GRNTHAM SCHOLARSHIPS FUND ORDINANCE

GRNTHAM SCHOLARSHIPS FUND ORDINANCE

LAWS OF HONG KONG

GRANTHAM SCHOLARSHIPS FUND ORDINANCE

CHAPTER 1076





CHAPTER 1076

GRANTHAM SCHOLARSHIPS FUND ORDINANCE

ARRANGEMENT OF SECTIONS

Section Page

1. Short title ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2
2. Establishment of trust fund ... ... ... ... ... ... ... ... ... ... ... 2
3. The trustee ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2
4. Committee of management ... ... ... ... ... ... ... ... ... ... ... ... 3
5. The trusts ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3
6. Intervals, and terms and conditions of awards ... ... ... ... ... ... ... 3
7. Investments ... ... ... ... . ... ... ... ... ... ... ... ... ... ... ... 3
8. Standing orders of the committee ... ... ... ... ... ... ... ... ... ... 4
9. Power to solicit and take subscriptions and bequests ... ... ... ... ... ... 4
10. Accounts ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4
11. Servants and advisers ... ... ... ... ... ... ... ... ... ... ... ... ... 4
12. Cost of administration ... ... ... ... ... ... ... ... ... ... ... ... 4
13. Subscribers before 30 June 1955, to be deemed founders ... ... ... ... ... 5





CHAPTER 1076

GRANTHAM SCHOLARSHIPS FUND

To make provision for the establishment of a trustfund to be known as
the 'Grantham Scholarships Fund', andfor the due
administration thereof, andfor purposes connected with the
matters aforesaid.

[4 March 1955.]

WHEREAS

(a)The benefactors, hereinafter referred to as the founders,
wishing to commemorate the governorship of His Excellency
Sir Alexander William George Herder Grantham, Knight Grand
Cross of the Most Distinguished Order of Saint Michael and
Saint George, have raised by subscription the sum of $250,000:

(b)In view of the interest taken by the said Sir Alexander
Grantham in education, the founders wish to establish a
scholarships fund for the promotion and encouragement of
education in Hong Kong:

(c)The said Sir Alexander Grantham has signified his consent to
the founders' wish that the said fund should be known as the
'Grantham Scholarships Fund':

(d) The Secretary for District Administration Incorporated
has, with the approval of the Governor under section 8 of
the Secretary for District Administration Incorporation
Ordinance, consented to become trustee of the said fund:
(Amended, L.N. 67/85 and L.N. 68/85)

(e) The founders have paid to the trustee the said sum of
$250,000 to the intent that the same shall be dedicated
in perpetuity for the promotion and encouragement of
local education in the Colony in the manner hereinafter
provided:

1. This Ordinance may be cited as the Grantham Scholarships Fund
Ordinance.

2. There is hereby established a trust fund to be known as the
'Grantham Scholarships Fund', hereinafter referred to as the fund,
which shall consist of $250,000, being moneys paid over to the trustee
by the founders; it shall also consist of 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 given to the fund.

3. The trustee shall hold the fund upon the trusts, and with and
subject to the powers and provisions, hereinafter in this Ordinance
contained.





4. (1) The fund shall be managed by a committee consisting

of-
(a) the Secretary for District Administrations, who shall be the
chairman of the committee; (Amended, L.N. 67185)

(b) the Director of Education;

(c) [Deleted, 50 of 1973, s. 21

(d)the Chairman for the time being of the Tung Wah Hospital;

(e) the Chairman for the time being of the Po Leung Kuk; and

(f)such other members not exceeding 4 as may be appointed by
the Governor.

(2) The persons named in subsection (1)(a) to (c) shall, whilst
holding their respective offices, be ex officio members of the
committee.

(3) Members appointed by the Governor shall hold office for 3
years from the date of their respective appointments, and may be re-
appointed or removed by the Governor at his pleasure.

