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Queen Salote Jubilee Scholarship Fund Act

LAWS OF TONGA

1988 Revised Edition]

CHAPTER 88

QUEEN SALOTE JUBILEE SCHOLARSHIP FUND ACT

Arrangement of Sections

Section
1 Short title.
2 Funds to be appropriated.
3 Interest to accumulate.
4 Queen Salote Jubilee Scholarship Fund.
5 Purpose of Fund.

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QUEEN SALOTE JUBILEE SCHOLARSHIP FUND ACT

Act No. 12 of 1950

AN ACT TO ESTABLISH THE QUEEN SALOTE JUBILEE SCHOLARSHIP FUND

Commencement [19th September, 1950]

1 Short title.

This Act may be cited as the Queen Salote Jubilee Scholarship Fund Act.

2 Funds to be appropriated.

The Treasurer shall, upon being so directed by His Majesty in Council, appropriate a sum of Six Thousand Pounds from the Surplus Funds of the Kingdom and shall invest or re-invest such sum in such manner as His Majesty in Council shall direct.

3 Interest to accumulate.

Interest on such invested sum of Six Thousand Pounds shall be allowed to accumulate, and the annual amount of interest earned by such invested sum of Six Thousand Pounds together with such further sums as may be appropriated from time to time from the annual revenue of the Kingdom and the annual interest thereon shall be added to the said sum each year and further invested in such manner as His Majesty-in-Council may direct.

4 Queen Salote Jubilee Scholarship Fund.

The said invested sum of Six Thousand Pounds together with the accumulated interest thereon and such other sums as may from time to time be added thereto shall form a fund which shall be known as the Queen Salote Jubilee Scholarship Fund.

5 Purpose of Fund.

The said Queen Salote Jubilee Scholarship Fund shall, when so required, be used exclusively for the purpose of providing scholarships for selected Tongan scholars at approved educational institutions in New Zealand or Australia or elsewhere overseas, and when so required the Minister of Education with the consent of His Majesty's Privy Council may authorize expenditure from such fund for such purpose.

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