Andrew Grant Bequest
8.—(1) The endowment created by a codicil dated 12th September 1911 to the trust disposition and settlement dated 24th October 1894 of the late Andrew Grant and known as the Andrew Grant Bequest (in this article referred to as “the bequest”) is to be held and administered by the transferee in accordance with the provisions of this article.
(2) The transferee—
(a)must apply not less than four-fifths of the free income of the bequest in each financial year to provide scholarships or bursaries to deserving students of the University on programmes of study within the reconstituted College either during such programme of study or in the way of travelling scholarships or otherwise after such programme of study is finished under such regulations as the transferee shall from time to time appoint; and
(b)may apply the remainder—
(i)in meeting the expenses of organised educational excursions for the benefit of students of the University on programmes of study within the reconstituted College or the expenses of holding exhibitions of works of art at the University;
(ii)in providing equipment and facilities for special study at the reconstituted College;
(iii)in assisting the provision and development of sports activities at or in connection with the reconstituted College; and
(iv)in assisting in the formation, maintenance and encouragement of clubs, societies and other organisations conducted for the benefit of students of the University on programmes of study within the reconstituted College.
(3) Income unused at the end of a financial year may be carried forward to the next financial year or added to the capital of the bequest or both.