Objects of
the trust fund.
Transfars of funds on the vesting
day
4.
(1) The Trustee shall hold and stand possessed of the fund subject to such direction and control by the committee as is provided in this Ordinance and subject to and in accordance with the provisions of this Ordinance upon trust--
(4) as to the moneys and assets set forth in the First Schedulc to apply the interest thereon in payment of the scholar- ships set forth in the Second Schedule:
(D) as to the moneys and assets set forth in the secand column of the Third Schedule to apply the interest thereon in payment of the scholarships detailed opposite each item and in accordance with the terms of the original trust deed in respect thereof if any so far as these are not incon- sistent with the provisions of this Ordinance.
(c) as to any further moneys donated to the fund and accepted by the committee in trust to apply the interest thereon in accordance with the terms laid down by the donor or by the committee in accordance with section 15:
(d) as to any sums paid in accordance with subsection (2) of section to transfer them to and apply them as part of the reserve fund referred to in subsection (2) of section 5.
(2) Payments out of the fund may be made only to persons who at the date of award of the scholarship were resident in the Colony but may be made in respect of attendance at any educational institution whether within the Colony or not,
5. (1) On the vesting day there shall be transferred from the moneys and assets set forth in the First Schedule which are aninvested on that day-
(a) to an Income Account in respect of the scholarships listed in the Second Schedule a sum sufficient to pay all the said scholarships for one year;
(b) to an Income Account in respect of each scholarship listed in the Third Schedule a sum sufficient to pay the said scholarship for one year; and
(c) to the Reserve Fund referred to in subsection (2) of section 13 in respect of each scholarship listed in the Third Schedule the balance of the accumulated interest on the moneys and assets set forth opposite such scholarship after the transfer made in accordance with paragraph (5).
(2) The balance of such uninvested moneys and assets after the transfers set forth in subsection (1) have been made shall form a Reserve Fund in respect of the scholarships listed in the Second Schedule any part of which ar the absolute discretion of the committee may be--
(a) invested to form part of the capital moneys out of the interest on which the scholarships listed in the Second Schedule are paid: or
(b) applied to augment the interest on such capital moneys in
any year.
6. (1) There shall be established a committee to be known Establish- as the Education Schularships Fund Committee.
(2) The committee shall consist of—
(a) the Director or his representative who shall be the chair-
man of the committee;
(b) the Accountant General or his representative ¦
(c) the principal of Queen's College:
(d) the principal of King's College:
(*) such other members not exceeding two as may be appoint-
ed by the Governor.
(3) Members appointed by the Governor shall hold office for three
years from the date of their respective appointments, and may be reappointed or removed by the Governor at his pleasure.
(4) The quorum necessary for the transaction of business by the committee may be fixed by standing orders made under section 7 and unless so fixed shall be three members.
ment of committee.
No comments yet.
Private notes are available after approval.