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WEDNESDAY, MARCH 11, 1987
NOTING THAT WHILE THERE WERE NUMEROUS LARGE DONATIONS FROM ORGANISATIONS AND INDIVIDUALS, MR LIAO SAID THE NUMBER OF DONATIONS WAS AS IMPORTANT AS THE AMOUNT DONATED.
+ IN THIS RESPECT, IT IS GRATIFYING TO NOTE THAT THE $10 DONATION CAMPAIGN LAUNCHED BY MEMBERS HAS RECEIVED OVERWHELMING RESPONSE AT THE DISTRICT LEVEL.
+ALL THE 19 DISTRICT BOARDS IN THE TERRITORY EITHER SUPPORTED THE CAMPAIGN OR TOOK THE LEAD IN ENCOURAGING OTHER COMMUNITY ORGANISATIONS TO CONTRIBUTE.
+SO FAR, 170 COMMUNITY ORGANISATIONS INCLUDING AREA COMMITTEES AND MUTUAL AID COMMITTEES HAD RAISED DONATIONS TO THE FUND INVOLVING TENS OF THOUSANDS OF PEOPLE.
+AT THE SAME TIME, IT IS ESTIMATED THAT ABOUT 200 000 STUDENTS FROM 340 PRIMARY AND SECONDARY SCHOOLS DONATED THE IR POCKET MONEY TO THIS WORTHY CAUSE,+ MR LIAO ADDED.
THE TRUST FUND, AS A CHARITABLE TRUST, WILL BE EXEMPTED FROM TAX, AND DONATIONS TO IT, INCLUDING THOSE RECEIVED PRIOR TO ITS FORMAL ESTABLISHMENT, ARE TAX DEDUCTABLE.
THE FUND WILL BE VESTED IN A BOARD OF TRUSTEES COMPRISING A CHAIRMAN AND FOUR MEMBERS.
THE TRUSTEES WILL BE EMPOWERED TO INVEST ANY MONEYS OF THE FUND, TO EMPLOY ANY PROFESSIONAL PERSON OR FINANCIAL INSTITUTION TO ADVISE THEM ON INVESTMENT MATTERS, TO BORROW MONEY AND TO ACCUMULATE ANY INCOME OF THE FUND.
THE BOARD OF TRUSTEES WILL BE REQUIRED TO MAKE AN ANNUAL REPORT AND TO SUBMIT ITS ANNUAL ACCOUNTS TO THE LEGISLATIVE COUNCIL.
A COUNCIL, COMPRISING A CHAIRMAN AND SIX MEMBERS, WILL BE SET UP TO APPLY THE INCOME OF THE FUND FOR ITS OBJECTIVES.
+THE STRUCTURE OF THE FUND IS DIFFERENT FROM SIMILAR FUNDS, FOR EXAMPLE, THE SIR ROBERT BLACK TRUST FUND AND THE SIR MURRAY MACLEHOSE TRUST FUND WHICH ARE VESTED IN AND MANAGED BY A SINGLE TRUSTEE, + MR LIAO SAID.
+ THE PRESENT STRUCTURE TAKES INTO ACCOUNT THE FACT THAT THE SIR EDWARD YOUDE MEMORIAL FUND WILL BE LARGER THAN OTHER FUNDS.
+ IN VIEW OF HER INTEREST IN THE FUND AND THE IMPLEMENTATION OF ITS OBJECT, THE BILL HAS PROVIDED FOR THE APPOINTMENT OF LADY YOUDE AS ONE OF THE MEMBERS OF THE BOARD OF TRUSTEES AS WELL AS THE COUNCIL.
+LADY YOUDE HAS INDICATED THAT SHE WILL BE HAPPY TO ACCEPT SUCH APPOINTMENTS,+ MR LIAO SAID.
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