To provide for the continuation of the Morrison Scholarships Fund, to make new provision for the administration thereof and to provide for related matters. (Enacted 1990) [27 July 1990] (Originally 70 of 1990) WHEREAS- (a) at a meeting of a society known as the Morrison Education Society on 18 March 1873, it was agreed, and at a further meeting of the said Society held on 24 April 1873, it was confirmed, that $3000 of the moneys of the Society "should be funded for the purpose of endowing a scholarship, to be known as the Morrison Scholarship, at the Central School upon conditions to be drawn up by the Headmaster of the Central School, the Minister for the time being of the Union Church and the senior resident Missionary of the London Missionary Society, and that, in the event of discontinuance of the Central School or other circumstances making it advisable, the disposition of the principal should be with the three gentlemen above named"; (b) on 9 November 1934 the Morrison Scholarships Fund Incorporation Ordinance (39 of 1934) was enacted to incorporate a body of trustees capable of holding property and empowered to administer a trust fund known as "The Morrison Scholarships Fund" for the purpose of endowing and maintaining scholarships at Queen's College in Hong Kong; (c) in view of appreciation in the value of the Fund and of changes in the work of the London Missionary Society it is expedient that new provision should be made for the administration of the Fund. Cap 1037 s 1 Short title This Ordinance may be cited as the Morrison Scholarships Fund Ordinance. (Enacted 1990) Cap 1037 s 2 Interpretation In this Ordinance, unless the context otherwise requires- "Chairman" (主席) means the Chairman of the Trustees designated by section 4 (2) (a) ; "financial year" (财政年度) means the 12 months ending on 31 August in each year, except that the financial year in progress at the commencement of this Ordinance shall end on 31 August next following such commencement; "Fund" (基金) means the Morrison Scholarships Fund continued by this Ordinance; "Morrison Scholarship" (马理逊奖学金) means a scholarship endowed and maintained out of the income of the Fund under section 6; "Queen's College" (皇仁书院) means the Government secondary school known as Queen's College, Hong Kong; "trustee" (委员会成员) means a person designated in section 4(2); "the Trustees" (受讬人委员会) (委员会) means The Trustees of the Morrison Scholarships Fund the incorporation of which is continued by section 4(1). (Enacted 1990) Cap 1037 s 3 Continuance of Fund (1) There shall continue to be a fund to be known as the "Morrison Scholarships Fund". (2) The Fund shall consist of- (a) all moneys and other assets held in trust by "The Trustees of the Morrison Scholarships Fund" incorporated by the Morrison Scholarships Fund Incorporation Ordinance (39 of 1934) at the commencement of this Ordinance; (b) such other moneys and other assets as may after the commencement of this Ordinance from time to time be donated, subscribed or bequeathed to the Fund and accepted by the Trustees or otherwise acquired by the Fund; and (c) any income of the Fund accumulated under section 7(g). (Enacted 1990) Cap 1037 s 4 The Trustees (1) There shall continue to be a body corporate with perpetual succession to be known as "The Trustees of the Morrison Scholarships Fund" which may, in that name, sue and be sued. (2) The Trustees shall consist of the following persons- (a) the Principal of Queen's College, who shall be Chairman of the Trustees; (b) the President of the unincorporated society known as the Queen's College Old Boys' Association; (c) the Minister of the Union Church, Hong Kong, within the meaning of the Union Church Incorporation Ordinance (Cap 1052),and their successors in office for the time being. (3) The identity of the persons holding the offices designated in subsection (2) at the commencement of this Ordinance shall be notified in the Gazette. (4) Subject to subsection (6), any change in the identity of the persons constituting the Trustees under subsection (2) shall be notified in the Gazette and shall not take effect until so notified. (5) During the absence from Hong Kong or incapacity of any person designated a trustee by subsection (2), the person temporarily performing the duties of that person shall act as trustee. (6) The identity of a person temporarily performing the duties of a trustee under subsection (5) need not be notified in the Gazette. (7) A person temporarily performing the duties of the Principal of Queen's College during the absence from Hong Kong or incapacity of the Principal, shall not thereby become Chairman of the Trustees, but section 10(3) shall apply to determine who shall act as Chairman during such period. (Enacted 1990) Cap 1037 s 5 Seal The Trustees shall continue to have and may use a common seal, the affixing of which when required shall be- (a) authorized or ratified by resolution of the Trustees; and (b) done in the presence of and signed by the Chairman and one other trustee. (Enacted 1990) Cap 1037 s 6 Application of the Fund (1) The Trustees shall hold the Fund upon trust to apply the available income- (a) for the endowment and maintenance of one or more scholarships, to be known as Morrison Scholarships, for students or graduates of Queen's College, without distinction of class or nationality; and (b) as to not more than 25% towards other educational purposes associated with Queen's College.