Trusts.
Intervals
and terme and con- ditions of awarda
Invest- ments.
(c) the Manager of the Founders,
(d) such other members not exceeding three as may be appointed by resolution of the Board of Directors of the Founders.
(3) The persons named in paragraphs (a) and (0) of sub- section (2) shall whilst holding their respective offices be ex-officio members of the Committee.
(4) Every member appointed pursuant to paragraphs (b) and (d) of subsection (2) shall hold office for a fixed period of three years or until such time as his appointment is revoked and a new member appointed in his place by resolution of the Board of Directors of the Founders. Upon expiry of any such term of office a member may be re-appointed for a further similar term or a new member may be appointed in his place.
T. The Trustee shall apply the Fund including the capital and the income thereof in such manner as the Committee may direct for the promotion and encouragement of education and, in particular, for the education of such children of employees of the Founders as the Committee shall consider to be worthy of receiving the benefits of this trust, having regard to the intelligence, character and conduct of such children (as may appear to the Committee by observation, report or otherwise) and to the character and length and quality of service of their fathers and mothers as employees of the Founders.
6. Scholarships, maintenance grants and payments to cover text books and for such other purposes including the award of prizes directly or indirectly connected with the primary purposes of the trusts as set out in section 7 as the Committee shall deem appropriate shall be awarded at such intervals, and shall be held and enjoyed for such period, and subject to such terms and conditions, as shall from time to time be prescribed by regulations made by the Committee, and in default of such regulations then as the Committee shall determine, whether retrospectively or not; and the Committee may at any time alter or revoke regulations made under this section and make new regulations in place thereof.
9. The Trustee may invest the Fund and keep the same invested whether or not any such investment is permitted for the investment of trust funds, as the Committee may direct, and in like manner such investments may at any time be varied.
10. (1) The Trustee shall cause proper accounts to be kept Accounts
and audit. of all income and expenditure of the Fund and such accounts shall be audited at least once in every year by an auditor or auditors appointed from time to time by the Board of Directors of the Founders.
(2) A copy of such accounts together with a copy of a report by the Committee upon the administration of the Fund during the previous academic year shall be submitted by the Committee to the Board of Directors of the Founders not later than the gist day of December in every year,
(3) The Committee may frame standing orders for the publi- cation of such accounts and report in such manner
as the Committee shall think fit and may alter revoke or replace such standing orders from time to time.
and
11. (1) The Committee may appoint upon such salary and Servanta upon such terms as it may think proper such servants as it may advisera. 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 persons so appointed or employed shall be paid by the Trustee out of the Fund.
12. The costs of administering the Fund shall be paid out Coats of of the Fund.
Adminis-
tration.
form part
13. In the event either of the Founders going into liquidation Fund to or of the Founders ceasing to be direct employers of employees of in Hong Kong, the Fund shall form part of and shall be deemed Grantham to have been given to the Grantham Scholarships Fund Scholar
ships Fund established by the Grantham Scholarships Fund Ordinance, 1955. in certain freed from all trusts subsisting in respect thereof at the time of eventa. such event, and thereafter the provisions of this Ordinance shall (8 of 1955). cease to be applicable to the Fund,
clause.
14. Nothing in this Ordinance shall affect or be deemed to Savings affect the rights of Her Majesty the Queen, Her Heirs or Successors, or the rights of any body politic or corporate or of any other persons except such as are mentioned in this Ordinance and those claiming by, from or under them.