Short title.
Establish- ment of trust fund.
The trustee,
Committee
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(3) The said Sir Alexander Grantham has signified his consent to the founders' wish that the said fund should be known as the Grantham Scholarships Fund:
(4) The Secretary for Chinese Affairs Incorporated has, with the approval of the Governor under section 7A of the Secretary for Chinese Affairs Incorporation Ordinance, consented to become truster of the said fund:
(5) The founders have paid to the trustee the said sum of $250,000 to the intent that the same shall be dedicated in per- petuity for the promotion and encouragement of local education in the Colony in the manner bereinafter provided.
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 Grantham Scholar- ships Fund Ordinance, 1955.
2. There is hereby established a trust fund to be known as the Grantham Scholarships Fund (hereinafter referred to as the (und) which shall consist of $250,000, being moneys paid over to the trustee by the founders; it shall also consist of any sums accumulated by way of interest thereon at the commencement of this Ordinance, and such other moneys as may, from time to time, be given to the fund,
3. The trustee shall hold the fund upon the trusts, and with and subject to the powers and provisions, hereinafter in this Ordinance contained.
4. (1) The fund shall be managed by a committee consist.
of manage. ing of
mnt.
(a) the Secretary for Chinese Affairs, who shall be the
chairman of the committee;
(b) the Director of Education;
(c) the senior Chinese Member of the Executive Council; (d) the Chairman for the time being of the Tung Wal
Hospital;
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(e) the Chairman for the time being of the Po Leung Kuk;
and
() such other members not exceeding four as may be
appointed by the Governor,
(2) The persons named in paragraphs (u) to (e) of sub- section (1) shall, whilst holding their respective offices, be ex-officio members of the committee.
(3) Members appointed by the Governor shall hold office for three years from the date of their respective appointments, and may be re-appointed or removed by the Governor at his pleasure.
6. The trustee shall apply the fund, in such manner as the The committee may direct, for the promotion and encouragement of trusts. local education, and in particular.........
(a) for the provision of scholarships and maintenance grants in Primary Schools, Secondary Schools and Industrial and Technical Schools in the Colony for persons resident in the Colony and in need of financial assistance for their education; and
(b) for the provision of scholarships and maintenance grants for the persons mentioned in paragraph (4) in places of higher education in the Colony.
6.
The scholarships and maintenance grants referred to in Intervals, section 5 shall be awarded, at such intervals and as the result and terms
and of such examination or other method of selection and in such conditions
of awards. manner and shall be held and enjoyed for such period and upon and subject to such terms and conditions as shall, from time to time, be prescribed by regulations made by the committee, or in default of such regulations, then as the committee shall deter- mine; and the committee may, at any time, alter or revoke any regulation made under this section, and make new regulations in place thereof.
ments.
7. The trustee may invest the moneys of the fund in the Invest- name of the trustee in such investments of any kind, including shares in local companies, whether such investments are permitted for the investment of trust funds or not, as the committee may direct; and, in like manner, such investments may at any time be varied.
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