SIR MURRAY MACLEHOSE TRUST FUND ORDINANCE

SIR MURRAY MACLEHOSE TRUST FUND ORDINANCE

LAWS OF HONG KONG

SIR MURRAY MACHLEHOSE TRUST FUND

ORDINANCE

CHAPTER 1118





CHAPTER 1118

SIR MURRAY MACLEHOSE TRUST FUND

To establish for the benefit of the people of Hong Kong a trust fund called the

MacLehose Fund and to provide for the due administration of the fund

and connected matters.

[21 May 19821

Originally 24 of 1982 L.N. 67 of 1985, L.N. 68 of 1985, R. Ed. 1985, 48 of 1989, L.N. 262 of 1989,

L.N. 263 of 1989

1. Short title

This Ordinance may be cited as the Sir Murray MacLehose Trust Fund
Ordinance.

2. Establishment of trust fund

(1) There is established a fund called the MacLehose Fund.

(2) The fund shall be held upon the trusts and subject to the provisions
contained in this Ordinance.

(3) The trustee of the fund shall be the Secretary for Home Affairs Incorporated
incorporated under the Secretary for Home Affairs Incorporation Ordinance(Cap.
1044). (AmendedL.N. 67of 1985; L. N. 68 of 1985; L.N. 262 of
1989; L.N. 263 of 1989)

(4) The fund shall consist of

(a)the moneys and assets donated, subscribed or bequeathed before
the commencement of this Ordinance with the object of establishing
the fund and held by the trustee;

(b)such other moneys and assets as may have been acquired before the
commencement of this Ordinance by the use of any moneys or
assets so held; and

(c)such further moneys and assets as may, on or after the
commencement of this Ordinance, be-

(i) donated, subscribed or bequeathed to, and accepted by, the
trustee for the fund; or

(ii) otherwise acquired by the trustee for the fund.





3. Application and object of the fund

Subject to section 4, the trustee shall apply the fund for the benefit of the
people of Hong Kong in such manner as the Governor in his sole discretion may
direct.

4. Special provisions relating to manner

of application of fund

(1) The trustee may, subject to the direction of the Governor, expend the
income of the fund for the object specified in section 3.

(2) Before 1 January 1985 the trustee may, subject to the direction of the
Governor, expend a sum not exceeding $10,000,000 out of the capital of the fund for
the object specified in section 3:

Provided that the trustee shall, without prejudice to subsection (1), as soon
after that date as the Governor thinks appropriate, replace from the income of the
fund any capital so expended.

(3) The trustee may lend any moneys of the fund for the object specified in
section 3 without any interest or at such rate of interest as the Governor may direct.

5. Investment of moneys

(1) Notwithstanding section 8(2) of the Secretary for Home Affairs
Incorporation Ordinance (Cap. 1044), the trustee may invest any moneys of the
fund in such investments as the Governor may direct, whether or not such
investments are investments authorized by section 4 of the Trustee Ordinance (Cap.
29). (Amended L.N. 67 of 1985; 48 of 1989 s. 2; L.N. 262 of 1989)

(2) The Governor may, for the purpose of advising him on investments under
subsection (1), appoint an investment advisory committee, which shall consist of
not less than 3 nor more than 5 persons.

6. Appointment of professional

advisers and managers

(1) The trustee may employ any professional person or financial institution to
advise him on any matter arising out of or in connection with his functions under
this Ordinance or to manage the investment of the moneys of the fund in
accordance with such general or specific directions as the trustee may give in
writing from time to time. (Amended 48 of 1989 s. 2)

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





7. Accounts

(1) The trustee shall cause proper accounts to be kept of all transactions
of the fund and shall cause to be prepared, in respect of the period from the
commencement of this Ordinance to 31 March 1983 and thereafter in respect of
every period of one year ending on 31 March, 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) There shall be laid on the table of the Legislative Council not later than 31
December next following the end of each period in respect of which a statement is
required to be prepared under subsection (1) or so soon thereafter as the Governor
may allow

(a)a copy of the signed and audited statement of accounts together
with the auditor's report, if any;

(b)a report of the trustee on the administration of the fund during that
period; and

(c)such other report, if any, as the Governor may see fit to make
thereon.

8. Cost of administering the fund

(1) The cost of administering the fund, other than the salaries and fees paid
under section 6(2), shall be a charge upon the general revenue of Hong Kong:

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 Hong Kong.

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

(a)be in respect of the period from the commencement of this Ordinance
to 31 March 1983 and thereafter in respect of every period of one
year ending on 31 March; and

(b) not exceed of the income of the fund over the relevant

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