1973 Ed.]
Education Scholarships Fund
[CAP. 1085
Disposal of excess income funds.
12. (1) The committee may direct the Trustee-
(a) to transfer any income received in any year from the general and reserve capital which is in excess of the total amount required for payment of the scholarships referred to in Parts I and II of the Register in that year to the General Reserve Fund or to apply that income to form part of the general capital;
(b) to apply the General Reserve Fund or any part thereof to form part of the general capital; or
(c) to apply the General Reserve Fund or any part thereof to augment the income from the general capital in any year.
(2) The committee may direct the Trustee-
(a) to transfer any income received in any year from a separate capital of a scholarship in Part III of the Register which is in excess of the amount required for payment of the scholarship for which it is applicable in that year to the Separate Reserve Fund of such scholarship or to apply that income to form part of the separate capital;
(b) to apply a Separate Reserve Fund of a scholarship in Part III of the Register or any part thereof to form part of the separate capital of such scholarship; or
(c) to apply a Separate Reserve Fund of a scholarship in Part III of the Register or any part thereof to augment the income from the separate capital of such scholarship in any year.
(Replaced, 63 of 1973, s. 8)
13. (1) Subject to subsection (4), the committee may in any year, direct the Trustee-
(a) to increase or decrease the value of any scholarship or of any award thereof; or
(b) to create an additional award of any scholarship provided that the value of any other award of that scholarship does not thereby fall below its original value.
(2) Where an additional award of a scholarship is created under subsection (1)(b), the conditions of the award, which shall be specified by the committee, may differ as to school, institution, class, form, subject or otherwise from the conditions of any other award of that scholarship.
(3) The committee may direct the Trustee to cancel any additional award of a scholarship created under subsection (1)(b).
(4) The committee shall not under subsection (1) direct the Trustee to decrease the value of any scholarship or any award thereof, or to create any additional award thereof, without the consent of the donor of that scholarship if he is living.
(5) Notice of any variation of the value of a scholarship or of an award thereof or of the creation of an additional award of a scholarship shall be given by the Director by notice published in the Gazette.
(Replaced, 63 of 1973, s. 9)
additional award.
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