1952-HKRS29-8-19_Part03 — Page 6

Income addownl

Dividends.

Natient. by neuroegr,

Withdrawal,

Chaque

Deviskan of

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(1) All interest or dividends received in respect of investments dball 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 fund in authorized securities. If not reinvested the amount shall be paid to the bank account aforesaid.

(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 value 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 credit 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 account.

(2) 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-rule (1).

11 The treasurer shall notify each school manager of any such in- come or lose 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 withdrawi 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 treasure.

14. In any case of doubt as to the interpretation or application of these roles the decision of the Governor shall be final.

Passed the Legislative Council of Hong Kong, this 17th day

of December, 1952.

J

I

52

e

Deputy Clerk of Councils.