1 Repeal of 15 & 16 Geo. 5 c. 41 and provisions as to future application of the China Indemnity Fund and receipts on account of the China Indemnity.U.K.
(1)The China Indemnity (Application) Act 1925, is hereby repealed, and the China Indemnity Fund formed thereunder and all sums received after the commencement of this Act on account of the China Indemnity shall be dealt with in accordance with the provisions of this section.
(2)The payments specified in the First Schedule to this Act shall be made out of the China Indemnity Fund and the balance of the said Fund, so soon as all expenses properly chargeable thereto have been defrayed, shall be paid to the Chinese Government Purchasing Commission constituted under this Act.
(3)One half of every sum received after the commencement of this Act on account of the China Indemnity shall be paid to the said Commission and the other half shall be paid to such persons including persons who are British subjects (hereinafter referred to as “the Board of Trustees”) as the Chinese Government may from time to time appoint to be trustees for the purpose of receiving those moneys and applying them to objects mutually beneficial to China and the British Empire.