TNAG-1607-FCO40-22122-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 238

2

be a member of the Board, in view of the Boards increased

responsibilities arising from the creation of a Trust Fund

and the requirement for additional expertise on finance.

and investment matters.

5.

The Trust Fund established by the Bill will

be vested in a Committee of Trustees, to be appointed

by the Board.

Members of the Jubilee Sports Centre Trust

Fund Committee of

Trustees will not exceed 5 in number,

and will include at least two members of the Jubilee

Sports Centre Board.

6.

The Committee of Trustees will be empowered

to make investments as provided for in the Trustee Ordinance.

In keeping with the provisions of the Trustee Ordinance,

the Jubilee Sports Centre Trust Fund, which is a charitable

trust, may not be pledged as security for any loan which

the Committee or Board may seek to raise.

7.

The Committee of Trustees will be required

to lay before the Legislative Council, by 31 December

each year, a signed statement of the audited accounts

together with a report on the administration of the Fund

for the relevant financial year.

8.

For the purpose of taxation, the Jubilee

Sports Centre is an exempted person under Section 88 of

the Inland Revenue Ordinance. However, the Jubilee Sports

Centre Trust Fund Committee will be a separate legal entity

and a separate exemption will be sought in respect of the

Trust Fund if the Bill is enacted.

9.