trustee of his functions in carrying in relation out the trust hereby created, and the Trustee shall give effect to to the such directions.
Trustee.