The Edinburgh College of Art (Scotland) Order of Council 1995

Application of certain endowments

23.—(1) The endowments specified in Part I of the Third Schedule to the 1959 Order shall be held and administered by the Board of Governors as one endowment under the name of “the Edinburgh College of Art Prize Fund” (in this article referred to as “the fund”) and shall be administered in accordance with the provisions of this article.

(2) The Board of Governors after paying all expenses of management properly chargeable against the income of the fund and any taxes or other burdens affecting the fund shall apply the free income of the fund in each year in providing prizes in the form of gold medals or in such other form as the Board of Governors may from time to time determine for students of outstanding merit in the various schools or departments of the College including in particular the school of architecture and the department related to the work of goldsmiths and silversmiths and as far as possible the various prizes shall be associated with the following names:—

(i) James Clason-Harvie;

(ii) Alexander Dowell;

(iii) Nancy Rosemary Henderson;

(iv) Sir Robert Kirk Inches.

(3) In the event of there being any balance of income of the fund at the end of any financial year of the College such balance may in the discretion of the Board of Governors be carried forward to the next financial year or may be added to the capital of the fund or may be applied partly in the one and partly in the other of such ways.