TNAG-0816-FCO40-1022-Police-corruption-Independent-Commission-Against-Corruption--1978 — Page 141

A60

Ord. No. 14/78

Objects of the fund.

Cost of administering the fund.

Investment.

Accounts.

MARINE FISH (MARKETING) (AMENDMENT)

(3) The fund shall consist of-

(a) the sum of $1,000,000 which shall, on the date of commencement of this Part, be paid to the trustee by the Organization from moneys received by it under this Ordinance; and

(b) such further moneys and assets as may be-

(i) donated, subscribed or bequeathed to, and accepted by, the trustee; or

(ii) otherwise acquired by the trustee.

(4) For the purposes of this Part, the person for the time being performing the duties of the office of the Director shall be the trustee of the fund and shall be a corporation sole and shall have the name of "The Trustee of the Marine Fish Scholarship Fund" and in that name shall have perpetual succession and may sue and be sued in any court,

(5) The corporation shall have a common seal and the affixing of the seal shall be authenticated by the signature of the trustee.

(6) Any instrument purporting to be an instrument duly executed under the seal of the corporation shall be received in evidence and shall, unless the contrary is proved, be deemed to be an instrument so executed.

20. The trustee shall apply the fund for the following objects-

(a) the provision of scholarships, grants and loans for the education and training of persons employed in the marine fisheries and fish marketing industries in Hong Kong and their families and dependants; and

(b) the provision of scholarships, grants and loans for the education and training of persons who wish to enter the marine fisheries and fish marketing industries in Hong Kong.

21. (1) The cost of the administration of the fund and costs incurred by the Committee in the discharge of its functions under this Part, other than any audit fee paid under section 23(2) which shall be a charge on the fund, shall be borne by the Organization.

(2) The Financial Secretary may direct that an annual supervision fee to be determined by him shall be charged against the income of the fund and paid into the general revenue of Hong Kong.

22. The trustee may invest any of the moneys of the fund in investments of any kind whether such investments are permitted for the investment of trust funds or not, subject, in the case of investments which are not so permitted, to the prior approval of the Financial Secretary.

23. (1) The trustee shall cause proper accounts to be kept of all transactions and shall cause to be prepared for every period of twelve months ending the 31st day of March in each year a statement of the accounts of the fund, which statement shall include an income and expendi- ture account and balance sheet and shall be signed by the trustee.