To make provision for the establishment of a trust fund to be known as the "Grantham Scholarships Fund", and for the due administration thereof, and for purposes connected with the matters aforesaid. [4 March 1955] (Originally 8 of 1955) Cap 1076 Preamble WHEREAS- (a) The benefactors, hereinafter referred to as the founders, wishing to commemorate the governorship of His Excellency Sir Alexander William George Herder Grantham, Knight Grand Cross of the Most Distinguished Order of Saint Michael and Saint George, have raised by subscription the sum of $250000: (b) In view of the interest taken by the said Sir Alexander Grantham in education, the founders wish to establish a scholarships fund for the promotion and encouragement of education in Hong Kong: (c) The said Sir Alexander Grantham has signified his consent to the founders' wish that the said fund should be known as the "Grantham Scholarships Fund": (d) The Secretary for Home Affairs Incorporated has, with the approval of the Governor under section 8 of the Secretary for Home Affairs Incorporation Ordinance (Cap 1044), consented to become trustee of the said fund: (Amended L.N. 67 of 1985; L.N. 68 of 1985; L.N. 262 of 1989; L.N. 263 of 1989) (e) The founders have paid to the trustee the said sum of $250000 to the intent that the same shall be dedicated in perpetuity for the promotion and encouragement of local education in Hong Kong in the manner hereinafter provided: (Amended 23 of 1990 s. 3) Cap 1076 s 1 Short title This Ordinance may be cited as the Grantham Scholarships Fund Ordinance. Cap 1076 s 2 Establishment of trust fund There is here by established a trust fund to be known as the "Grantham Scholarships Fund", hereinafter referred to as the fund, which shall consist of $250000, being moneys paid over to the trustee by the founders; it shall also consist of any sums accumulated by way of interest thereon at the commencement of this Ordinance, and such other moneys as may, from time to time, be given to the fund. Cap 1076 s 3 The trustee The trustee shall hold the fund upon the trusts, and with and subject to the powers and provisions, hereinafter in this Ordinance contained. Cap 1076 s 4 Committee of management (1) The fund shall be managed by a committee consisting of- (a) the Secretary for Home Affairs, who shall be the chairman of the committee; (Amended L.N. 67 of 1985; L.N. 262 of 1989) (b) the Permanent Secretary for Education and Manpower; (Amended 3 of 2003 s. 41) (c) (Repealed 50 of 1973 s. 2) (d) the Chairman for the time being of the Tung Wah Hospital; (e) the Chairman for the time being of the Po Leung Kuk; and (f) such other members not exceeding 4 as may be appointed by the Chief Executive.(2) The persons named in subsection (1)(a) to (c) shall, whilst holding their respective offices, be ex officio members of the committee. (3) Members appointed by the Chief Executive shall hold office for such period as may be specified in their respective letters of appointment, and may be re-appointed or removed at the discretion of the Chief Executive. (Amended 91 of 1991 s. 2) (Amended 18 of 1999 s. 3) Cap 1076 s 5 The trusts The trustee shall apply the fund, in such manner as the committee may direct, for the promotion and encouragement of local education, and in particular for the provision for persons resident in Hong Kong of scholarships and maintenance grants in primary schools, secondary schools, pre-vocational schools, technical schools and institutions of higher education in Hong Kong. (Replaced 23 of 1990 s.2) Cap 1076 s 6 Intervals, and terms and conditions of awards The scholarships and maintenance grants referred to in section 5 shall be awarded, at such intervals and as the result of such examination or other method of selection and in such manner and shall be held and enjoyed for such period and upon and subject to such terms and conditions as shall, from time to time, be prescribed by regulation made by the committee, or in default of such regulation, then as the committee shall determine; and the committee may, at any time, alter or revoke any regulation made under this section, and make new regulations in place thereof. Cap 1076 s 7 Investments (1) Subject to subsections (2) to (5), the trustee may invest the moneys of the fund in the name of the trustee in such investments of any kind, including shares in local companies, whether such investments are permitted for the investment of trust funds or not, as the committee may direct; and, in like manner, such investments may at any time be varied. (Amended 91 of 1991 s. 3) (2) If the committee so directs, the trustee shall employ such professional person or financial institution as may be nominated by the committee to manage the investment of all or part of the moneys of the fund invested by the trustee under subsection (1). (Added 91 of 1991 s. 3) (3) A person or institution appointed under subsection (2) shall, in performing his or its functions, act in accordance with any direction of the committee in respect of those functions conveyed to him or it in writing from time to time by the trustee. (Added 91 of 1991 s. 3) (4) The trustee shall not be responsible for the consequences of any act or omission of a person or institution employed under subsection (2) if he or it was employed in good faith. (Added 91 of 1991 s. 3) (5) All salaries and fees of a person or institution employed under subsection (2) shall be paid by the trustee out of the fund. (Added 91 of 1991 s. 3) Cap 1076 s 8 Standing orders of the committee Remarks: Amendments retroactively made - see 18 of 1999 s. 3 The committee may, from time to time with the approval of the Chief Executive, frame and, from time to time with the like approval, alter standing orders for its internal management and control; and all such standing orders when so approved as aforesaid shall be binding on every member of the committee. (Amended 18 of 1999 s. 3) Cap 1076 s 8A Transaction of business by circulation of papers The committee may transact any of its business by circulation of papers amongst members, and any matter for the determination of the committee may be determined by a resolution in writing approved by a majority of the members in writing. (Added 91 of 1991 s. 4) Cap 1076 s 9 Power to solicit and take subscriptions and bequests The committee may, from time to time, solicit and take on behalf of the trustee subscriptions and bequests to the fund. Cap 1076 s 10 Accounts Remarks: Amendments retroactively made - see 18 of 1999 s. 3 (1) The trustee shall cause proper accounts to be kept of all transactions of the fund and shall cause to be prepared for every period of 12 months ending on 31 August in each year 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 Chief Executive and the auditor shall certify the statement subject to such report, if any, as he thinks fit. (3) A copy of the signed and audited statement of accounts together with the auditor's report, if any, shall be laid on the table of the Legislative Council, not later than 31 December next following the end of such period or so soon thereafter as the Chief Executive, in his absolute discretion, may allow. (Replaced 23 of 1966 s. 2. Amended 18 of 1999 s. 3) Cap 1076 s 11 Servants and advisers (1) Without prejudice to section 7, 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 connection with such provisions. (Amended 91 of 1991 s. 5) (2) All salaries and fees of any person so appointed or employed shall be paid by the trustee out of the fund. Cap 1076 s 12 Cost of administration (1) The cost of the administration of the fund, other than the salaries and fees paid under the provisions of section 11 (2), shall be a charge on 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. (Amended 23 of 1990 s. 3) (2) The fee charged under the proviso to subsection (1) shall- (a) be in respect of the year commencing on 1 September 1966 and ending on 31 August 1967, and thereafter in respect of every period of 1 year ending on 31 August; and (b) not exceed 2 1/2 per cent of the annual income of the fund. (Replaced 23 of 1966 s. 3.) Cap 1076 s 13 Subscribers before 30 June 1955, to be deemed founders Any person, and any firm, company, corporation or other body whatsoever, who or which makes a subscription to the fund on or before 30 June 1955, shall be deemed to be a founder.
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