HKB
RESTRICTED
285/1
RECEIVED IN
:
STRY
04. 1993
DESK INCE
PA
REGISTRY Action Taken
FROM: R S Moore
Hong Kong Department DATE: 23 July 1993
CC: Mr Long, CRD
Ms Barrett,
Legal Advisers Sir J Coles
(60
A
Mr Morris
Mr Hum
PS/Mr Goodlad
SIR S K TANG'S BEQUEST
Problem
1.
Since 1986 two thirds of the annual and accrued interest from this bequest has been used to fund scholarships in Hong Kong. The remaining third designated for cancer research has simply accrued. Ministers are invited to approve new
arrangements.
Recommendations
2. I recommend that we act on advice from the Treasury Solicitors: that we should set up a Sign Manual direction which would appoint two-thirds of the total fund to the British Council to be held on terms of a Declaration of Trust to be made by HMG and the Council, and one third to the Institute of Cancer Research (ICR) to be held on terms agreed between ourselves and the Institute. I also recommend that the third allocated to the ICR should be brought back to the UK as soon as is legally possible, while the balance should remain in Hong Kong, in order to maximise its effectiveness, probably until 1996 when the British Council would assume responsibility for its administration.
Background and Arqument
Shortly before his death in 1986, Sir S K Tang bequeathed one million pounds sterling to HMG. The money was to act as a foundation fund, from which the accrued interest was to be used for charitable purposes in the UK. Following discussions between HMG and Sir S K Tang in 1986, it was agreed that one third would go to the ICR and two thirds would fund scholarships for Hong Kong students to study in the UK, the latter preferably under the administration of the British Council. Sir S K Tang himself said that he did not want to become involved in the administration of a Trust Fund.
3. The funds have since remained in Hong Kong and have been administered on HMG's behalf by the Hong Kong Government.
SKTANG/subjan
RESTRICTED
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