HONG KONG TRAMWAYS EDUCATIONAL TRUST FUND ORDINANCE

HONG KONG TRAMWAYS EDUCATIONAL TRUST FUND ORDINANCE

LAWS OF HONG KONG

HONG KONG TRAMWAYS EDUCATIONAL TRUST

FUND ORDINANCE

CHAPTER 1091





CHAPTER 1091.

HONG KONG TRAMWAYS EDUCATIONAL TRUST FUND.

To make provision for the establishment of a trust fund to be known as
the Hong Kong Tramways Educational Trust Fund, for the
incorporation of the Chairman of the Management Committee to
act as Trustee of the said fund, for the due administration thereof
and for purposes connected with the matters aforesaid.

[10th August, 1956.1

WHEREAS

(a)Hongkong Tramways Limited (hereinafter called the Founders)
marked the fiftieth anniversary of the running of the first
tramcar in Hong Kong by allocating funds for the
establishment of a trust in 1954 and have made a further
allocation of funds for the same purpose in 1955 which said
funds are held in cash together with interest accrued thereon
or have been used to purchase shares,

(b)the Founders have dedicated the fund as hereinafter defined
and accretions thereto in perpetuity for the promotion and
encouragement of education of selected children of employees
and ex-employees of the Founders;

(c)it is desirable to incorporate the Chairman of the Committee set
up under section 6 to act as Trustee of the trust fund as
hereinafter defined:

1. This Ordinance may be cited as the Hong Kong Tramways
Educational Trust Fund Ordinance.

2. In this Ordinance, unless the context otherwise requires-

'Committee' means the Committee established under section 6.

'employee of the Founders- includes a former employee of the
Founders;

'Founders' means Hongkong Tramways Limited.

3. (1) There is hereby established a trust fund to be known as the
Hong Kong Tramways Educational Trust Fund. hereinafter called the
Fund.

(2) The Fund shall consist of cash and shares together with any
sums accumulated by way of dividends or interest thereon, bonus
issues of shares and such other moneys and assets as may from time to
time be given to the Fund, and such moneys or investments as shall
from time to time represent the same.





4. (1) The Chairman of the Committee shall be the Trustee of the
Fund, hereinafter referred to as the Trustee, and shall be a body
corporate and shall have the name 'The Trustee of the Hong Kong
Tramways Educational Trust Fund-, and in that name shall have
perpetual succession, and shall and may sue and be sued in an courts in
the Colony and shall and may have and use a common seal, and may
from time to time break, change, alter and make anew the said seal.

(2) The Trustee shall be empowered to act as. Trustee and whilst so
acting shall have power to acquire, accept leases of, purchase, take. hold
and enjoy, any lands, buildings, messuages or tenements of whatsoever
nature or kind and wheresoever situate. and also to invest moneys upon
mortgage of any lands. buildings, messuages or tenements or upon, the
mortgages, debentures, stocks, funds. shares or securities of any
government, municipality, corporation, or company and also to
purchase. acquire and possess goods and chattels of whatsoever nature
and kind.

(3) The Trustee shall further have power to grant, sell, convey.
assign. surrender. exchange. partition. yield up. mortgage. demise.
reassign, transfer, or otherwise dispose of any lands. buildings,
messuages, tenements, mortgages, debentures, stocks, funds. shares or
securities or other goods and chattels whatsoever which are for the time
being vested in the Trustee upon such terms as to the Trustee may seem
fit.

(4) All deeds and other instruments requiring the seal of the Trustee
shall be sealed in the presence of the occupant of the Trustee for the
time being and shall also be signed by him and such deeds and
instruments. and all other documents. instruments and writings requiring
a signature on behalf of the Trustee shall be signed by such occupant.

5. The Trustee shall hold the Fund upon the trusts, and with and
subject to the powers and provisions, hereinafter in this Ordinance
contained.

6. (1) There shall be a Committee who shall have the management of
the Fund.

(2) The Committee shall consist of-

(a)the Chairman of the Founders who shall be Chairman of the
Committee;

(b)a Director of the Founders appointed by resolution of the
Board of Directors of the Founders;

(c) the Manager of the Founders.

