1956-HKRS29-8-23_Part02 — Page 41

Short title.

later- pretation.

Establish-

ment of

trust fund.

Schedule.

Incorpora-

trustee.

(2) The Founders have dedicated the fund as hereinafter defined and accretions thereto in perpetuity for the promotion and encouragement of education of selected children of employees and ex-employees of the Founders:

(a) It is desirable to incorporate the Chairman of the Committee set up under section 6 to act as Trustee of the trust fund as bereinafter defined :

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 Hong Kong Tramways Educational Trust Fund Ordinance, 1956.

2. In this Ordinance, unless the context otherwise requires— "Committee" means the Committee established under section 6; "employee of the Founders' includes a former employee of the

Founders:

"Founders" means Hong Kong Tramways Limited.

3. (1) There is hereby established a trust fund to be known as the Hong Kong Tramways Educational Trust Fund (herein- after referred to as the Fund).

(2) The Fund shall consist of the cash and shares listed in the Schedule Logether with any sums accumulated by way of dividends or interest thereon, bonus issues of shares and such other moneys and assets as may from time to time be given to the Fund, and such moneys or investments as shall from time to time represent the same.

4. (1) The Chairman of the Committee shall be the Trustee tion of the of the Fund (hereinafter referred to as the Trustee), and shall be a body corporate and shall have the name "The Trustee of the Hong Kong Tramways Educational Trust Fund", and in that name shall have perpetual succession, and shall and may sue and be sued in all courts in the Colony and shall and may have and use a common seal, and may from time to time break, change, alter and make anew the said seal.

(2) The Trustee shall be empowered to act as Trustee and whilst so acting shall have power to acquire, accept leases of, purchase, take, hold and enjoy, any lands, buildings, messuages or tenements of whatsoever nature or kind and wheresoever situ- ated, and also to invest moneys upon mortgage of any lands, buildings, messuages or tenements or upon the mortgage deben- tures, stocks, funds, shares or securities of any Government, munici- pality, corporation, or company and also to purchase, acquire and possess goods and chattels of whatsoever nature and kind,

(3) The Trustee shall further bave power to grant, sell, convey, assign, Surrender, exchange, partition, yield up, mort- gage, demise, reassign, transfer, or otherwise dispose of any lands, buildings, messuages, tenements, mortgages, debentures, stocks, funds, shares or securities or other goods and chattels whatsoever which are for the time being vested in the Trustee upon such terms as to the Trustee may seem fit.

(4) Notwithstanding the provisions of subsection (a) the Trustee shall not acquire any immovable property in the Colony unless he shall have previously obtained the special consent of the Governor in Council in each case.

(5) All deeds and other instruments requiring the seal of the Trustee shall be sealed in the presence of the occupant of the Trustee for the time being and shall also be signed by him and such deeds and instruments, and all other documents, instru- ments and/or writings requiring a signature on behalf of the Trustee shall be signed by such occupant.

4.

The Trustee shall hold the Fund upon the trusts, and Fund to be with and subject to the powers and provisions, hereinafter in this held upon

traste. Ordinance contained.

8. () There shall be a Committee who shall have the Committee

of manager management of the Fund.

ment.

(2) The Committee shall consist of—

(a) the Chairman of the Founders who shall be Chairman of

the Committee

(b) a Director of the Founders appointed by resolution of the

Board of Directors of the Founders: