SIR EDWARD YOUDE MEMORIAL FUND ORDINANCE

SIR EDWARD YOUDE MEMORIAL FUND ORDINANCE

LAWS OF HONG KONG

SIR EDWARD YOUDE MEMORIAL FUND

ORDINANCE

CHAPTER 1140





CHAPTER 1140

SIR EDWARD YOUDE MEMORIAL FUND ORDINANCE

ARRANGEMENT OF SECTIONS

Section................................... Page
1. Short title .........................2
2. Interpretaton .......................2
3. Establishment of Fund ...............2
4. Trustees ............................3
5. Seal ................................3

6. Application and purpose of the Fund ...3
7. Board of Trustees' powers .............3
8. Additional payments from the Fund .....4
9. Establishment of Council ..............4
10. Council's powers .....................4
11. Appointments under this Ordinance ....5
12. Transaction of business by circulation of papers 5
13. Application of sections 51 and 52 of the Interpretation and General Clauses
Ordinance ................................5
14. Accounts .............................5

15. Cost of administering the Fund ......6





CHAPTER 1140

SIR EDWARD YOUDE MEMORIAL FUND

To establish a trust fund called the 'Sir Edward Youde Memorial Fund' and to
provide for the administration thereof and for matters connected therewith.

[1 April 19871

Originally 12 of 1987 R. Ed. 1987,48 of 1989, L.N. 262 of
1989

1. Short title

This Ordinance may be cited as the Sir Edward Youde Memorial Fund

Ordinance.

2. Interpretation

In this Ordinance, unless the context otherwise requires

'Board of Trustees' means the Board of Trustees of the Sir Edward Youde
Memorial Fund established under section 4;

'Council ' means the Sir Edward Youde Memorial Fund Council established under
section 9;

'Fund' means the Sir Edward Youde Memorial Fund established under section 3.

3. Establishment of Fund

(1) There is established a fund to be known as the 'Sir Edward Youde

Memorial Fund'. (2) The Fund shall
consist of

(a)the moneys and assets donated, subscribed or bequeathed before
the commencement of this Ordinance in anticipation of the
establishment of the Fund together with any moneys earned
therefrom;

(b)such further moneys and assets as may, on or after the
commencement of this Ordinance, be donated, subscribed or
bequeathed to and accepted by, or otherwise acquired by the Board
of Trustee for the Fund; and

(c) any income of the Fund accumulated under section 7(d).





4. Trustees

(1) There is established a body corporate with perpetual succession to be
known as the 'Board of Trustees of the Sir Edward Youde Memorial Fund' which
may, in that name, sue and be sued.

(2) The Board of Trustees shall be the trustee of the Fund.

(3) The Board of Trustees shall consist of

(a) a Chairman appointed by the Governor;

(b)the Secretary for Home Affairs, or his representative, as ex officio
member; and (AmendedL.N. 262 of 1989)

(c) 3 other members appointed by the Governor.

(4) The first members appointed under subsection (3)(c) shall include Lady
Youde, widow of Sir Edward Youde.

5. Seal

The Board of Trustees shall have a common seal, and the affixing of the seal
shall

(a)be authorized or ratified by resolution of the Board of Trustees; and

(b)be authenticated by the signature of any 2 members of the Board of
Trustees, authorized by the Board of Trustees either generally or
specially to act for that purpose.

6. Application and purpose of the Fund

The Board of Trustees shall hold the Fund upon trust to apply the income of
the same in such manner, to such extent and subject to such conditions as the
Council may determine for the general purpose of providing for and encouraging
the education or learning of, or research by, the people of Hong Kong and, in
particualr, for making grants, or loans with or without interest

(a)for the furtherance of education, learning or research within or
without Hong Kong; and

(b)to educational institutions within Hong Kong for the furtherance of
education, learning or research.

7. Board of Trustees powers

The Board of Trustees may

(a)invest any moneys of the Fund in such investments as it thinks fit
whether or not such investments are in Hong Kong or are authorized
by section 4 of the Trustee Ordinance (Cap. 29);





(b)employ any professional person or financial institution to advise it
on any matter arising out of or in connection with its 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
Board of Trustees may give in writing from time to time; (Amended 48
of 1989 s. 2)

(c)borrow money in such manner, on such terms and against such
security as it thinks expedient; and

(d)accumulate any income of the Fund not applied under section 6 or
paid under section 8 or 15.

8. Additional payments from the Fund

The Board of Trustees shall pay out of the income of the Fund

(a)all fees of any person or institution employed by it under section
7(b) and all salaries, allowances and expenses of any person
employed by the Council under section 10; and

(b)the reasonable travelling and accommodation expenses of any
person not a resident of Hong Kong appointed to be a member of the
Board of Trustees or of the Council arising out of or in connection
with his attendance in Hong Kong at any meeting thereof.

9. Establishment of Council

(1) There is established a Council to be known as the 'Sir Edward Youde
Memorial Fund Council' which may, subject to this Ordinance, determine all matters
whatsoever touching the application of the income of the Fund and the fulfilment of
the purposes thereof.

(2) The Council shall consist of

(a) a Chairman appointed by the Governor;

(b)the Secretary for Education and Manpower, or his representative, as
ex officio member;

(c) 5 other members appointed by the Governor.

(3) The first members appointed under subsection (2)(c) shall include Lady
Youde, widow of Sir Edward Youde.

10. Council's powers

The Council may employ any person

(a)to advise it on any matter arising out of or in connection with its
functions under this Ordinance; or

(b) to perform any of its functions under this Ordinance.





11. Appointments under this Ordinance

(1) A person appointed by the Governor under this Ordinance shall hold
office for such period as may be specified in the letter of his appointment but
may be removed by the Governor at his pleasure.
(2) The Governor shall give notice in the Gazette of any appointment
under this Ordinance.
(3) Any person appointed under this Ordinance may resign by giving
notice in writing under his hand to the Governor.
(4) A person whose appointment expires or who resigns may be
reappointed by the Governor.

12. Transaction of business by circulation of papers

The Board of Trustees and the Council may transact any of their business
by circulation of papers, and a resolution in writing which is approved in
writing by a majority of members shall be as valid and effectual as if it had been
passed at a meeting of the Board of Trustees or Council, as the case may be.

13. Application of sections 51 and 52 of the Interpretation
and General Clauses Ordinance

Sections 51 and 52 of the Interpretation and General Clauses Ordinance
(Cap. 1) apply to the Board of Trustees and the Council as they apply to a
committee.

14. Accounts

(1) The Board of Trustees shall keep such accounts and records of the
transactions of the Fund as the Director of Accounting Services may require
and shall prepare for each financial year a statement of the accounts of the
Fund, which statement shall include an income and expenditure account and a
balance sheet and shall be signed by the Chairman of the Board of Trustees.
(2) The signed statement of the accounts of the Fund shall be submitted
by the Chairman of the Board of Trustees to the auditor appointed under
subsection (3) within a period of 6 months from the end of the financial year to
which it relates or within such greater period as the Governor may allow.
(3) The accounts of the Fund and the signed statement of the accounts
shall be audited by an auditor appointed by the Governor, who shall certify
such statement subject to any report he may think fit to make.
(4) There shall be laid on the table of the Legislative Council on or before
31 December next following the end of each financial year 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 Board of Trustees on the administration of the Fund
during that financial year; and

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

15. Cost of administering the Fund

(1) All costs and expenses incurred by the Government in administering the
Fund shall be a charge upon general revenue.

(2) 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
general revenue.

(3) The fee charged under subsection (2) shall-
(a) be in respect of a financial year; and
(b) not exceed 2% of the income of the Fund over that financial

2

year.

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