(a)such other members not exceeding three as may be appointed
by resolution of the Board -of Directors of the Founders.





(3) The persons named in paragraphs (a) and (c) of subsection (2)
shall whilst holding their respective offices be ex officio members of the
Committee.

(4) Every member appointed pursuant to paragraphs (b) and (d) of
subsection (2) shall hold office for a fixed period of three years or until
such time as his appointment is revoked and a new member appointed
in his place by resolution of the Board of Directors of the Founders.
Upon expiry of any such term of office a member may be re-appointed
for a further similar term or a new member may be appointed in his place.

7. The Trustee shall apply the Fund including the capital and the
income thereof in such manner as the Committee may direct for the
promotion and encouragement of education and, in particular, for the
education of such children of employees of the Founders as the
Committee shall consider to be worthy of receiving the benefits of this
trust having regard to the intelligence, character and conduct of such
children (as may appear to the Committee by observation, report or
otherwise) and to the character and length and quality of service of
their fathers and mothers as employees of the Founders.

8. Scholarships, maintenance grants and payments to cover text
books and for such other purposes including the award of prizes
directly or indirectly connected with the primary purposes of the trusts
as set out in section 7 as the Committee shall deem appropriate shall be
awarded at such intervals, and shall be held and enjoyed for such
period, and subject to such terms and conditions, as shall from time to
time be prescribed by regulations made by the Committee, and in default
of such regulations then as the Committee shall determine, whether
retrospectively or not; and the Committee may at any time alter or
revoke regulations made under this section and make new regulations in
place thereof.

9. The Trustee may invest the Fund and keep the same invested
whether or not any such investment is permitted for the investment of
trust funds, as the Committee may direct, and in like manner such
investments may at any time be varied.

10. (1) The Trustee shall cause proper accounts to be kept of all
income and expenditure of the Fund and such accounts shall be audited
at least once in every year by an auditor or auditors appointed from time
to time by the Board of Directors of the Founders.

(2) A copy of such accounts together with a copy of a report by
the Committee upon the administration of the Fund during the previous
academic year shall be submitted by the Committee to the Board of
Directors of the Founders not later than the 31st day of December in
every year.





(3) The Committee may frame standing orders for the publication of
such accounts and report in such manner as the Committee shall think fit
and may alter, revoke or replace such standing orders from time to time.

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) AR salaries and fees of any persons so appointed or employed
shall be paid by the Trustee out of the Fund.

12. The costs of administering the Fund shall be paid out of the
Fund.

13. In the event either of the Founders going into liquidation or of
the Founders ceasing to be direct employers of employees in Hong
Kong. the Fund shall form part of and shall be deemed to have been
given to the Grantham Scholarships Fund established by the Grantham
Scholarships Fund Ordinance. freed from all trusts subsisting in respect
thereof at the time of such event. and thereafter the provisions of this
Ordinance shall cease to be applicable to the Fund.

14. Nothing in this Ordinance shall affect or be deemed to affect the
rights of Her Majesty the Queen. Her Heirs or Successors, or the rights
of any body politic or corporate or of any other persons except such as
are mentioned in this Ordinance and those claiming by, from or under
them.
Originally 43 of 1956. Preamble. Short title. Interpretation. Establishment of trust fund. Incorporation of the trustee. Fund to be held upon trusts. Committee of management. Trusts. Intervals and terms and conditions of awards. Investments. Accounts and audit. Servants and advisers. Costs of administration. Fund to form part of Grantham Scholarships Fund in certain events. (Cap. 1076.) Saving.

Originally 43 of 1956. Preamble. Short title. Interpretation. Establishment of trust fund. Incorporation of the trustee. Fund to be held upon trusts. Committee of management. Trusts. Intervals and terms and conditions of awards. Investments. Accounts and audit. Servants and advisers. Costs of administration. Fund to form part of Grantham Scholarships Fund in certain events. (Cap. 1076.) Saving.

https://oelawhk.lib.hku.hk/items/show/3566

1964

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