duties which it is to fulfil and the powers which it will
need. Also, do the FCO have any individuals in mind as
potential first trustees, and how (and from whom) is it
envisaged that future trustees would be recruited?
12.
However, it may be worth reconsidering whether
a separate trust of the whole fund is really wanted at all. If it is to be simply a "money-box", it would impose an extra layer of trust administration where none is really needed. Even if suitable trustees were willing
to act without remuneration, it would almost inevitably
lead to some extra expense.
13.
The alternative would be to revert to something
like the FCO's earlier proposals, under which the capital would be paid over to the ICR and the British Council on suitable terms. The capital would then be retained and
administered directly by those bodies, with income being applied each year. The British Council would presumably
want their share to be governed by a declaration of trust, as they did in 1989, but there would be no need for separate trustees. The draft declaration produced by
the British Council could be revised to ensure that it
gave effect to Sir S.K. Tang's wishes.
14.
If this second approach were to be adopted, two
main documents would be needed:
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