XN000022-1987-05-23 — Page 2

SATURDAY, MAY 23, 1987

1

SIR EDWARD YOUDE MEMORIAL FUND MEETING

*****

A JOINT MEETING OF THE BOARD OF TRUSTEES AND THE COUNCIL OF THE SIR EDWARD YOUDE MEMORIAL FUND WAS HELD TODAY (SATURDAY).

THE BOARD OF TRUSTEES OF THE FUND IS EMPOWERED BY LAW TO INVEST ANY MONEYS OF THE FUND, WHILE THE COUNCIL OF THE FUND IS RESPONSIBLE FOR APPLYING ITS INCOME FOR THE FURTHERANCE OF EDUCATION, LEARNING OR RESEARCH FOR THE PEOPLE OF HONG KONG,

LADY YOUDE, WHO IS A MEMBER OF BOTH THE BOARD AND THE COUNCIL, SAID AFTER TODAY'S MEETING THAT SHE WAS GRATEFUL TO THE PEOPLE OF HONG KONG FOR THEIR GENEROUS CONTRIBUTIONS TO THE FUND.

CHAIRMAN OF THE BOARD OF TRUSTEES, MR Q.W. LEE, SAID A PROFESSIONAL INVESTMENT FIRM HAD BEEN APPOINTED INVESTMENT MANAGERS FOR THE FUND.

MR LEE SAID THAT THE TOTAL AMOUNT NOW STOOD AT $82.4 MILLION INCLUDING INTEREST EARNED.

+FURTHER DONATIONS TO THE FUND ARE WELCOME. NO AMOUNT IS TOO SMALL FOR SUCH A WORTHY CAUSE,+ HE ADDED.

CHAIRMAN OF THE COUNCIL, MR STEPHEN CHEONG KAM-CHUEN, SAID: +THE COUNCIL WILL BE MAKING A DETAILED STUDY OF THE SCOPE OF EXISTING SCHOLARSHIP SCHEMES, AND OF THE AVAILABILITY OF FUNDS FOR RESEARCH SO THAT INCOME FROM THE FUND CAN BE USED IN AREAS WHERE THE NEED IS GREATEST.+

THE COUNCIL WILL ALSO SEEK TO USE THE FUND IN AREAS WHICH WILL BENEF IT HONG KONG AS A WHOLE.

BUT GIVEN

*THE COUNCIL HOPES, LATER THIS YEAR, TO AWARD SOME SCHOLARSHIPS OR GRANTS TO MEET OUR OBJECTIVES. THE TIGHT TIMING, THE COUNCIL PREFERS NOT TO ADOPT A DEFINITIVE PROGRAMME AT THIS STAGE, HE ADDED.

+AS SCHOLARSHIP AWARDS HAVE A CUMULATIVE EFFECT ON THE INCOME OF A FUND, THE COUNCIL WILL REQUIRE TO DETERMINE CAREFULLY THE NUMBER OF SCHOLARSHIP AWARDS THAT CAN BE OFFERED EACH YEAR, BEARING IN MIND OTHER CALLS UPON THE INCOME OF THE FUND, MR CHEONG SAID.

12