KADOORIE AGRICULTURAL AID LOAN FUND ORDINANCE

KADOORIE AGRICULTURAL AID LOAN FUND ORDINANCE

LAWS OF HONG KONG

KADOORIE AGRICULTURAL AID LOAN FUND ORDINANCE

CHAPTER 1080





CHAPTER 1080.

KADOORIE AGRICULTURAL AID LOAN FUND.

To provide for the establishment and administration of a trust fund to
be known as the Kadoorie Agricultural Aid Loan Fund and for
purposes connected therewith.

[8th July. 1955.1

1. This Ordinance may be cited as the Kadooric Agricultural Aid
Loan Fund Ordinance.

2. There is hereby established a trust fund to be known as the
Kadoorie Agricultural Aid Loan Fund, hereinafter referred to as the
Fund, which shall consist of the moneys and assets set forth in section
3.

3. The Fund shall consist of-

(a)moneys donated jointly to the Fund by Horace Kadoorie and
Lawrence Kadoorie. and by the Government;

(b)any donations to the Fund which may from time to time be
made either by Horace Kadoorie or by Lawrence Kadooric. or
by the Government;

(c)any donations to the Fund which may be made during the
joint lives of Horace Kadoorie and Lawrence Kadoorie with
their consent and after the death of either of them and during
the life of the survivor with the con. sent of the survivor;

(d)any donations made to the Fund after the death of the
survivor of Horace Kadoorie and Lawrence Kadoorie,

and together with any investment from time to time representing the
said moneys and together also with the interest and income derived
from any such investment.

4. (1) The Fund is hereby vested in the Director of Agriculture and
Fisheries. hereinafter referred to as the trustee, who shall hold the Fund
upon the trusts and with and subject to the powers and provisions
hereinafter in this Ordinance contained.

(2) For the purposes of this Ordinance, the office of the Director of
Agriculture and Fisheries shall have perpetual succession and all
moneys, stocks. and securities and land which may be vested in the
trustee under this Ordinance shall be deemed to be vested in the
Director of Agriculture and Fisheries for the time being. without any
further transfer or conveyance.

5. (1) The Fund shall be administered by a committee, hereinafter
referred to as the committee, consisting of

(a)the Director of Agriculture and Fisheries who shall be
chairman of the committee.





(b) Horace Kadooric or. during his life-time. his nominee;

(c) Lawrence Kadoorie or. during his life-time, his nominee;

(d) not more than three members appointed by the Governor.

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

(3) The quorum necessary for the transaction of the business of the
committee may be fixed by regulation made under this Ordinance and
unless so fixed, three members shall form a quorum.

6. (1) The trustee shall apply the Fund in such manner as the
committee may direct for the purpose of encouraging or improving
agriculture in the Colony by the issue of loans to farmers, groups of
farmers or persons intending to become farmers, at such rates of
interest, if any. and subject to such terms or conditions as the committee
may direct. or by such other means as may from time to time be
approved by the Governor.

(2) For the purpose of subsection (1), the expression 'agriculture'
includes all forms of animal husbandry, poultry breeding. crop raising,
fish culture and the cultivation of oysters for food.

(Replaced, 40 of 1960, s. 4)

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 trustee may* borrow such sums of money at such rates of
interest and subject to such terms or conditions as the committee may
from time to time direct for the furtherance of any of the purposes
specified in section 6. and the capital and assets of the Fund shall be
chargeable as security for the repayment thereof.

(Added, 40 of 1960, s. 5)

9. The committee may by regulation provide for its pro-
c cedure in the transaction of business and the maintenance of good
order at its meetings and generally for all matters relating to the
administration and management of the Fund and the discharge
of the duties of the committee:

Provided always that a copy of -such regulations shall be
furnished to the Colonial Secretary and that they shall be subject to.
disallowance or amendment at any time by the Governor.





10. The trustee shall have power subject to the direction of
the committee to write off from the moneys of the Fund any sums
which the committee deem to be irrecoverable.

11. AU questions which may arise at any meeting of the
committee shall be decided by a majority of votes of the members
present and, in case of an equality of votes, the chairman shall
have a casting vote in addition to his original vote:

Provided that in any case in which the committee is equally
divided in opinion without the casting vote of the chairman, any
three members of the committee may demand that the point be
referred to the Governor for his decision. which shall in every
such case be final.

12. (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 the statement subject to
such report, if any, as he may think fit.

(3) A copy of the signed and audited statement of the
accounts together with the auditor's report. if any, and a report
by the committee on the administration of the Fund during the
period covered by the audited accounts shall be laid on 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, 40 of 1960, s. 6)

13. The cost of administering the Fund shall be defrayed out
of the general revenue of the Colony.
Originally 25 of 1955. 40 of 1960. Short title. Establishment of the Fund. Maintenance of Fund. The trustee. Administration of the Fund. The trusts. Investments. Borrowing powers. Regulations. Power to write off irrecoverable moneys. Determination of questions at meetings of the committee. Accounts. Cost of administration.

Originally 25 of 1955. 40 of 1960. Short title. Establishment of the Fund. Maintenance of Fund. The trustee. Administration of the Fund. The trusts. Investments. Borrowing powers. Regulations. Power to write off irrecoverable moneys. Determination of questions at meetings of the committee. Accounts. Cost of administration.

https://oelawhk.lib.hku.hk/items/show/3555

1964

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