Amendment of section 9.
Amendment of section 11.
Repeal and replacement of section 12.
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(iii) the original number of awards in respect of each scholarship;
(iv) the original value of each scholarship or of the awards thereof;
(v) the conditions of award in respect of each scholarship:
(vi) the name of the donor.
(2) The secretary shall note in the Register any changes made in respect of any scholarship under section 13 or 17.
(3) The Register shall be available for public inspection at the office of the Director at all con. venient times on payment to the fund of a fee of 5 dollars.".
Section 9 of the principal Ordinance is amended by deleting subsection (2) and substituting the following-
"(2) The treasurer shall keep full and complete accounts of the fund and separate accounts in respect of-
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(a) the general capital and the General Reserve Fund of the scholarships referred to in Parts I and II of the Register;
(6) the separate capital and the Separate Reserve Fund of each scholarship referred to in Part III of the Register;
(c) any fees paid in accordance with subsection (3) of
section 8.“.
Section 11 of the principal Ordinance is amended in sub- section (1) by deleting "interest on" and substituting the follow- ing-
"income from".
8. Section 12 of the principal Ordinance is repealed and replaced by the following-
"Disposal of excess income and
reserve funds.
12. (1) The committee may direct the Trustee- (a) to transfer any income received in any year from the general capital which is in excess of the total amount required for payment of the scholarships referred to in Parts 1 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;
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(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 Trusice- (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.".
Section 13 of the principal Ordinance is repealed and replaced by the following-
"Variation of value of scholar- ship and creation of additional award.
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 scholar- ship 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)(8).
Repeal and replacement of section 13.
No comments yet.
Private notes are available after approval.