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Ord. No. 12/87
SIR EDWARD YOUDE MEMORIAL FUND
HONG KONG
No. 12 of 1987
I assent.
L.S.
David AKERS-JONES,
Acting Governor.
12 March 1987
An Ordinance to establish a trust fund called the "Sir Edward Youde Memorial Fund” and to provide for the administration thereof and for matters connected therewith.
[1 April 1987]
Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.
Short title and
1. (1) This Ordinance may be cited as the Sir Edward Youde commencement. Memorial Fund Ordinance 1987.
Interpretation.
(2) This Ordinance shall come into operation on 1 April 1987.
2. In this Ordinance, unless the context otherwise requires—
"Board of Trustees" means the Board of Trustees of the Sir Edward Youde
Memorial Fund established under section 4;
SIR EDWARD YOUDE MEMORIAL FUND
Ord. No. 12/87
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such further moneys and assets as may, on or after the commence- ment of this Ordinance, be donated, subscribed or bequeathed to and accepted by, or otherwise acquired by the Board of Trustees for the Fund; and
(c) any income of the Fund accumulated under section 7(d).
4.
(1) There is established a body corporate with perpetual succes- Trustees. Ision to be known as the "Board of Trustees of the Sir Edward Youde
Memorial Fund" which may, in that name, sue and be sued.
(2) The Board of Trustees shall be the trustee of the Fund.
(3) The Board of Trustees shall consist of—
(a) a Chairman appointed by the Governor;
(b) the Secretary for District Administation, or his representative, as
ex officio member; and
(c) 3 other members appointed by the Governor.
(4) The first members appointed under subsection (3)(c) shall include Lady Youde, widow of Sir Edward Youde.
5.
The Board of Trustees shall have a common seal, and the affixing Seal. of the seal shall-
(a) be authorized or ratified by resolution of the Board of Trustees;
and
(b) be authenticated by the signature of any 2 members of the Board of Trustees, authorized by the Board of Trustees either generally or specially to act for that purpose.
6.
The Board of Trustees shall hold the Fund upon trust to apply the Application and income of the same in such manner, to such extent and subject to such purpose of the conditions as the Council may determine for the general purpose of Fund. providing for and encouraging the education or learning of, or research by, the people of Hong Kong and, in particular, for making grants, or loans with or without interest-
(a) for the furtherance of education, learning or research within or
without Hong Kong; and
Establishment of Fund.
"Council" means the Sir Edward Youde Memorial Fund Council estab-
lished under section 9;
:
(b) to educational institutions within Hong Kong for the furtherance
of education, learning or research.
"Fund" means the Sir Edward Youde Memorial Fund established under
section 3.
7.
The Board of Trustees may—
3.
(1) There is established a fund to be known as the "Sir Edward Youde Memorial Fund".
(2) The Fund shall consist of—
(a) the moneys and assets donated, subscribed or bequeathed before the commencement of this Ordinance in anticipation of the establishment of the Fund together with any moneys earned therefrom;
(a) invest any moneys of the Fund in such investments as it thinks fit whether or not such investments are in Hong Kong or are authorized by section 4 of the Trustee Ordinance;
(b) employ any professional person or financial institution to advise it on any matter arising out of or in connexion with its functions under this Ordinance;
(c) borrow money in such manner, on such terms and against such
security as it thinks expedient; and
Board of Trustees'
powers.
(Cap. 29.)
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