Cap. 1140 - Sir Edward Youde Memorial Fund Ordinance

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 1987](Format changes—E.R. 2 of 2019) 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 (信託委員會) means the Board of Trustees of the Sir Edward Youde Memorial Fund established under section 4;Council (理事會) means the Sir Edward Youde Memorial Fund Council established under section 9;Fund (基金) 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 Trustees for the Fund; and(c) any income of the Fund accumulated under section 7(d). Editorial Note: * Commencement date: 1 April 1987. 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 Chief Executive;(b) the Secretary for Home and Youth Affairs, or his representative, as ex officio member; and (Amended L.N. 262 of 1989; L.N. 144 of 2022)(c) 3 other members appointed by the Chief Executive. (Amended 18 of 1999 s. 3)(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 particular, for making grants, or loans with or without interest— (Amended L.N. 235 of 1996)(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; (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; and (c) all reasonable expenses incurred by the Council in exercising its function under section 9A(b). (Added 30 of 1997 s. 2)(Amended 30 of 1997 s. 2) 9. Establishment of Council (1) There is established a Council to be known as the “Sir Edward Youde Memorial Fund Council”. (Amended 30 of 1997 s. 3)(2) The Council shall consist of—(a) a Chairman appointed by the Chief Executive;(b) the Secretary for Education, or his representative, as ex officio member; (Amended L.N. 130 of 2007)(c) 5 other members appointed by the Chief Executive. (Amended 18 of 1999 s. 3)(3) The first members appointed under subsection (2)(c) shall include Lady Youde, widow of Sir Edward Youde. 9A. Functions of Council The Council has the following functions—(a) to determine all matters concerning the application of the income of the Fund and the fulfilment of the Fund’s purposes; and(b) to solicit and accept on behalf of the Board of Trustees donations, subscriptions and bequests to the Fund.(Added 30 of 1997 s. 4) 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 Chief Executive under this Ordinance shall hold office for such period as may be specified in the letter of his appointment but may be removed at the discretion of the Chief Executive.(2) The Chief Executive 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 Chief Executive.(4) A person whose appointment expires or who resigns may be reappointed by the Chief Executive.(Amended 18 of 1999 s. 3) 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. (Amended 30 of 1997 s. 6)(1A) The statement shall include—(a) an income and expenditure account for the relevant financial year;(b) a balance sheet made up to the last day of that year; and(c) particulars of any income received and any expenditure incurred by the Council in that year in the exercise of its function under section 9A(b). (Added 30 of 1997 s. 6)(1B) The statement shall be signed by the Chairman of the Board of Trustees. (Added 30 of 1997 s. 6)(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 Chief Executive may allow.(3) The accounts of the Fund and the signed statement of the accounts shall be audited by an auditor appointed by the Chief Executive, 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 Chief Executive 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 Chief Executive may see fit to make thereon.(Amended 18 of 1999 s. 3) 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 1/2% of the income of the Fund over that financial year.