(2) In this section, "available income" (可动用收益) means the income of the Fund during any financial year available after making any payments required under section 9 or 11 (7) in respect of that financial year. (Enacted 1990) Cap 1037 s 7 Powers of the Trustees Subject to this Ordinance, the Trustees may at their discretion- (a) determine and perform all matters relating to the application of the Fund; (b) grant or renew one or more Morrison Scholarships in each financial year; (c) decide the number of Morrison Scholarships to be granted or renewed, the value of each scholarship, the conditions upon which and the period for which any such scholarship is granted or renewed, and the identity of the recipients of such scholarships; (d) invest the assets of the Fund in such investments as the Trustees think fit, whether or not such investments are in Hong Kong or are authorized by section 4 of the Trustee Ordinance (Cap 29); (e) convert into money any assets of the Fund not acquired in the form of money; (f) borrow money in such manner, on such terms and against such security as the Trustees think expedient; and (g) accumulate income of the Fund not applied under section 6 or paid under section 9 or 11(7). (Enacted 1990) Cap 1037 s 8 Employment of assistants and advisers The Trustees may employ, upon such terms and conditions as the Trustees think fit- (a) one or more persons to assist them or any of them in the performance of their functions; (b) any professional person or financial institution to advise them on any matter arising out of or in connection with their functions under this Ordinance or to manage the investment of the Fund in accordance with such general or specific directions as the Trustees may give in writing from time to time. (Enacted 1990) Cap 1037 s 9 Payment of fees and expenses (1) Any trustee who is required to travel in Hong Kong for the purpose of attending any meeting of the Trustees may be paid out of the income of the Fund reasonable travelling expenses in connection with such attendance. (2) The salaries, fees and expenses of any person or institution employed by the Trustees under section 8 shall be determined by the Trustees and paid out of the income of the Fund. (Enacted 1990) Cap 1037 s 10 Transaction of business and regulation of procedures (1) Meetings of the Trustees shall be held at such times and places as may be appointed by the Chairman, who shall preside at all such meetings. (2) The Chairman shall be the honorary Secretary to the Trustees. (3) Without prejudice to section 4(5) (as to acting trustees) if the Chairman is unable to perform any of his functions for any period due to absence from Hong Kong or for any other reason, he may nominate another trustee to perform those functions in his place and failing such nomination the Trustees, including any acting trustee, shall elect one of their number to perform the duties of Chairman during such period. (4) The Trustees may transact any of their business by circulation of papers, and for that purpose a resolution in writing which is approved in writing by 2 of the trustees shall be as valid and effectual as if it had been passed at a meeting of the Trustees. (5) At meetings of the Trustees 2 trustees shall constitute a quorum. (6) No act or decision of the Trustees shall be valid unless approved by 2 trustees but if so approved shall not be questioned on the ground that the other trustee did not concur or join therein, or objected thereto. (7) Sections 51 and 52 of the Interpretation and General Clauses Ordinance (Cap 1) shall apply in relation to the Trustees. (8) Subject to this section, the Trustees may regulate their own procedure. (Enacted 1990) Cap 1037 s 11 Accounts and audit (1) The Chairman shall be the honorary Treasurer of the Trustees and as such shall collect all sums due to the Fund and keep an account of all moneys received and disbursed to be presented at each meeting of the Trustees. (2) All contributions to the Fund shall be paid to the Chairman as honorary Treasurer, and shall be placed by him to the credit of the Fund in a bank which holds a valid banking licence under the Banking Ordinance (Cap 155) or shall be invested as the Trustees may think fit or placed in the hands of a person or institution employed under section 8(b) to manage the investment of the Fund. (3) Subject to subsection (4), no payment out of the Fund shall be made except on a resolution of the Trustees. (4) For petty cash payments the Trustees may place such sum as they may think fit at the disposal of the Chairman as honorary Treasurer, who shall present an account of all such payments at each meeting of the Trustees. (5) All cheques in respect of payments out of the Fund shall be signed by one trustee in addition to the Chairman as honorary Treasurer. (6) The Trustees shall appoint one or more auditors, who shall not be trustees, but who shall be certified public accountants (practising) as defined in the Professional Accountants Ordinance (Cap 50), to audit the accounts kept by the honorary Treasurer under subsection (1) and to present a statement of such audit at the annual meeting of the Trustees. (Amended 23 of 2004 s. 56) (7) The auditors appointed under subsection (6) may be paid out of the income of the Fund such fees and expenses as the Trustees may determine. (Enacted 1990) Cap 1037 s 12 Annual meetings of the Trustees (1) The annual meeting of the Trustees shall be held not later than November in every year. (2) At the annual meeting the Chairman shall, in addition to presenting the accounts required by section 11(1), present a report on the activities of the Fund during the preceding financial year, for discussion and adoption, with or without amendment, as the report of the Trustees for that year. (Enacted 1990) Cap 1037 s 13 Vesting of property, rights etc. At the commencement of this Ordinance, the Trustees shall succeed to all property, rights, privileges, obligations and liabilities of The Trustees of the Morrison Scholarships Fund incorporated by the Morrison Scholarships Fund Incorporation Ordinance (39 of 1934). (Enacted 1990) Cap 1037 s 14 Saving Remarks: Adaptation amendments retroactively made - see 55 of 2000 s. 3 Nothing in this Ordinance shall affect or be deemed to affect the rights of the Central Authorities or the Government of the Hong Kong Special Administrative Region under the Basic Law and other laws or the rights of any body politic or corporate or of any other persons except such as are mentioned or referred to in this Ordinance and those claiming by, through, from or under them. (Enacted 1990. Amended 55 of 2000 s. 3) Cap 1037 s 15 (Omitted) (Omitted) (Enacted 1990)
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