| To establish a fund for providing or assisting in providing facilities for recreational, sporting, cultural and social activities and for the due administration of such fund and for purposes connected with the matters aforesaid. [13 February 1970] (Originally 20 of 1970) Cap 1128 s 1 Short title This Ordinance may be cited as the Sir David Trench Fund for Recreation Ordinance. Cap 1128 s 2 Interpretation In this Ordinance, unless the context otherwise requires- "fund" (基金) means the trust fund established by section 3; "trustee" (受讬人) means the Director of Accounting Services as trustee of the fund; (Amended L.N. 16 of 1977; L.N. 453 of 1993) "vesting day" (归属日期) means the date of commencement of this Ordinance. Cap 1128 s 3 Establishment and vesting of fund (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 3 million dollars (hereinafter referred to as the original capital sum) being an anonymous donation made on 5 January 1970 with the object of setting up the fund and presently held by the Director of Accounting Services in trust for the Sir David Trench Fund for Recreation; (Amended L.N. 16 of 1977; L.N. 453 of 1993) (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. Cap 1128 s 4 Incorporation of Director of Accounting Services as trustee (1) For the purposes of this Ordinance, the person for the time being performing the duties of the office of the Director of Accounting Services 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. (Amended L.N. 16 of 1977; L.N. 453 of 1993) (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. Cap 1128 s 5 Application and objects of the fund Remarks: Adaptation amendments retroactively made - see 59 of 2000 s. 3 The trustee shall apply the fund in such manner as the Chief Executive 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 Chief Executive may consider appropriate. (Amended 59 of 2000 s. 3) Cap 1128 s 6 Special provisions relating to manner of application of fund Remarks: Adaptation amendments retroactively made - see 59 of 2000 s. 3 (1) Subject to the direction of the Chief Executive, 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 Chief Executive may direct. (Amended 59 of 2000 s. 3) Cap 1128 s 7 Investment of moneys Remarks: Adaptation amendments retroactively made - see 59 of 2000 s. 3 (1) The trustee may invest any moneys of the fund in such investments, whether or not such investments are trust investments, as the Chief Executive may direct, subject, in the case of investments which are not trust investments, to the prior approval of the Investment Advisory Committee. (2) The Chief Executive shall, for the purposes of subsection (1) appoint an Investment Advisory Committee, which shall consist of not less than three nor more than five persons. (Amended 59 of 2000 s. 3) Cap 1128 s 8 Appointment of officials and professional advisers Remarks: Adaptation amendments retroactively made - see 59 of 2000 s. 3 (1) The trustee may, subject to the direction of the Chief Executive, 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. (Amended 59 of 2000 s. 3) (2) The trustee may employ any professional person to advise him on any matter arising out of or in connection with his functions under this Ordinance. (3) All salaries and fees of any person so appointed or employed shall be paid by the trustee out of the fund. |
