1970-HKRS29-8-37_Part02 — Page 1

Incorporation

of Accountant General as

rustee.

Application and objects of the fund

(2) The trustee shall hold the fund upon the trusts and subject to the provisions contained in this Ordinance.

(3) The fund shall consist of—

(a) the sum of three million dollars (hereinafter referred to as the original capital sum) being an anonymous dona- tion made on the 5th day of January 1970 with the object of setting up the fund and presently held by the Accountant General in trust for the Sir David Trench Fund for Recreation;

(b) such other assets as may have been acquired before the

vesting day by the use of any moneys so donated;

(c) such further moneys and assets as may, on or after the

vesting day, be-

4.

G) donated, subscribed or bequeathed to, and accepted by, the trustee; or

(ii) otherwise acquired by the trustee.

(1) For the purposes of this Ordinance, the person for the time being performing the duties of the office of the Account- ant General shall be the trustee of the fund and shall be a corporation sole (in this section referred to as the corporation) and shall have the name "The Trustee of the Sir David Trench Fund for Recreation", and in that name shall have perpetual succession and may sue and be sued in any court.

(2) The corporation shall have a common seal and the affixing of the seal shall be authenticated by the signature of the trustee.

(3) Any instrument purporting to be an instrument duly executed under the seal of the corporation shall be received in evidence and shall, unless the contrary is proved, be deemed to be an instrument so executed.

5. The trustee shall apply the fund in such manner as the Governor may direct for the following objects-——

(a) the provision of, or assistance in the provision of facilities

for recreational, sporting, cultural and social activities;

(b) such objects ancillary or incidental to the objects sel out in paragraph (a) as the Governor may consider appropriate.

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6. (1) Subject to the direction of the Governor, the fund, other than the original capital sum, may be expended, applied and used for any object specified in section 5 but no part of the original capital sum shall be expended, applied or used for any such purpose without the prior approval of the Legislative Council.

(2) The trustee may lend any moneys of the fund for any object specified in section 5 without any interest or at such a rate of interest as the Governor may direct.

7. (1) The trustee may invest any moneys of the fund in such investments, whether or not such investments are trust invest- ments, as the Governor may dírect, subject, in the case of invest- ments which are not trust investments, to the prior approval of the Investment Advisory Committee, and may remit moneys comprised in the fund to the Crown Agents for investment in the name of the trustee.

(2) The Governor shall, for the purposes of subsection (1) appoint an Investment Advisory Committee, which shall consist of not less than three nor more than five persons.

8. (1) The trustee may, subject to the direction of the Governor, from time to time appoint, upon such salary and upon such terms as he may think proper, such officials as he may think necessary for the purpose of carrying out the trusts or for the proper administration and management of the fund.

(2) The trustee may employ any professional person to advise him on any matter arising out of or in connexion with his func- tions under this Ordinance.

(3) All salaries and fees of any person so appointed or employed shall be paid by the trustee out of the fund.

9. (3) The trustee shall cause proper accounts to be kept of all transactions of the fund and shall cause to be prepared, ia respect of the period from the vesting day to the 31st day of March 1971, and thereafter in respect of every period of one year ending on the 31st day of March, a statement of the accounts of the fund, which statement shall include an income and expenditure secount and balance sheet and shall be signed by the trusted.

(2) The accounts of the fund and the signed statement of the accounts shall be audited by an auditor appointed by the Governor and the auditor shall certify the statement subject to such report, if any, as he may think fit.

Special provi sions relating to magnet of application of fund.

lavestment of moreys.

Appointment of officials and professional advisers.

Accounts,