(ii) one scholarship of one thousand two hundred and fifty dollars each year in the University of Hong Kong to a student selected by the Registrar thereof from poor students who are considered to be sufficiently intelligent and progressive to profit from such education. This scholarship shall extend to a degree course in any faculty beginning in the first year of attendance at the University and shall be tenable, subject to satisfactory progress and conduct for three years:
Provided that—
(a) any one scholarship granted may, at the discretion of the Registrar of the University, be extended to a degree course in a faculty tenable longer than three years. beginning in the first year of attendance at the University:
(b) a second new scholarship may be granted while the first scholarship duly granted is in progress and that a third scholarship may be grunted while the first and the second scholarships are in progress and so forth; (c) the total amount designated for the scholarship under this sub-paragraph shall not exceed three thousand seven hundred and fifty dollars per annum in all. (iii) one hundred scholarships in Chinese middle schools for poor students selected by the Director of Education and being considered by him as being sufficiently intelligent and progres- sive to profit from such education :
Provided that the total amount for the purpose of these scholarships shall not exceed thirty-two thousand dollars per
annum.
(c) as to the balance of such income remaining after making provi- sion for the payments referred to in paragraphs (4) and (6), to provide the Director of Social Welfare with funds to enable him to assist those in distress to overcome any period of difficulty in cases where no adequate relief or assistance is available from other sources,
(2) If in any year the committee is of the opinion that it is not practicable or desirable to apply any part of the income arising from the fund in that year, whether or not such part has been allocated to a specific object in accordance with the provisions of subsection (1), sụch part of the income may be retained and may be invested as capital and in any subsequent year may be applied towards any of the objects of the fund set forth in subsection (1).
7. The trustee may invest any monies of the fund including the Invenments. proceeds of the realization of any of the shares enumerated in the Schedule hereto in such investments, whether or not such investments are trust investments, as the committee may advise, subject, in the case of investments which are not trust investments, to the prior approval of the Financial Secretary and may remit monies comprised in the fund through the Accountant General to the Crown Agents for investment in the name of the trustee,
8. (1) The committee may make rules for its procedure in the Rules. transaction of business and the maintenance of good order at meetings and generally all matters relating to the administration and management of the fund and the discharge of the duties of the committee.
(2) A copy of every rule made in accordance with the provisions of subsection (1) shall be furnished to the Colonial Secretary and any such rule shall be subject to disallowance or amendment at any time by the Governor.
9. (1) The committee shall have power to write off from the Express monies of the fund any sums which the committee finds to be irrecover-powers of able.
(2) Save as is provided in subsection (2) of section 6, the committee shall not have power to apply or to direct that the trustee should apply any of the capital funds of the trust as income.
committee.
10. All questions which may arise at any meeting of the committee Determina-
tion of shall be decided by a majority of votes by members present and, in the
questions at case of equality of votes, the chairman shall have a casting vote in meeting addition to his original vote:
Provided that in any case in which the committee is equally divided in opinion without the casting vote of the chairman, any three members of the committee may demand that the point be referred to the Governor for his decision and in such event the decision of the Governor shall be final.
11. (1) The trustee shall cause proper accounts to be kept of all Accounts. transactions of the fund and shall cause to be prepared for the period from the commencement of this Ordinance to the 31st day of August, 1963, and thereafter for every period of twelve months ending on the 31st day of August in each year, a statement of the accounts of the fund, which statement shall include an income and expenditure account and a balance sheet and shall be signed by the trustee.
(2) The accounts of the fund and the signed statement of accounts shall be audited by the Director of Audit who shall certify the statement subject to such report, if any, as he may think fit.