Income SdCount
Drivenda.
HallfestCon by themeST,
TYLENEWING,
Chequel,
Devision of Joubtful
4th Sab., canid)
9. (1) All interest or dividends received in respect of invertmanta shall be credited to an income account and, unless instructions are given by the board to the contrary, shall be reinvested by the Crown Agents in the name of the fond in authorized securities. If not reinvested the amount shall be paid to the bank account aforezaid.
(2) There shall also be credited to the income account any net appre ciation in the value of the investments as shall have been revealed by the revaluation on the 91st March in each year. Conversely there shall be debited to the income account any net depreciation in the valce of the investments similarly revealed.
(3) The income account shall also be credited with the proceeds of any capital gain and debited with the amount of any capital loss resulting from the sale of investments.
10. (1) On the occasion of each annual general meeting, which shall be held in June, the board shall distribute any available income and cradit it to the accounts of the schools by way of dividend calculated according to the proportion of each school's credit balance to the aggregate sum of all such balances. Such dividend shall be declared as a convenient per- centage and any small balance remaining over shall remain in the income accooot.
(8) If depreciation of investments should be such na to leave no net in- come available for distribution, any net lose there may be shall be debited to the individual accounts of schools in the manner prescribed for the credit- ing of dividends in sub-rple (1).
11. The treatorer shall notify each school manager of any such in- come or loss and of the total of his account adjusted accordingly.
12. The fund shall be drawn upon solely for the purpose of re-building school premises in accordance with rule 3. Applications for withdrawil shall be made in the first instance to the secretary of the fund, who shall bring them to the notice of the board. If a clear majority of the board so recommends, and the Director approves, withdrawal shall be allowed,
13. All cheques drawn on the bank account of the fund shall be signed jointly by the chairman of the board and the treasurer.
14. In any case of doubt as to the interpretation or application of these rules the decision of the Governor shall be fine!.
Passed the Legislative Council of Hong Kong, this 17th day of December, 1952.
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52
e
Deputy Clerk of Councils.
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