1955-HKRS28-8-22_Part04 — Page 12

Short title,

(3) Since the end of the Pacific War additional moneys have been given for the purpose of establishing scholarships in schools in the Colony and such moneys are also held by the Accountant General in the above mentioned fund :

(4) It is considered that having regard to all the circumstances it is expedient by Ordinance to vest all these moneys and assets in the Director of Education, extinguishing all existing trusts in respect thereof and creating new trusts in respect of the same and to make due provision for the administration thereof;

(5) The moneys and assets shown in the First Schedule represent sums of money given for the establishment of the scholarships listed in the Second Schedule together with accumulated interest on the moneys and assets shown in the Third Schedule:

(6) The exact particulars of the value, annual cost and con- ditions of award of the scholarships shown in the first part of the Second Schedule are not now known but the particulars set against each scholarship in such part have been settled by the Director of Education in conformity with what can be ascertained of the original conditions of award thereof:

(7) Such particulars in respect of the scholarships shown in the second part of the Second Schedule are shown in that Schedule:

(8) The moneys and assets shown in the Third Schedule

represent sums of money given for the establishment of the scholarships set opposite each upon the conditions of award therein stated :

Now THEREFORE BE IT ENACTED by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows-

1.

This Ordinance may be cited as the Education Scholar- ships Fund Ordinance, 1955.

2.

In this Ordinance, unless the context otherwise requires- Inter-

pretation, "committee” means the Education Scholarships Fund Committed

established by section 6;

ᅡ비

'Director" means the Director of Education :

"fund" means the Education Scholarships Fund established by

section 3:

"Trustee" means the Director of Education as Trustee of the

fund.

ment and

3. (1) There is hereby established a trust fund to be known Establish as the Education Scholarships Fund which shall, on a day to be

vesting appointed by the Governor by notice in the Casette (hereinafter of furid. referred to as the vesting day) he transferred to and vested in the Director as Trustee.

(2) The fund shall consist of-

(a) the moneys and assets set forth in the First Schedule and any sum accumulated by way of interest thereon at the vesting day:

(b) the moneys and assets set forth in the second column of the Third Schedule and any sums accumulated by way of interest thereon at the vesting day:

(c) any further donations at any time made to the fund and

accepted by the committee;

(d) any sums paid in accordance with subsection (2) of

section ◊.

(3) For the purposes of this Ordinance the person for the time being performing the duties of the office of the Director of Education shall be a corporation sole and shall have the name of "The Director of Education" and shall have perpetual succession and all moneys and assets which may be vested in the Trustee under this Ordinance shall be deemed to be vested in the Director of Education without any further transfer or conveyance.