DE 18-77
PJYAEM
Mr Long,
CRD
)
Mr Edwards, Legal Advisers )
SIR SK TANG DONATION
1.
MKD 28611
) Separate copies
Mr Moms
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The British Council have now submitted an alternative "letter of intent" in respect of the administration of two thirds (£666,667) of the £l million gift made to HMG by Sir S K Tang in 1986. of the gift is to be used to support the UK/HK Scholarship Scheme.
This share
2.
The British Council draft seems over complicated and does not fully represent Sir SK Tang's wishes. require consideration.
The following observations
3(b)(i):
(ii)
4.
the capital should not be used for any purpose, save investment, without the prior approval of the Hong Kong Department of the Foreign and Commonwealth Office. interest earned is to be used only to support Hong Kong The Scholars awarded tertiary education courses in the United Kingdom. The expenditure of funds, both from the Sir SK Tang Trust and the Hong Kong Government, will be subject to the rulings of the UK/HK Scholarship Committee.
The British Council appear to have gone overboard from Section 4 onwards. Our intention is that the British Council act effectively as a banker/administrator. They should have NO authority to do anything without consulting us, since all we require them to do is to invest the principal amount in a bank or building society, write one or two cheques per year (payable to the Hong Kong Government) and submit to us at the end of each financial year a statement of
account.
5. I should be most grateful for 'your comments and ideas on how we should react to the Councils proposals. meeting to discuss our response to the British Council next week.
Perhaps we could have a Would the afternoon of 7 or 8 February suit you? Perhaps we could meet in David Edwards' office.
P J Morris
1 February 1989
Hong Kong Department WH312
270 2653
Aq
No comments yet.
Private notes are available after approval.