6
CAP. 1085]
Education Scholarships Fund
[1973 Ed.
Investment.
Payments into and out of the fund.
(3) The treasurer shall make all payments to holders of scholarships in accordance with the directions of the Trustee. (Replaced, 19 of 1960, s. 2)
(4) The Trustee shall cause the treasurer to prepare for every period of twelve months ending on the 31st day of August in each year a statement of the accounts of the fund, which statement shall include an income and expenditure account, a balance sheet, and a statement of the investments in respect of the separate moneys shown in each of the accounts specified in subsection (2) and shall be signed by the Trustee. (Replaced, 19 of 1960, s. 2)
(5) The accounts of the fund and the signed statement of the accounts shall be audited by an auditor appointed by the Governor and the auditor shall certify the statement subject to such report, if any, as he may think fit. (Replaced, 19 of 1960, s. 2)
(6) A copy of the signed and audited statement of account together with the auditor's report, if any, and a report by the Trustee on the administration of the fund during the period covered by the audited accounts shall be laid upon the table of the Legislative Council not later than the 28th day of February next following the end of such period or so soon thereafter as the Governor, in his absolute discretion, may allow. (Added, 19 of 1960, s. 2)
10. (1) If the original donor of any moneys at any time forming part of the fund stipulated or shall stipulate at the time when the donation is made any particular kind of investment or gave or shall give the moneys in the form of a particular kind of investment the Trustee may invest and continue to hold invested such moneys in such kind of investment.
(2) The Trustee may continue to hold any investments in which any moneys forming part of the fund are at present invested.
(3) Subject to the provisions of subsections (1) and (2), the Trustee shall invest moneys comprised in the fund only in investments permitted for the investment of trust funds by any enactment or in such other investments as may be specially authorized by the committee.
(4) Moneys comprised in the fund may be remitted through the Accountant General to the Crown Agents for investment in accordance with subsection (3) in the name of the Trustee.
11. (1) All income from investments in the name of the Trustee and other revenue of the fund and all uninvested moneys of the fund shall be paid into a bank account in the name of the Trustee. (Amended, 63 of 1973, s. 7)
(2) Withdrawal from the fund shall be only by cheques signed by the Director and either the secretary or the treasurer.
6
CAP. 1085]
Education Scholarships Fund
[1973 Ed.
Investment.
Payments into and out of the fund.
(3) The treasurer shall make all payments to holders of scholarships in accordance with the directions of the Trustee. (Replaced, 19 of 1960, s. 2)
(4) The Trustee shall cause the treasurer to prepare for every period of twelve months ending on the 31st day of August in each year a statement of the accounts of the fund, which statement shall include an income and expenditure account, a balance sheet, and a statement of the investments in respect of the separate moneys shown in each of the accounts specified in subsection (2) and shall be signed by the Trustee. (Replaced, 19 of 1960, s. 2)
(5) The accounts of the fund and the signed statement of the accounts shall be audited by an auditor appointed by the Governor and the auditor shall certify the statement subject to such report, if any, as he may think fit. (Replaced, 19 of 1960, s. 2)
(6) A copy of the signed and audited statement of account together with the auditor's report, if any, and a report by the Trustee on the administration of the fund during the period covered by the audited accounts shall be laid upon the table of the Legislative Council not later than the 28th day of February next following the end of such period or so soon thereafter as the Governor, in his absolute discretion, may allow. (Added, 19 of 1960, s. 2)
10. (1) If the original donor of any moneys at any time forming part of the fund stipulated or shall stipulate at the time when the donation is made any particular kind of investment or gave or shall give the moneys in the form of a particular kind of investment the Trustee may invest and continue to hold invested such moneys in such kind of investment.
(2) The Trustee may continue to hold any investments in which any moneys forming part of the fund are at present invested.
(3) Subject to the provisions of subsections (1) and (2), the Trustee shall invest moneys comprised in the fund only in invest- ments permitted for the investment of trust funds by any enactment or in such other investments as may be specially authorized by the committee.
(4) Moneys comprised in the fund may be remitted through the Accountant General to the Crown Agents for investment in accordance with subsection (3) in the name of the Trustee.
11. (1) All income from investments in the name of the Trustee and other revenue of the fund and all uninvested moneys of the fund shall be paid into a bank account in the name of the Trustee. (Amended, 63 of 1973, s. 7)
(2) Withdrawal from the fund shall be only by cheques signed by the Director and either the secretary or the treasurer.
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