Hong Kong Ordinances

LORD WILSON HERITAGE TRUST ORDINANCE - SECT 5

Application of the Trust assets

(Past version on 30/06/1997).

Adaptation amendments retroactively made - see 59 of 2000 s. 3

(1) The Board of Trustees shall hold the Trust assets upon trust to apply the
same, in such proportions as the Board of Trustees may determine-

   (a)  for promoting the objects of the Trust;

   (b)  for the purpose of investment.

(2) After provision has been made for fees and expenses payable under
section 10, the Trust income for a financial year may be applied either for
promoting the objects of the Trust or for the purpose of investment.

(3) Trust capital may be applied-

   (a)  for promoting the objects of the Trust, subject to the written consent
        of the Chief Executive in respect of each application; (Amended 59 of
        2000 s. 3)

   (b)  for the purpose of investment, in such manner as the Board of 
        Trustees may determine. (Enacted 1992)