A 128
Ord. No. 24/82
SIR MURRAY MACLEHOSE TRUST FUND
HONG KONG
SIR MURRAY MACLEHOSE TRUST FUND
Ord. No. 24/82
A 129
Short title.
Establishment
of trust fund.
(Cap. 1044.)
Application
and object
of the fund.
Special
provisions relating to manner of application of fund.
L.S.
No. 24 OF 1982
I assent.
Philip HADDON-CAVE,
Acting Governor.
19 May 1982
An Ordinance to establish for the benefit of the people of Hong Kong a trust fund called the MacLehose Fund and to provide for the due administration of the fund and connected matters.
[21 May 19821
Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.
1. This Ordinance may be cited as the Sir Murray MacLehose Trust Fund Ordinance 1982.
2. (1) There is established a fund called the MacLehose Fund.
(2) The fund shall be held upon the trusts and subject to the pro- visions contained in this Ordinance.
(3) The trustee of the fund shall be The Secretary for Home Affairs Incorporated incorporated under the Secretary for Home Affairs Incorporation Ordinance.
(4) The fund shall consist of-
(a) the moneys and assets donated, subscribed or bequeathed before the commencement of this Ordinance with the object of establish- ing the fund and held by the trustee;
(b) such other moneys and assets as may have been acquired before the commencement of this Ordinance by the use of any moneys or assets so held; and
(c) such further moneys and assets as may, on or after the com-
mencement of this Ordinance, be-
3.
(i) donated, subscribed or bequeathed to, and accepted by, the trustee for the fund; or
(ii) otherwise acquired by the trustee for the fund.
Subject to section 4, the trustee shall apply the fund for the benefit of the people of Hong Kong in such manner as the Governor in his sole discretion may direct.
4. (1) The trustee may, subject to the direction of the Governor, expend the income of the fund for the object specified in section 3.
(2) Before 1 January 1985 the trustee may, subject to the direction of the Governor, expend a sum not exceeding $10,000,000 out of the capital of the fund for the object specified in section 3:
Provided that the trustee shall, without prejudice to subsection (1), as soon after that date as the Governor thinks appropriate, replace from the income of the fund any capital so expended.
حبية
(3) The trustee may lend any moneys of the fund for the object specified in section 3 without any interest or at such rate of interest as the Governor may direct.
5. (1) Notwithstanding section 8(2) of the Secretary for Home Investment Affairs Incorporation Ordinance, the trustee may invest any moneys of of moneys. the fund in such investments in Hong Kong as the Governor may direct, (Cap. 1044.) whether or not such investments are investments authorized by section 4 of the Trustee Ordinance.
(2) The Governor may, for the purpose of advising him on invest- ments under subsection (1), appoint an investment advisory committee, which shall consist of not less than 3 nor more than 5 persons.
(Cap. 29.)
6. (1) The trustee may employ any professional person or financial Appointment institution to advise him on any matter arising out of or in connexion of professional with his functions under this Ordinance or to administer and manage the fund.
(2) All salaries and fees of any person or institution so employed shall be paid by the trustee out of the fund.
advisers and managers.
7. (1) The trustee shall cause proper accounts to be kept of all Accounts. transactions of the fund and shall cause to be prepared, in respect of the period from the commencement of this Ordinance to 31 March 1983 and thereafter in respect of every period of one year ending on 31 March, a statement of the accounts of the fund, which statement shall include an income and expenditure account and balance sheet and shall be signed by the trustee.
(2) The accounts of the fund and the signed statement of the ac- counts shall be audited by an auditor appointed by the Governor and the auditor shall certify the statement subject to such report, if any, as he may think fit.
(3) There shall be laid on the table of the Legislative Council not later than 31 December next following the end of each period in respect of which a statement is required to be prepared under subsection (1) or so soon thereafter as the Governor may allow-
(a) a copy of the signed and audited statement of accounts together
with the auditor's report, if any;
(b) a report of the trustee on the administration of the fund during
that period; and
(c) such other report, if any, as the Governor may see fit to make
thereon.
8. (1) The cost of administering the fund, other than the salaries Cost of and fees paid under section 6(2), shall be a charge upon the general administering revenue of Hong Kong:
Provided that 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.
(2) The fee charged under the proviso to subsection (1) shall— (a) be in respect of the period from the commencement of this Ordinance to 31 March 1983 and thereafter in respect of every period of one year ending on 31 March; and
(b) not exceed 24 per cent of the income of the fund over the
relevant period.
the fund..
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