SIR DAVID TRENCH FUND FOR RECREATION ORDINANCE

SIR DAVID TRENCH FUND FOR RECREATION ORDINANCE

LAWS OF HONG KONG

SIR DAVID TRENCH FUND FOR RECREATION

ORDINANCE

CHAPTER 1128





CHAPTER 1128.

SIR DAVID TRENCH FUND FOR RECREATION.

To establish a fund for providing or assisting in providing facilities for
recreational, sporting, cultural and social activities andfor the
due administration of such fund andfor purposes connected with
the matters aforesaid.

[13th February, 1970.1

1. This Ordinance may be cited as the Sir David Trench Fund for
Recreation Ordinance.

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

'fund' means the trust fund established by section 3;

'trustee' means the Accountant General as trustee of the fund;

'vesting day' means the date of commencement of this Ordinance.

3. (1) There is hereby established a fund to be known as the Sir
David Trench Fund for Recreation.

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

(3) The fund shall consist of-

(a)the sum of three million dollars (hereinafter referred to as the
original capital sum) being an anonymous donation made on
the 5th day of January 1970 with the object of setting up the
fund and presently held by the Accountant General in trust for
the Sir David Trench Fund for Recreation;

(b)such other assets as may have been acquired before the
vesting day by the use of any moneys so donated;

(c)such further moneys and assets as may, on or after the vesting
day, be

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

(ii) otherwise acquired by the trustee.

4. (1) For the purposes of this Ordinance, the person for the time
being performing the duties of the office of the Accountant General
shall be the trustee of the fund and shall be a corporation sole (in this
section referred to as the corporation) and shall have the name 'The
Trustee of the Sir David Trench Fund for Recreation', and in that name
shall have perpetual succession and may sue and be sued in any court.





(2) The corporation shall have a common seal and the
affixing of the seal shall be authenticated by the signature of the
trustee.

(3) Any instrument purporting to be an instrument duly
executed under the seal of the corporation shall be received in
evidence and shall, unless the contrary is proved, be deemed to
be an instrument so executed.

5. The trustee shall apply the fund in such manner as the
Governor may direct for the following objects-
(a)the provision of, or assistance in the provision of facilities
for recreational, sporting, cultural and social activities;
(b)such objects ancillary or incidental to the objects set
out in paragraph (a) as the Governor may consider
appropriate.

6. (1) Subject to the direction of the Governor, the fund,
other than the original capital sum, may be expended, applied
and used for any object specified in section 5 but no part of the
original capital sum shall be expended, applied or used, for any
such purpose without the prior approval of the Legislative Council.

(2) The trustee may lend any moneys of the fund for any
object specified in section 5 without any interest or at such a rate
of interest as the Governor may direct.

7. (1) The trustee may invest any moneys of the fund in
such investments, whether or not such investments are trust invest-
ments, as the Governor may direct, subject, in the case of invest-
ments which are not trust investments, to the prior approval of.the
Investment Advisory Committee, and may remit moneys comprised
in the fund to the Crown Agents for investment in the name of the
trustee.

(2) The Governor shall, for the purposes of subsection (1)
appoint an Investment Advisory Committee, which sfiall consist of
not less than three nor more than five persons.

8. (1) The trustee may, subject to the direction of the
Governor, from time to time appoint, upon such salary and upon
such terms as he may think proper, such officials as he may think
necessary for the purpose of carrying out the trusts or for the
proper administration and management of the fund.

(2) The trustee may employ any professional person to advise
him on any matter arising out of or in connexion with his functions
under this Ordinance.

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





9. (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 vesting day to the 31st day of March
1971, and thereafter in respect of every period of one year ending
on the 31st day of 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 the 30th day of September next following the end
of each period in respect of which a statement of the accounts of
the fund 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 such period; and
(c)such other report, if any, as the Governor may see fit
to make thereon.

10. (1) The cost of the administration of the fund, other than
the salaries and fees paid under subsection (3) of section 8, shall
be a charge upon 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 period from the vesting day to the
31st day of March 1971 and thereafter in respect of every
period of one year ending on the 31st day of March; and
(b)not exceed two and a half per cent of the income of the
fund over the relevant period.

11. Nothing in this Ordinance shall affect or be deemed to
affect the rights of Her Majesty the Queen, Her Heirs or Succes-
sors, 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 20 of 1970 Short title Interpretation Establishment and vesting of fund Incorporation of Accountant General as trustee Application and objects of the fund Special provisions relating to manner of application of fund Investment of moneys Appointment of officials and professional advisers. Accounts Cost of administering the fund Saving

Originally 20 of 1970 Short title Interpretation Establishment and vesting of fund Incorporation of Accountant General as trustee Application and objects of the fund Special provisions relating to manner of application of fund Investment of moneys Appointment of officials and professional advisers. Accounts Cost of administering the fund Saving

https://oelawhk.lib.hku.hk/items/show/3606

1964

v27

1128

4