WEDNESDAY, JULY 5, 1989
38
MORE FLEXIBLE USE OF TRUST FUND INTENDED
* * *
FLEXIBLY
A BILL WHICH WILL ENABLE A TRUST FUND TO OPERATE MORE
COMMUNITY WAS INTRODUCED TO BETTER MEET THE NEEDS OF THE HONG KONG INTO THE LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON,
CHUN CHARITABLE TRUST FUND FOR DISTRICT SECRETARY
THE SECOND READING OF THE LI PO
BILL 1989 WAS MOVED BY THE (AMENDMENT) ADMINISTRATION, THE HON DONALD LIAO.
THE INCOME OF 50-50 BASIS BETWEEN
MR LIAO SAID THAT UNDER THE EXISTING ORDINANCE
ON A APPLIED GENERALLY TO BE THE FUND WAS EDUCATIONAL PURPOSES AND THE RELIEF OF DISTRESS.
25
AGO
"THE FUND
ESTABLISHED WAS
YEARS CIRCUMSTANCES IN HONG KONG HAVE CHANGED CONSIDERABLY SINCE
AND SOCIAL THEN, HE
"I
SAID.
"OPERATIONAL
EXPERIENCE HAS SHOWN THAT BECOMING UNNECESSARILY RIGID WITH REGARD TO INCOME OF THE FUND.
THE ORDINANCE IS THE APPLICATION OF THE
PROVISION BY
FUND FLEXIBLY
THE BILL THEREFORE "CLAUSE 2 OF
THIS AMENDS ALLOWING THE FUND COMMITTEE TO APPLY THE INCOME OF THE BETWEEN EDUCATIONAL PURPOSES AND RELIEF OF DISTRESS."
MR LIAO ADDED THAT THE COMMITTEE WOULD BE MINDFUL OF TO GIVE BALANCED CONSIDERATION TO BOTH PURPOSES.
THE THE
THE NEED
THE
THE BILL
ΤΟ FUND
ESTABLISHMENT
WOULD SUCH
ΤΟ AMENDMENTS HE ALSO POINTED OUT THAT
THE CAPITAL OF TO APPLY ENABLE THE COMMITTEE TO EDUCATIONAL PURPOSES AS IT MIGHT DECIDE, INCLUDING OF EDUCATIONAL INSTITUTIONS IN HONG KONG.
UNDER THE EXISTING
ORDINANCE,
MR LIAO
SAID, THERE
WAS
NO
PROVISION FOR APPLYING THE CAPITAL OF THE FUND.
A CAPITAL OF ABOUT $2 SINCE ITS ESTABLISHMENT IN 1963 WITH
A CAPITAL MILLION, THE FUND HAD GROWN VERY SUBSTANTIALLY AND NOW HAD ASSET OF OVER $170 MILLION, HE SAID.
ITS
ANNUAL INCOME
HAD ALSO EXCEEDED THE AMOUNT ACTUALLY REQUESTED FOR EDUCATIONAL PURPOSES AND THE RELIEF OF DISTRESS.
MR LIAO EXPLAINED
THAT'
THE NEW EXPAND THE SCOPE OF OPERATION OF THE FUND.
WOULD PROPOSALS
THEREFORE
OTHER AMENDMENTS IN THE BILL WOULD ALSO TO AWARD SCHOLARSHIPS TO STUDENTS OF SECONDARY CHINESE MIDDLE SCHOOLS ONLY, AS SELECTED BY THE
ENABLE THE COMMITTEE SCHOOLS. RATHER THAN DIRECTOR OF EDUCATION.
/IT WOULD
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