37
WEDNESDAY, JULY 5, 1989
BILL TO IMPROVE TRUST FUND INVESTMENT OPERATIONS
A BILL WHICH SEEKS TO FOUR CHARITABLE TRUST FUNDS COUNCIL TODAY (WEDNESDAY).
MOVING
SECOND (MISCELLANEOUS AMENDMENTS)
ADMINISTRATION,
THE
THE
THE IMPROVE
INTRODUCED INTO WAS
INVESTMENT OPERATIONS OF
THE
LEGISLATIVE
HON
THE READING OF
THE 1989, BILL
FOR SECRETARY
LIAO.
THE SALD DONALD
CHARITABLE
TRUST
BILL
FUNDS DISTRICT MADE MINOR
AMENDMENTS TO FOUR ORDINANCES.
FUND ORDINANCE, 11 PO FUND
THESE WERE THE SIR ROBERT BLACK TRUST CHUN CHARITABLE TRUST FUND ORDINANCE. SIR MURRAY MACLEHOSE TRUST ORDINANCE AND SIR EDWARD YOUDE MEMORIAL FUND ORDINANCE.
THE FOR
AUTHORISED
TRUST FINANCIAL BY THE
BILL AMEND THE SIR "ITEM ONE AND TWO OF THE SCHEDULE TO THE ROBERT BLACK TRUST FUND ORDINANCE AND THE LI PO CHUN CHARITABLE
ORDINANCE FUND
BY
THE REQUIREMENT
WHICH ARE NOT SECRETARY TO APPROVE INVESTMENTS TRUSTEE ORDINANCE," MR LIAO SAID.
REMOVING
INVESTMENT DECISIONS HE EXPLAINED THAT THIS AMENDMENT ENABLED
MARKET CONDITIONS, WHEN INVESTMENTS TO BE MADE QUICKLY IN CHANGING WHICH WERE NOT TRUST INVESTMENTS WERE TO BE MADE.
ON LIMITATION TRUST FUND AND OPTIMISE
ΤΟ
THE REMOVE SOUGHT HE
ITEM THREE SAID INVESTMENTS IN HONG KONG ON THE SIR MURRAY MACLEHOSE GIVE THE FUND THE FLEXIBILITY TO INVEST OVERSEAS IN ORDER TO THE RETURN ON INVESTMENTS.
"THIS AMENDMENT ALSO BRINGS THE ORDINANCE IN ORDINANCES GOVERNING THE OPERATION OF TRUST FUNDS,
MANAGE
*
LINE WITH OTHER HE ADDED.
MURRAY MACLEHOSE TRUST FUND "ITEM THREE ALSO AMENDS THE SIR
PROFESSIONAL ORDINANCE BY SPECIFYING THE TRUSTEE'S POWER TO APPOINT A
THE
OF INVESTMENTS
THE PERSON OR FINANCIAL INSTITUTION TO
THE TRUSTEE, RATHER MONIES OF THE FUND SUBJECT TO THE DIRECTIONS OF
ΤΟ INSTITUTION
ADMINISTER AND THAN A BROAD POWER FOR THE PERSON OR MANAGE THE FUND,"
THE
ON ITEM FOUR, MR LIAO SAID IT PROVIDED MORE FLEXIBILITY TO INVESTMENT OPERATIONS OF THE SIR EDWARD YOUDE MEMORIAL FUND ORDINANCE PROFESSIONAL PERSON BY EMPOWERING THE BOARD OF TRUSTEES TO APPOINT A
то THE OR A FINANCIAL INSTITUTION TO MANAGE THE INVESTMENTS, SUBJECT DIRECTIONS OF THE BOARD.
DEBATE ON THE BILL WAS ADJOURNED.
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