J. E. JOSEPH TRUST FUND ORDINANCE

J. E. JOSEPH TRUST FUND ORDINANCE

LAWS OF HONG KONG

E. JOSEPH TRUST FUND ORDINANCE

CHAPTER 1067





CHAPTER 1067.

J. E. JOSEPH TRUST FUND.

To make provision for the establishment of a trust fund to be
known as the J. E. Joseph Trust Fund, and for the due
administration thereof, and for purposes connected with the
matters aforesaid.

[12th February, 1954.]

1. This Ordinance may be cited as the J. E. Joseph Trust
Fund Ordinance.

2. (1) There is hereby established a trust fund to be known
as the J. E. Joseph Trust Fund (hereinafter referred to as the
Fund).

(2) The Fund shall consist of moneys paid over to the
Government by The Hongkong and Shanghai Banking Corpora-
tion under the provisions of a trust created by the Will of the
late J. E. Joseph. together with any sums accumulated by way
of interest thereon at the commencement of this Ordinance, and
such other moneys as may from time to time be donated.

3. The Fund is hereby vested in the Registrar of Co-
operative Societies as trustee, hereinafter referred to as the
Trustee.

4. The cost of administering the Fund shall be defrayed out
of moneys provided by the Legislative Council.

5. (1) The Trustee shall hold and stand possessed of the
capital and income of the Fund upon trust for the encouragement
and improvement of agriculture in the New Territories, and for
the fulfilment of the said purpose the Trustee shall have power to
make loans to Farmers' Co-operative Societies in the New Terri-
tories at such rate of interest, if any. and subject to such condi-
tions as the Trustee shall from time to time determine.

(2) The Trustee may at his discretion, with the concurrence
of the Financial Secretary, convert a loan made under subsection
(1), -or any interest due on such a loan. into a grant. (Amended,
13 of 1966, Schedule)

6. (1) The trustee shall cause proper accounts to be kept
of all transactions of the Fund and shall cause to be prepared for
every period of twelve months ending on the 31st day of March
in each year. a statement of the accounts of the Fund, which
statement shall include an income and expenditure account and
balance sheet and shall be signed by the trustee.





(2) 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 such statement subject to
such report, if any, as he may think fit.

(3) A copy of the signed and audited statement of accounts
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 30th day of September
next following the end of such period or so soon thereafter as the
Governor, in his absolute discretion, may allow.
(Replaced, 11 of 1960, s. 2)

7. The Trustee may, and where so directed by the Governor
shall, consult with any person or body nominated by the Gov-
ernor. but the Trustee shall not be bound to accept the advice
of such person or body.

8. (1) The Governor may give to the Trustee directions as
to the discharge by the Trustee of his functions in carrying out
the trust hereby created, and the Trustee shall give effect to such
directions.

(2) The Trustee shall afford to the Governor facilities for
obtaining information with respect to the Fund and functions
of the Trustee. and shall furnish him with returns, accounts and
other information with respect thereto and afford to him facilities
for the publication of information furnished, in such manner and
at such time as-he may require.
Originally 3 of 1954. 11 of 1960. 13 of 1966. Short title. Establishment of trust fund. Vesting of the Fund. Administrative cost to be borne by Government. Purpose of trust. Accounts. Trustee to consult nominated persons. Powers of Governor in relation to the Trustee.

Originally 3 of 1954. 11 of 1960. 13 of 1966. Short title. Establishment of trust fund. Vesting of the Fund. Administrative cost to be borne by Government. Purpose of trust. Accounts. Trustee to consult nominated persons. Powers of Governor in relation to the Trustee.

https://oelawhk.lib.hku.hk/items/show/3541

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