XN000022-1989-06-23 — Page 13

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FRIDAY, JUNE 23, 1989

"THIS REQUIREMENT MAKES IT DIFFICULT ΤΟ IMPLEMENT

CHANGING DECISIONS QUICKLY IN

WHEN CONDITIONS, WHICH ARE NOT TRUST INVESTMENTS ARE TO BE MADE," HE SAID.

MARKET

MURRAY

INVESTMENT INVESTMENTS

SIR THE BILL ALSO SEEKS TO AMEND THE

MACLEHOSE FUND ORDINANCE IN ORDER TO REMOVE THE RESTRICTION THAT INVESTMENT BE MADE ONLY IN HONG KONG.

THIS

TRUST CAN

AMENDMENT BRINGS THE ORDINANCE IN LINE WITH OTHER ORDINANCES GOVERNING

OPERATION OF TRUST FUNDS, AS SIMILAR RESTRICTION DOES NOT EXIST IN THE OTHER ORDINANCES.

THE

IS

"THE COMMITTEES CONCERNED HAVE CONSIDERED THESE RESTRICTIONS ON INVESTMENTS IN THE VARIOUS ORDINANCES AND CONSIDERED THAT THERE NO NECESSITY FOR THEM TO CONTINUE TO APPLY, THE SPOKESMAN SAID.

"

AS REGARDS THE SIR EDWARD YOUDE MEMORIAL FUND, PROPOSES THAT THE BOARD OF TRUSTEES SHOULD BE EMPOWERED TO PROFESSIONAL PERSON OR FINANCIAL INSTITUTION TO MANAGE THE OF THE FUND SUBJECT TO WRITTEN DIRECTIONS OF THE BOARD.

THE BILL APPOINT A INVESTMENTS

"THIS AMENDMENT ADDS FLEXIBILITY TO THE INVESTMENT OPERATIONS OF THE FUND AND IS IN ITS INTEREST. THE SPOKESMAN SAID.

++

AMENDMENT TO LI PO CHUN FUND LAW PROPOSED

CHARITABLE

THE GOVERNMENT IS PROPOSING TO AMEND THE LI PO CHUN

USED MORE FLEXIBLY ΤΟ TRUST FUND ORDINANCE SO THAT THE FUND CAN BE MEET THE CHANGING NEEDS OF HONG KONG.

CONTAINED

IN THE

LI PO CHUN CHARITABLE THE PROPOSALS AER

IN THE GAZETTE TRUST FUND (AMENDMENT) BILL 1989 WHICH WAS PUBLISHED TODAY (FRIDAY).

AND NEW

THE

THE

COMMENTING ON THE PROPOSALS, A SPOKESMAN FOR THE CITY TERRITORIES ADMINISTRATION SAID THAT UNDER THE EXISTING ORDINANCE

PURPOSES EDUCATIONAL

AND INCOME OF THE FUND WAS USED FOR

NOT CONTAIN ANY PROVISION RELIEF OF DISTRESS. HOWEVER, THE LAW DID FOR APPLYING THE CAPITAL OF THE FUND.

BE

USED MORE FLEXIBLY ΤΟ "IN CONSIDERING HOW THE FUND MIGHT BE

CHARITABLE MEET THE CHANGING NEEDS OF THE COMMUNITY, THE LI PO CHUN

THAT THE ORDINANCE SHOULD TRUST FUND COMMITTEE HAD RECOMMENDED

APPLY, AT THE DIRECTION OF THE AMENDED TO EMPOWER THE TRUSTEE TO

FOR EDUCATIONAL PURPOSES, FUND COMMITTEE, THE CAPITAL OF THE INCLUDING THE ESTABLISHMENT OF EDUCATIONAL INSTITUTIONS IN HONG KONG, THE SPOKESMAN SAID.

H

/HE EXPLAINED

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