Sir Edward Youde Memorial Fund
A bill which seeks to empower the Council of the Sir Edward Youde Memorial Fund to solicit donations, subscriptions and bequests for the Fund is gazetted today (Friday).
Established in 1987 with initial donations from the community to commemorate Sir Edward Youde, the late Governor, the Fund seeks to encourage education and research among the people of Hong Kong.
At present, the Sir Edward Youde Memorial Fund Ordinance only provides for the Board of Trustees of the Fund to accept voluntary donations, subscriptions and bequests. It does not empower either the Board or the Council to solicit donations, etc.
"The proposed legislation aims at ensuring adequate funding for the Fund's existing awards and sponsorships, and facilitating any further expansion in the scope of its activities," a Government spokesman said.
"The bill will also enable the Fund to meet from its income all reasonable expenses incurred by the Council in exercise of its new power," he added.
Over the past ten years, the Fund has awarded a total of $53 million in about 6,400 scholarships, fellowships and prizes for outstanding secondary and tertiary students, including 75 awards for disabled students.
The asset value of the Sir Edward Youde Memorial Fund now stands at about $168 million.
Since 1992, the Fund has also sponsored the Young Friends of Hong Kong Arts Festival to increase secondary students' exposure to, and appreciation of, performing arts. The Scheme benefits about 25 000 secondary students each year.
Furthermore, the Fund's Visiting Professorship Scheme invites eminent overseas scholars to Hong Kong each year to promote education and cultural exchange between Hong Kong and overseas countries.
The bill will be introduced into the Legislative Council on March 19.
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