Addition of NEW PA: JIL
5. The principal Ordinance is amended by adding after Part If the following-
Interpretation,
Establishment. and vestiox of ived.
Objecu of the frakt.
Cost of adminMerin the fundi
"PART UI
ESTABLISHMENT OF SCHOLARSHIP FUND
18. In this Part, unless the context otherwise requires- "Committee" means the Marine Fish Scholarship Fund
Advisory Committee established by section 25: "corporation" means the corporation sole incorporated by
Section 19;
"fund" means the Marine Fish Scholarship Fund established
by section 19:
"trustee" means the Director as trustee of the fund
19. (1) There is hereby established a trust fund to be koown as the Marine Fish Scholarship Fund,
(2) The trustee shall hold the fund upon the trusts and subject to the provisions contained in this Part.
0) The fund sball consist of-
(a) the sum of $1,000,000 which shall, on the date of Commencement of this Part, be paid to the trusted by the Organization from mancys received by il under this Ordinance; and
(b) such further moneys and adsets as may be-
(1) donated, subscribed or bequeathed to, and accepted by, the trustees or
(ii) otherwise acquired by the trustee,
(4) For the purposes of this Part, the person for the time being performing the duties of the office of the Director shall be the trustee of the fund and shall be a corporation sole and shall have the name of “The Trustee of the Marine Fish Scholarship Fund" and in that name shall have perpetua) succession and may sue and be sued in any court,
(5) The corporation shall have a common seal and the affixing of the seal shall be authenticated by the signature of the trustee.
(6) 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.
28. The trustee shall apply the fund for the fallowing object-
(a) the provision of scholarships, grants and loans for the education and training of persons employed in the marine fisheries and fish marketing industries in Hong Kong and their families and dependants; and
(5) the provision of scholarships, grants and loans for the education and training of persons who wish to eolor the marine fisheries and fish marketing industries in Hong Kong.
21. (1) The cost of the administration of the fund and costs incurred by the Committee in the discharge of its (unctions under this Part, other than any audit fee paid
Investment.
Accaptors.
Bobligam
of Advisory Commiss
3
under section 23(2) which shall be a charge on the fund. shall be borne by the Organization.
(2) The Financial Secretary may direct that an annual supervision fee to be determined by him shall be charged against the incame of the fund and paid into the general revenue of Hong Kong.
22. The trustee may invest any of the moneys of the fund in investments of any kind whether such investments are permilled for the investment of trust funds or not, subject, in the case of lovestments which are not so permitted, to the prior approval of the Financia) Secretary.
23. (1) The trustee shall cause proper accounts to be kept of all transactions and shall cause to be prepared for every period of twelve months ending the 31st day of March in each year a statement of the accounts of the fund, which statement shall include an income and expendi- ture account and balance sheet and shall be signed by the trustee.
(2) The accounts and the signed stalement of the ec- counts shall be audited by an auditor, appointed from time to time by the Governor, who shall certify the statement subject to Auch report, if any, as he may think 64,
(3) A copy of the signed and audited statement of accounts together with the auditor's report, if any, and a report by the trustee on the administration of the fund during the period covered by the audited accounts shall be laid upon the table of the Legislative Council not later than the 31st day of October next following the end of such period or so soon thereafter as the Governor may in his discretion allow,
24. (1) There shall be established a committee to be known as the Marine Fish Scholarship Fund Advisory Comunities.
(3) The Committee shall advise the trustee on all matters whatsoever touching the administration of the fund and the altainment of the objects thereof.
(3) The Committee shall consist of—
(a) the trustee;
(6) three other members of the Fish Marketing Advisory Board to be elected annually by the said Board;
(c) two public officers and two members of the public
to be appointed by the Governor.
(4) The trustee shall be ex officio the chairman of the Committee. but in the event of his absence from any meeting the members present shall appoint any other of its members as chairman.
(5) Four members of the Committes shall form a quorum
(6) The trustee shall appoint a public officer to be the secretary to the Committee.
(7) The Committee may regulate its own procedure.".
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