XN000022-1989-07-05 — Page 40

WEDNESDAY, JULY 5, 1989

38

MORE FLEXIBLE USE OF TRUST FUND INTENDED

* * *

FLEXIBLY

A BILL WHICH WILL ENABLE A TRUST FUND TO OPERATE MORE

COMMUNITY WAS INTRODUCED TO BETTER MEET THE NEEDS OF THE HONG KONG INTO THE LEGISLATIVE COUNCIL THIS (WEDNESDAY) AFTERNOON,

CHUN CHARITABLE TRUST FUND FOR DISTRICT SECRETARY

THE SECOND READING OF THE LI PO

BILL 1989 WAS MOVED BY THE (AMENDMENT) ADMINISTRATION, THE HON DONALD LIAO.

THE INCOME OF 50-50 BASIS BETWEEN

MR LIAO SAID THAT UNDER THE EXISTING ORDINANCE

ON A APPLIED GENERALLY TO BE THE FUND WAS EDUCATIONAL PURPOSES AND THE RELIEF OF DISTRESS.

25

AGO

"THE FUND

ESTABLISHED WAS

YEARS CIRCUMSTANCES IN HONG KONG HAVE CHANGED CONSIDERABLY SINCE

AND SOCIAL THEN, HE

"I

SAID.

"OPERATIONAL

EXPERIENCE HAS SHOWN THAT BECOMING UNNECESSARILY RIGID WITH REGARD TO INCOME OF THE FUND.

THE ORDINANCE IS THE APPLICATION OF THE

PROVISION BY

FUND FLEXIBLY

THE BILL THEREFORE "CLAUSE 2 OF

THIS AMENDS ALLOWING THE FUND COMMITTEE TO APPLY THE INCOME OF THE BETWEEN EDUCATIONAL PURPOSES AND RELIEF OF DISTRESS."

MR LIAO ADDED THAT THE COMMITTEE WOULD BE MINDFUL OF TO GIVE BALANCED CONSIDERATION TO BOTH PURPOSES.

THE THE

THE NEED

THE

THE BILL

ΤΟ FUND

ESTABLISHMENT

WOULD SUCH

ΤΟ AMENDMENTS HE ALSO POINTED OUT THAT

THE CAPITAL OF TO APPLY ENABLE THE COMMITTEE TO EDUCATIONAL PURPOSES AS IT MIGHT DECIDE, INCLUDING OF EDUCATIONAL INSTITUTIONS IN HONG KONG.

UNDER THE EXISTING

ORDINANCE,

MR LIAO

SAID, THERE

WAS

NO

PROVISION FOR APPLYING THE CAPITAL OF THE FUND.

A CAPITAL OF ABOUT $2 SINCE ITS ESTABLISHMENT IN 1963 WITH

A CAPITAL MILLION, THE FUND HAD GROWN VERY SUBSTANTIALLY AND NOW HAD ASSET OF OVER $170 MILLION, HE SAID.

ITS

ANNUAL INCOME

HAD ALSO EXCEEDED THE AMOUNT ACTUALLY REQUESTED FOR EDUCATIONAL PURPOSES AND THE RELIEF OF DISTRESS.

MR LIAO EXPLAINED

THAT'

THE NEW EXPAND THE SCOPE OF OPERATION OF THE FUND.

WOULD PROPOSALS

THEREFORE

OTHER AMENDMENTS IN THE BILL WOULD ALSO TO AWARD SCHOLARSHIPS TO STUDENTS OF SECONDARY CHINESE MIDDLE SCHOOLS ONLY, AS SELECTED BY THE

ENABLE THE COMMITTEE SCHOOLS. RATHER THAN DIRECTOR OF EDUCATION.

/IT WOULD

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