C.
pa: Bu Sept 730
+ KB 285/
KR
PAPER 2: Legal Advice on the S K Tang Bequest:
2(C): MR SMITH-LAITTEN, BRITISH TRADE COMMISSION IN HK
1. Mr Smith-Laitten has written to Mr Long on the 18 and 26 March. He has been looking into the Bequest in terms of funding for the UK/HK Scholarship fund from his enquiries he has made the following points:
a.
Current rate of interest
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The account which the funds are held in is a one month renewable deposit account. The money was deposited in this account as a temporary arrangement, pending further instructions from the FCO. I should be grateful to know your opinion on the implications of changing the type of account to, for example, a higher interest restricted access account. It would obviously be advantageous to everyone involved if we could raise more interest from the capital.
b. Trust and Trustee In his letter of 26 March
Mr Smith-Laitten was interested in knowing if a trust would
Iz and M. benget up and whether the British Council would be Trustee.
From our back papers it would appear that it was decided the British Council would not be a good Trustee as the FCO would effectively loose control of administering the funds. I have informed Mr Smith-Laitten that we are looking into setting up a trust or something similar through the Charity Commission (see letter of 8 May). I should be grateful for any comments you may have about the British Council and Trust issue, which should be fed to Mr Smith-Laitten.
CH
c.
UK/HK Scholarship Fund Mr Smith-Laitten is also concerned for the future of this scheme and has, like Mr Lang, asked if the Scholarship portion of the bequest could be enlarged. This would of course effect the size of The Institute of Cancer Research, as already raised in Paper 2(b); Mr Long.
ruch
S J Haspel
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Hong Kong Department
11 May 1992
No amment's retired.
84.
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