Within two months after the appointed day the University Court shall submit to Her Majesty in Council an abstract of the accounts of the University Appeal Fund as at the appointed day; and such part of the said Appeal Fund as may be determined by Her Majesty by Order in Council shall be transferred to the University of Dundee.

Within two months after the appointed day the University Court shall submit to Her Majesty in Council for approval a scheme for the allocation between the University of St. Andrews and the University of Dundee of such donations to the said Appeal Fund as may be received by the University Court after the appointed day under covenant made before that day; and all such donations shall be allocated in accordance with a scheme so approved.