FRIDAY, MARCH 6, 1987
SIR EDWARD YOUDE MEMORIAL FUND BILL GAZETTED
*****
THE APPLICATION OF THE INCOME OF THE SIR EDWARD YOUDE MEMORIAL FUND WOULD BE SUFFICIENTLY BROAD TO COVER THE FURTHERANCE OF EDUCATION, LEARNING AND RESEARCH LOCALLY OR OVERSEAS FOR THE PEOPLE OF HONG KONG AND TO ENABLE GRANTS OR LOANS TO BE MADE TO EDUCATION INSTITUTIONS BASED IN HONG KONG, CHAIRMAN OF THE FUND COMMITTEE, SIR S.Y. CHUNG, SAID TODAY (FRIDAY).
SPEAKING AT A PRESS CONFERENCE ON THE SIR EDWARD YOUDE MEMORIAL FUND BILL 1987 WHICH WAS GAZETTED TODAY, SIR S.Y. SAID THE APPLICATION OF THE INCOME OF THE FUND WAS DRAWN UP IN ACCORDANCE WITH THE WISH OF LADY YOUDE.
THE BILL, WHICH SOUGHT TO FORMALLY CREATE THE FUND BY LEGISLATION, WOULD BE INTRODUCED TO THE LEGISLATIVE COUNCIL NEXT WEDNESDAY (MARCH 11).
SIR S.Y. EXPLAINED THAT THE PROPOSED TWO-TIER STRUCTURE OF THE FUND, WHICH WOULD COMPRISE A BOARD OF TRUSTEES AND A COUNCIL, WAS MODELLED UPON THAT OF THE WINSTON CHURCHILL MEMORIAL TRUST IN THE UNITED KINGDOM.
+FIRST, THE FINANCIAL MANAGEMENT OF THE FUND WILL BE VESTED IN A BOARD OF TRUSTEES COMPRISING A CHAIRMAN, THE SECRETARY FOR DISTRICT ADMINISTRATION AS EX-OFFICIO MEMBER AND THREE OTHER MEMBERS TO BE APPOINTED BY THE GOVERNOR,+ HE SAID.
THE BOARD OF TRUSTEES WOULD BE EMPOWERED TO INVEST ANY MONEYS OF THE FUND, TO ENGAGE ANY PROFESSIONAL PERSON OR FINANCIAL INSTITUTION AS ADVISERS, TO BORROW MONEY AND TO ACCUMULATE ANY INCOME OF THE FUND.
+SECONDLY, THE POWERS TO DETERMINE ALL MATTERS RELATING TO THE APPLICATION OF THE INCOME OF THE FUND AND THE FULFILMENT OF ITS PURPOSES ARE GIVEN TO A COUNCIL, WHICH CONSISTS OF A CHAIRMAN, THE SECRETARY FOR EDUCATION AND MANPOWER AS EX-OFFICIO MEMBER AND FIVE OTHER MEMBERS TO BE APPOINTED BY THE GOVERNOR, SIR S.Y. SAID.
THE BILL ALSO PROVIDED FOR THE APPOINTMENT OF LADY YOUDE AS ONE OF THE FIRST MEMBERS OF BOTH THE BOARD OF TRUSTEES AND THE COUNCIL.
+1 AM PLEASED TO SAY THAT LADY YOUDE HAD INDICATED HER AGREEMENT TO ACCEPT BOTH APPOINTMENTS,+ SIR S.Y. SAID.
ANTICIPATING THAT THE PUBLIC AT LARGE WOULD BE INTERESTED IN THE DEVELOPMENT OF THE FUND, THE BOARD OF TRUSTEES WOULD BE REQUIRED TO SUBMIT AN ANNUAL REPORT AND ACCOUNTS TO THE LEGISLATIVE COUNCIL.
/SIR S.Y.
+