Cap. 1128 - Sir David Trench Fund for Recreation Ordinance

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](Format changes—E.R. 4 of 2022) 1. Short title This Ordinance may be cited as the Sir David Trench Fund for Recreation Ordinance. 2. Interpretation In this Ordinance, unless the context otherwise requires—fund (基金) means the trust fund established by section 3;trustee (受託人) means the Director of Accounting Services as trustee of the fund; (Amended L.N. 16 of 1977; L.N. 453 of 1993)*vesting day (歸屬日期) means the date of commencement of this Ordinance. Editorial Note: * Vesting day: 13 February 1970. 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 $3,000,000 (hereinafter referred to as the original capital sum) being an anonymous donation made on the 5th day of 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; E.R. 4 of 2022)(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. 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. 5. Application and objects of the fund 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) 6. Special provisions relating to manner of application of fund (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) 7. Investment of moneys (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) 8. Appointment of officials and professional advisers (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 connexion 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. 9. 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 vesting day to the 31st day of March 1971, and thereafter in respect of every period of one year ending on the 31st day of 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 the 30th day of September next following the end of each period in respect of which a statement of the accounts of the fund 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 such period; and(c) such other report, if any, as the Chief Executive may see fit to make thereon.(Amended 59 of 2000 s. 3) 10. Cost of administering the fund (1) The cost of the administration of the fund, other than the salaries and fees paid under subsection (3) of section 8, shall be a charge upon the general revenue: 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. (Amended 59 of 2000 s. 3) (2) The fee charged under the proviso to subsection (1) shall—(a) be in respect of the period from the vesting day to the 31st day of March 1971 and thereafter in respect of every period of one year ending on the 31st day of March; and(b) not exceed two and a half per cent of the income of the fund over the relevant period. 11. Saving 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 in this Ordinance and those claiming by, from or under them.(Amended 59 of 2000 s. 3)