5. The trustee shall apply the fund, in such manner as the committee may direct,
for the promotion and encouragement of local education, and in particular -

(a) for the provision of scholarships and maintenance grants
in primary schools, secondary schools and industrial and
technical schools in the Colony for persons resident in the
Colony and in need of financial assistance for their education; and

(b) for the provision of scholarships and maintenance grants
for the persons mentioned in paragraph (a) in places of
higher education in the Colony.

6. The scholarships and maintenance grants referred to in section 5
shall be awarded, at such intervals and as the result of such examination
or other method of selection and in such manner and shall be held and
enjoyed for such period and upon and subject to such terms and
conditions as shall, from time to time, be prescribed by regulation made
by the committee, or in default of such regulation, then as the committee
shall determine; and the committee may, at any time, alter or revoke any
regulation made under this section, and make new regulations in place
thereof.


7. The trustee may invest the moneys of the fund in the name of
the trustee in such investments of any kind, including shares in local
companies, whether such investments are permitted for the investment
of trust funds or not, as the committee may direct; and, in like manner,
such investments may at any time be varied.





8. The committee may, from time to time with the approval of the
Governor, frame and, from time to time with the like approval, alter
standing orders for its internal management and control; and all such
standing orders when so approved as aforesaid shall be binding on
every member of the committee.

9. The committee may, from time to time, solicit and take on behalf
of the trustee subscriptions and bequests to the fund.

10. (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 12 months ending on 31 August 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 the statement subject to such report, if any, as
he thinks fit.

(3) A copy of the signed and audited statement of accounts
together with the auditor's report, if any, shall be laid on the table of the
Legislative Council, not later than 31 December next following the end of
such period or so soon thereafter as the Governor, in his absolute
discretion, may allow.

(Replaced, 23 of 1966, s. 2)

11. (1) The committee may appoint upon such salary and upon
such terms as it may think proper such servants as it may think
necessary for the purpose of carrying out the provisions of this
Ordinance, and may employ any professional persons to advise it on
any matter arising out of or in connexion with such provisions.

(2) All salaries and fees of any person so appointed or employed
shall be paid by the trustee out of the fund.

12. (1) The cost of the administration of the fund, other than the
salaries and fees paid under the provisions of section 11(2), shall be a
charge on the general revenue of the Colony:

Provided that the Financial Secretary may direct that an annual
supervision fee to be determined by him shall be charged against the
income of the fund and paid into the general revenue of the Colony.

(2) The fee charged under the proviso to subsection (1) shall-

(a)be in respect of the year commencing on 1 September 1966 and
ending on 31 August 1967, and thereafter in respect of every
period of 1 year ending on 31 August; and

(b) not exceed 2 1/2 per cent of the annual income of the fund.



(Replaced, 23 of 1966, s. 3)





13. Any person, and any firm, company, corporation or other
body whatsoever, who or which makes a subscription to the fund on
or before 30 June 1955, shall be deemed to be a founder.
Originally 8 of 1955. 23 of 1966. L.N. 22/69. 50 of 1973. L.N. 67/85. L.N. 68/85. Preamble. (Cap. 1044.) Short title. Establishment of trust fund. The trustee. Committee of management. The trusts. Intervals, and terms and conditions of awards. Investments. Standing orders of the committee. Power to solicit and take subscriptions and bequests. Accounts. Servants and advisers. Cost of administration. Subscribers before 30 June 1955, to be deemed founders.

Originally 8 of 1955. 23 of 1966. L.N. 22/69. 50 of 1973. L.N. 67/85. L.N. 68/85. Preamble. (Cap. 1044.) Short title. Establishment of trust fund. The trustee. Committee of management. The trusts. Intervals, and terms and conditions of awards. Investments. Standing orders of the committee. Power to solicit and take subscriptions and bequests. Accounts. Servants and advisers. Cost of administration. Subscribers before 30 June 1955, to be deemed founders.

https://oelawhk.lib.hku.hk/items/show/3551

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