1955-HKRS29-8-22_Part04 — Page 15

Paymenta into and out of the fund,

Disposal of

interest.

Variation of value

of Velolar ships.

Fatura donations

to fund.

(4) Moneys comprised in the fund may be remitted through the Accountant General to the Crown Agents for investment under with subsection (3) in the name of the Trustee.

12. (1) All interest on investments in the name of the Trustee and other revenue of the fund and all uninvested moneys of the fund shall be paid into a bank account in the name of the Trustee,

(2) Withdrawal from the fund shall be only by cheques signed by the Director and either the secretary or the treasurer.

13. (1) 1f in any year the interest received from the invest- ments representing the moneys and assets set forth in the First Schedule is in excess of the total amount required for payment of the scholarships set forth in the Second Schedule together with any scholarships added thereto in accordance with section 15 the committee may in its absolute discretion direct the Trustee 10 transfer any excess of such interest to the reserve fund referred to in subsection (2) of section 5.

(2) If in any year the interest received from the investments out of which any scholarship listed in the Third Schedule is paid is in excess of the total amount required for payment of such scholarship the committee may direct the Trustee to transfer sucli excess of interest to a reserve fund in respect of such scholarship and in its absolute discretion to invest such reserve fund or any part thereof to form part of the capital moneys out of the interest on which such scholarship is paid or to apply such reserve fund or any part thereof to augment the interest on such capital moneys in any year.

14. The committee may in any year, in its absolute discretion direct the Trustee to increase or decrease all scholarships payable out of the interest from the moneys set forth in the First Schedule proportionately or any scholarship in the Third Schedule to meet any variation in the income arising from the investments out of which such scholarship is payable.

18. (1) The Trustee, in accordance with the directions of the committee, may refuse any donation to the fund if it appears to the committee that it would not be convenient or proper to administer the scholarship proposed to be paid out of such donation.

(2) Any future donations to the fund accepted by the Trusice may, at the option of the donor or if he shall not have expressed any wish thereon, at the option of the committee be either—

(a) merged in to form part of the moneys and assets set forth in the First Schedule whereupon the scholarship payable out of such donation shall be deemed to be a scholarship listed in the second part of the Second Schedule ; or

(b) retained in a separate account whereupon the scholarship payable out of such donation shall be deemed to be a scholarship listed in the Third Schedule.

16. (1) The committee may in its absolute discretion decide Postpone- that in any year there is no person eligible to be a recipient of a scholarship and may direct that no payment is made in respect of that scholarship during that year.

(2) If any scholarship is payable by instalments over a period of more than one year the committee in its absolute discretion may cancel the scholarship on the grounds that the person to whom the scholarship was awarded has not made sufficient progress to justify the continuance of payments.

(3) Any moneys remaining unpaid by reason of the provisions of subsection (1) or (2) may be applied by the Trustee at the direction of the committee in the same or any subsequent year to augment future scholarships or to create an additional scholarship under the same conditions of award as attached to the original scholarship.

17. Nothing in this Ordinance shall prevent receiving payment in respect of more than one scholarship.

ment of payment of scholar ship.

person Saving.

18. (1) If at any time it appears to the Director that it has Change of

conditione become impracticable or impossible to apply-

of award of scholar-

(4) the interest on any part of the moneys or assets listed in ship.

the First Schedule or added thereto in accordance with the provisions of subsection (2) of section 15 in payment of any of the scholarships listed in the Second Schedule or added thereto; or