1955-HKRS29-8-22_Part02 — Page 18

Mainten→ ance of Fund.

The trustee.

Adminis-

tration of

3. The Fund shall consist of-

(a) the sum of two hundred and fifty thousand dollars ($250,000) donated jointly to the Fund by Horace Kadoorie and Lawrence Kadoorie;

(b) the sum of two hundred and fifty thousand dollars

($250,000) donated by the Government;

(c) any further donations to the Fund which may from time to time be made either by Horace Kadoorie or by Lawrence Kadoorie or by the Government;

(d) any donations to the Fund which may be made during the joint lives of Horace Kadoorie and Lawrence Kadoorie with their consent and after the death of either of them and during the life of the survivor with the consent of the survivor

(e) any donations made to the Fund after the death of the

survivor of Horace Kadoorie and Lawrence Kadoorie.

and together with any investment from time to time representing the said moneys and together also with the interest and income derived from any such investment.

(1) The Fund is hereby vested in the Director of Agricul- ture, Fisheries and Forestry (hereinafter referred to as the trustee) who shall hold the Fund upon the trusts and with and subject to the powers and provisions hereinafter in this Ordinance contained.

(2) For the purposes of this Ordinance the office of the Director of Agriculture, Fisheries and Forestry shall have per- petual succession and all monies, stocks, and securities and land which may be vested in the trustee under this Ordinance shall be deemed to be vested in the Director of Agriculture, Fisheries and Forestry for the time being, without any further transfer or conveyance.

6. (1) The Fund shall be administered by a committee the Pand. (hereinafter referred to as the committee) consisting of

(a) the Director of Agriculture, Fisheries and Forestry who

shall be chairman of the committee;

(b) Horace Kadoorie or, during his life-time, his nominee; (c) Lawrence Kadoorie or, during his life-time, his nominee; (d) not more than three members appointed by the Governor.

(a) 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.

(3) The quorum necessary for the transaction of the business of the committee may be fixed by regulation made under this Ordinance and unless so fixed, three members shall form a quorum.

6. The trustce shall apply the Fund in such manner as the The trusts. committee may direct for the encouragement and improvement of agriculture, which expression shall include all forms of animal husbandry, poultry breeding, crop raising and the raising of fish in ponds, in the Colony by the issue of interest-free loans to farmers, to groups of farmers and to persons desirous of becoming farmers and by such other means as may be approved by the Governor.

7. The trustee may invest the moneys of the Fund in the Invest- name of the trustee in such investments of any kind, including menta. 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.

tions.

8. The committee may make regulations for its procedure Regula in the transaction of business and the maintenance of good order at its meetings and generally for all matters relating to the administration and management of the Fund and the discharge of the duties of the committee :

Provided always that a copy of such regulations shall be furnished to the Colonial Secretary and that they shall be subject to disallowance or amendment at any time by the Governor.

9.

The trustee shall have power subject to the direction of the committee to write off from the moneys of the Fund which the committee deem to be irrecoverable.

any sums

Power to write off irrecover- Able money.

10. All questions which may arise at any meeting of the Determina- committee shall be decided by a majority of votes of the members tion of

questions at present and, in case of an equality of votes, the chairman shall meetings have a casting vote in addition to his original vote:

of the

committee.