Jersey R & O 5537

 

THE LORD PORTSEA GIFT FUND (JERSEY) ACT, 1971.

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(Promulgated on the 5th day of June, 1971).

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STATES OF JERSEY.

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The 25th day of May, 1971.

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THE STATES, adopting a Proposition of the Education Committee, have made the following Act :  -

WHEREAS by the provisions of her holograph will of personal estate, which was proved in the Royal Court (Probate Division) on the 15th August, 1957, Miss Albina Bertram Falle, deceased, bequeathed the sum of £17,000 to the Royal Court and States of Jersey, in the following terms :

“I give and bequeath to the Royal Court and States of

“Jersey the sum of £17,000 to be known as The Lord

“Portsea Gift Fund”, to help all young Jersey and Guernsey

“boys (of Jersey and Guernsey parentage) entering the

“Royal Navy, Army, Air Force, and Civil Services who

“are in need of Financial help. All payments to be made

“by the States to the to the (sic) aforesaid Fund shall be

“absolute and without any conditions, and I desire to place

“on record that both the aforesaid legacy and the conditions

“above conform to the wishes of the late Lord Portsea of

“Portsmouth”.

WHEREAS on the 23rd January, 1968, the States, adopting a Proposition of the Education Committee, accepted, with the approval of the Royal Court, the aforesaid gift of £17,000, and resolved that all stocks, shares and securities (other than securities to bearer) held by the States of Jersey for the purposes of the trusts of the Will of the Testatrix should be registered or inscribed, as the case might be, in the name of the Treasurer of the States of Jersey and that all securities to bearer held by the States of Jersey for the purposes of the said trusts should be deposited in the Jersey Branch of a Bank approved by the Finance Committee, in the joint names of the President of the Finance Committee, and the Treasurer of the States of Jersey.

WHEREAS it is necessary to establish rules and conditions with regard to the administration of “The Lord Portsea Gift Fund” aforesaid (hereinafter referred to as “the Fund”).

NOW it is resolved and declared, with the approval of the Royal Court as follows :  -

(1)           The income of the Fund shall be administered by a Delegation of eight persons four of whom shall be Jurats of the Royal Court appointed from time to time by the Superior Number of the Royal Court and four members of the Education Committee. The President of the Education Committee for the time being shall act as Chairman of the Delegation, and shall have a casting vote.

(2)           Five members of the Delegation shall form a quorum and no decision of the Delegation shall be valid unless at least five members of the Delegation of whom at least two are members of the Education Committee and at least two are Jurats, are present when the decision is taken.

(3)           The Delegation may, in its absolute discretion, from time to time make grants out of the income of the Fund to persons of the male sex who have not attained the age of twenty years and who are natives of Jersey or Guernsey, or whose parents are natives of Jersey or Guernsey, or either of whose parents is a native of Jersey or Guernsey, and who have entered or are about to enter the Royal Navy, the Army, the Royal Air Force, including the Service Colleges or the Civil Services of the United Kingdom or the Channel Islands, in order to assist in the maintenance, further education, welfare, or advancement in life of such persons, provided that such persons are, in the opinion of the Delegation, in need of financial assistance.

(4)           Nothing in this Act shall preclude the Delegation from continuing a grant to a recipient after he has attained the age of twenty years for a period not exceeding five years.

(5)           Every grant so made shall be absolute and free from any conditions.

(6)           The Delegation shall at least once in every year present to the Royal Court and to the States an account, audited by the States' Auditor, of its dealings with the Fund, but it shall not be necessary to disclose in such account the name of any individual to whom a grant has been made.

(7)           Nothing in this Act shall preclude the Delegation from making grants out of accumulated income of the Fund, as well as current income, as it shall from time to time consider desirable or expedient.

(8)           The Finance and Economics Committee may make such changes in the investment of the Fund as it shall from time to time consider necessary or expedient.

 

E.J.M. POTTER,

 

Greffier of the States.