Addition of new sections JA & 38.
Vesting of
property in eustodian trustee.
(6) The corporation shall also have full power to direct the custodian trustee to receive and accept gifts. donations, contributions or legacies and to hold or realize the same in its absolute discretion subject to any con- ditions attached to such gifts, donations, contributions and legacies.
(7) The custodian trustee shall be deemed to have all powers required to give effect to any direction made by the corporation under this section as though the custodian trustee were the absolute owner of the funds vested in the custodian trustee: Provided that all deeds and other instruments requiring the seal of the corpora- tion shall be sealed and signed as provided in section 3.".
4. The principal Ordinance is amended by the addition, after section 3, of the following new sections-
"Appoint- meat of custodian trustee.
(Cap. 29).
Keeping of accounts.
34. Hong Kong & Shanghai Bank. Hong Kong (Trustee) Limited, shall be, and is hereby appointed, custodian truslee for the corporation to hold all or any property vested in it on behalf of the corporation upon the trusts declared in subsection (2) of section 4 of the Public Trustee Act 1906 subject to the reference therein to the Trustee Act 1893 being construed to refer to the Trustee Ordinance, and the appointment of the custodian trustee shall be upon the usual terms and conditions for the time being in force including those governing the right to remuneration in accordance with the published scale of fees or such other scale of fees as may from time to time be agreed between the custodian trustee and the corporation.
3B. The corporation shall keep proper books of account with respect to all sums of money received and expended by the corporation and the matters in respect of which the receipt and expenditure takes place and the assets and liabilities of the corporation. The corporation instead of keeping such accounts itself may employ the custodian trusice to keep such accounts and may pay the custodian trustee for such work.".
5. All property which, at the coming into operation of this Ordinance, is vested in the crustees of The Hong Kong and South China Masonic Benevolence Fund shall be, and is hereby, transferred to and vested in Hong Kong & Shanghai Bank, Hong Kong (Trustee) Limited.
5
This printed impression has been carefully compared by me with the Bill which passed the Legislative Council on the 8th day of June, 1966, and is found by me to be a true and correctly printed copy of the said Bill.
(Secretariat GR35/3231/55)
Deputy Clerk of Councils.