Short title.
Addition of new section 1A. (Cap. 297).
Amendmcat
of section 2.
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 Masonic Benevolence Fund Incorporation (Amendment) Ordinance 1966.
2. The Masonic Benevolence Fund Incorporation Ordinance (hereinafter referred to as the principal Ordinance) is amended by the addition, after section 1, of the following new section-
"Interpreta-
3.
IA. In this Ordinance, unless the context otherwise requires-
"custodian trustee" means the custodian trusles appointed
in accordance with section 3A.”.
Section 2 of the principal Ordinance is amended--
(a) in subsection (2)
() by the insertion, after the words "The said corporation shall have full power to", of the following--
"direct the custodian trustee to"; and
(i) by the deletion, after the word "elsewhere", of the comma and words or on the mortgages or debentures of any corporation or company carrying on business or con- stituted for any purposes in this Colony or elsewhere";
(b) in subsection (3), by the deletion of the words and comma "by deed under its seal," and the substitution therefor of the following-
"to direct the custodian trustee"; and
(c) by the deletion of subsections (4) and (5) and the substitution
therefor of the following-
"(4) The corporation shall have full power to direct the custodian trustee to invest any funds not immediately required in any of the following in accordance with the conditions stipulated hereunder-
(a) investments authorized by the Trustee Invest-
ments Act 1961 of the United Kingdom;
(b) mortgages of leasehold property in the Colony of which the unexpired term at the time of in- vestment is not less than sixteco years;
(c) securities of the Government of the United Kingdom, the Commonwealth of Australia, the Dominion of Canada, Norway or Denmark;
3
(d) securities (which word when used in this para- graph and paragraph (e) shall include stocks, stock units, shares, debentures, shares and deposits in building societies and deposits with finance companies which accept deposits from members of the public in the ordinary course of their business provided such finance companies are wholly owned, or in which a controlling interest is held, by a bank of repute, the shares or stock of which bank would be an authorized investment within the terms of the conditions of this subsection) issued in the United Kingdom. the Dominion of Canada, the Commonwealth of Australia or the United States of America by a company incorporated in one of those countries and having a fully paid up capital of not less than the equivalent of sixteen million Hong Kong dollars of the currency of the country concerned calculated at the rate of exchange ruling at the time the investment is made and having paid a dividend for not less than the previous five consecutive years;
(e) securities issued in the Colony by a company incorporated in the Colony and having a fully paid up capital of not less than five million Hong Kong dollars and having paid dividends for not less than the previous five consecutive years, and may from time to time direct the custodian trustee to sell, convey, assign, re-assign, transfer, surrender and yield up all or any of such investments and may similarly in its absolute discretion from time to time direct the custodian trustee to reinvest the proceeds thereof in part or in whole in any of the said investments as aforesaid, (5) The custodian trustee may invest in its name or under its control in such manner as the custodian trusted thinks fit or in the name of any limited liability company or corporation as nominee or nominees of the custodian trustee and any such investments or property as afore- said or any other property subject to the trusts hereof may remain for any period however long in the name or names of such nominee or nominees at the sole dis- cretion of the custodian trustee.