AI-assisted research summary: This Ordinance creates the J. E. Joseph Trust Fund and gives the Trustee powers and duties to manage it.
To make provision for the establishment of a trust fund to be known as the J. E. Joseph Trust Fund, and for the due administration thereof, and for purposes connected with the matters aforesaid. [12 February 1954](Format changes—E.R. 2 of 2023) 1. Short title This Ordinance may be cited as the J. E. Joseph Trust Fund Ordinance. 2. Establishment of trust fund (1) There is hereby established a trust fund to be known as the J. E. Joseph Trust Fund (hereinafter referred to as the Fund).(2) The Fund shall consist of moneys paid over to the Government by The Hongkong and Shanghai Banking Corporation Limited under the provisions of a trust created by the Will of the late J. E. Joseph, together with any sums accumulated by way of interest thereon at the commencement* of this Ordinance, and such other moneys as may from time to time be donated. (Amended L.N. 333 of 1989) Editorial Note: * Commencement date: 12 February 1954. 3. Vesting of the Fund The Fund is hereby vested in the Registrar of Co-operative Societies as trustee, hereinafter referred to as the Trustee. 4. Administrative cost to be borne by Government The cost of administering the Fund shall be defrayed out of moneys provided by the Legislative Council. 5. Purpose of trust (1) The Trustee shall hold and stand possessed of the capital and income of the Fund upon trust for the encouragement and improvement of agriculture in the New Territories, and for the fulfilment of the said purpose the Trustee shall have power to make loans to Farmers’ Co-operative Societies in the New Territories at such rate of interest, if any, and subject to such conditions as the Trustee shall from time to time determine.(2) The Trustee may at his discretion, with the concurrence of the Financial Secretary, convert a loan made under subsection (1), or any interest due on such a loan, into a grant. (Amended 13 of 1966 Schedule) 6. Accounts (1) The Trustee shall cause proper accounts to be kept of all transactions of the Fund and shall cause to be prepared for every period of twelve months ending on the 31st day of March in each year, 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 such statement subject to such report, if any, as he may think fit.(3) A copy of the signed and audited statement of accounts together with the auditor’s report, if any, and a report by the Trustee on the administration of the Fund during the period covered by the audited accounts shall be laid upon the table of the Legislative Council not later than the 30th day of September next following the end of such period or so soon thereafter as the Chief Executive, in his absolute discretion, may allow.(Replaced 11 of 1960 s. 2. Amended 61 of 2000 s. 3; E.R. 2 of 2023) 7. Trustee to consult nominated persons The Trustee may, and where so directed by the Chief Executive shall, consult with any person or body nominated by the Chief Executive, but the Trustee shall not be bound to accept the advice of such person or body.(Amended 61 of 2000 s. 3) 8. Powers of Chief Executive in relation to the Trustee (1) The Chief Executive may give to the Trustee directions as to the discharge by the Trustee of his functions in carrying out the trust hereby created, and the Trustee shall give effect to such directions.(2) The Trustee shall afford to the Chief Executive facilities for obtaining information with respect to the Fund and functions of the Trustee, and shall furnish him with returns, accounts and other information with respect thereto and afford to him facilities for the publication of information furnished, in such manner and at such time as he may require.(Amended 61 of 2000 s. 3)