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5. The Chairman shall at the same time discharge the duties of Honorary Secretary and Honorary Treasurer, and shall collect all sums due to the Corporation and keep an accurate account of all moneys received and disbursed to be presented at each meeting.

6. The Trustees shall also appoint one or more auditors, not necessarily auditors by profession, who shall not be Trustees, to audit the accounts and present a statement at the annual meeting.

Funds.

7. All contributions to the Fund shall be paid to the Honorary Treasurer and shall by him be placed to the credit of the Corporation in a local bank or invested as the Trustees may deem advisable.

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8. No payment on account of the Corporation shall be made without the order of the Trustees, payment on Petty Cash Account excepted. for which purpose the Trustees may place such sum they think fit at the disposal of the Honorary Treasurer, who shall furnish a correct account of all such payments at each meeting of the Trustees. All cheques shall be signed by one Trustee and the Honorary Treasurer.

Scholarships.

9. The number of scholarships granted and the value of each, and the conditions and period on and for which any such scholarship is granted or may be renewed, shall be in the entire discretion of the Trustees.

Meetings.

10. The Annual Meeting of the Trustees shall be held not later than the month of May in every year, when the report of the Trustees and the audited statement of accounts made up to the 31st December of the previous year shall be presented and passed, and any business of the previous year discussed. Emergency meetings may be called at any time by the Chairman or on the request of any Trustee.

11. At all meetings two Trustees shall form a quorum.

Objects and Reasons.

These are sufficiently set out in the preamble.

The Bill follows the lines of other Incorporation Ordin- ances, in particular the Chater Masonic Scholarship Fund Ordinance, 1929, and the Church of England Trust Ordinance, 1930.

R. E. LINDSELL,

Attorney General.

August, 1934.