Sir Murray Maclehose Trust Fund Ordinance


Published: 1997-06-30

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Cap 1118 - SIR MURRAY MACLEHOSE TRUST FUND ORDINANCE 1

Chapter: 1118 SIR MURRAY MACLEHOSE TRUST FUND
ORDINANCE

Gazette Number Version Date


Long title 30/06/1997


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]


(Originally 24 of 1982)

Section: 1 Short title 30/06/1997


This Ordinance may be cited as the Sir Murray MacLehose Trust Fund Ordinance.

Section: 2 Establishment of trust fund 30/06/1997


(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 Affairs Incorporated incorporated under the

Secretary for Home Affairs Incorporation Ordinance (Cap 1044). (Amended L.N. 67 of 1985; L.N. 68 of 1985; L.N.
263 of 1989)

(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.


Section: 3 Application and object of the fund 18 of 1999 01/07/1997


Remarks:
Adaptation amendments retroactively made - see 18 of 1999 s. 3


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)

Section: 4 Special provisions relating to manner of application of

fund
18 of 1999 01/07/1997



Remarks:
Adaptation amendments retroactively made - see 18 of 1999 s. 3


(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 Chief Executive, expend a sum not
exceeding $10000000 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 Chief Executive
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



Cap 1118 - SIR MURRAY MACLEHOSE TRUST FUND ORDINANCE 2

such rate of interest as the Chief Executive may direct.
(Amended 18 of 1999 s. 3)


Section: 5 Investment of moneys 18 of 1999 01/07/1997


Remarks:
Adaptation amendments retroactively made - see 18 of 1999 s. 3


(1) Notwithstanding section 8(2) of the Secretary for Home 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;
L.N. 262 of 1989; 48 of 1989 s. 2)

(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)

Section: 6 Appointment of professional advisers and managers 30/06/1997


(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.

Section: 7 Accounts 18 of 1999 01/07/1997


Remarks:
Adaptation 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, 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)

Section: 8 Cost of administering the fund 30/06/1997


(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.