Cap. 1118 - Sir Murray MacLehose Trust Fund Ordinance

To establish for the benefit of the people of Hong Kong a trust fund called the MacLehose Fund and to provide for the due administration of the fund and connected matters. [21 May 1982](Format changes—E.R. 2 of 2023) 1. Short title This Ordinance may be cited as the Sir Murray MacLehose Trust Fund Ordinance. 2. Establishment of trust fund (1) There is established a fund called the MacLehose Fund.(2) The fund shall be held upon the trusts and subject to the provisions contained in this Ordinance.(3) The trustee of the fund shall be The Secretary for Home and Youth Affairs Incorporated incorporated under the Secretary for Home and Youth Affairs Incorporation Ordinance (Cap. 1044). (Amended L.N. 67 of 1985; L.N. 68 of 1985; L.N. 263 of 1989; L.N. 144 of 2022)(4) The fund shall consist of—(a) the moneys and assets donated, subscribed or bequeathed before the commencement* of this Ordinance with the object of establishing the fund and held by the trustee;(b) such other moneys and assets as may have been acquired before the commencement of this Ordinance by the use of any moneys or assets so held; and(c) such further moneys and assets as may, on or after the commencement of this Ordinance, be—(i) donated, subscribed or bequeathed to, and accepted by, the trustee for the fund; or(ii) otherwise acquired by the trustee for the fund. Editorial Note: * Commencement date: 21 May 1982. 3. Application and object of the fund Subject to section 4, the trustee shall apply the fund for the benefit of the people of Hong Kong in such manner as the Chief Executive in his sole discretion may direct.(Amended 18 of 1999 s. 3) 4. Special provisions relating to manner of application of fund (1) The trustee may, subject to the direction of the Chief Executive, expend the income of the fund for the object specified in section 3.(2) Before 1 January 1985 the trustee may, subject to the direction of the Governor, expend a sum not exceeding $10,000,000 out of the capital of the fund for the object specified in section 3: Provided that the trustee shall, without prejudice to subsection (1), as soon after that date as the Governor thinks appropriate, replace from the income of the fund any capital so expended. (3) The trustee may lend any moneys of the fund for the object specified in section 3 without any interest or at such rate of interest as the Chief Executive may direct.(Amended 18 of 1999 s. 3) 5. Investment of moneys (1) Notwithstanding section 8(2) of the Secretary for Home and Youth Affairs Incorporation Ordinance (Cap. 1044), the trustee may invest any moneys of the fund in such investments as the Chief Executive may direct, whether or not such investments are investments authorized by section 4 of the Trustee Ordinance (Cap. 29). (Amended L.N. 67 of 1985; 48 of 1989 s. 2; L.N. 262 of 1989; L.N. 144 of 2022)(2) The Chief Executive may, for the purpose of advising him on investments under subsection (1), appoint an investment advisory committee, which shall consist of not less than 3 nor more than 5 persons.(Amended 18 of 1999 s. 3) 6. Appointment of professional advisers and managers (1) The trustee may employ any professional person or financial institution to advise him on any matter arising out of or in connection with his 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 trustee may give in writing from time to time. (Amended 48 of 1989 s. 2)(2) All salaries and fees of any person or institution so employed shall be paid by the trustee out of the fund. 7. Accounts (1) The trustee shall cause proper accounts to be kept of all transactions of the fund and shall cause to be prepared, in respect of the period from the commencement* of this Ordinance to 31 March 1983 and thereafter in respect of every period of one year ending on 31 March, 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 may think fit.(3) There shall be laid on the table of the Legislative Council not later than 31 December next following the end of each period in respect of which a statement is required to be prepared under subsection (1) 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 trustee on the administration of the fund during that period; and(c) such other report, if any, as the Chief Executive may see fit to make thereon.(Amended 18 of 1999 s. 3) Editorial Note: * Commencement date: 21 May 1982. 8. Cost of administering the fund (1) The cost of administering the fund, other than the salaries and fees paid under section 6(2), shall be a charge upon 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. (2) The fee charged under the proviso to subsection (1) shall—(a) be in respect of the period from the commencement* of this Ordinance to 31 March 1983 and thereafter in respect of every period of one year ending on 31 March; and(b) not exceed 2 1/2% of the income of the fund over the relevant period. Editorial Note: * Commencement date: 21 May 1982.