Inactive
Finances:
Objects:
"1. THE INVESTMENTS OF THE FUND SHALL BE CALLED THE ""BURSARY FUND"" TO BE HELD UPON TRUST FOR THE APPLICATION OF THE INCOME IN PERPETUITY FOR THE ADVANCEMENT OF EDUCATION AT THE NEALE-WADE COMMUNITY COLLEGE, MARCH, CAMBRIDGESHIRE IN THE MANNER SPECIFIED IN CLAUSE 2. BELOW. 2. THE INCOME OF THE FUND SHALL BE APPLIED IN ESTABLISHING AND MAINTAINING BURSARIES TO BE CALLED THE ""FOUNDERS AWARD BURSARIES"" TO BE FROM TIME TO TIME AWARDED IN THE MANNER SPECIFIED IN CLAUSE 2 BELOW TO PENULTIMATE FINAL YEAR (YEAR 12) STUDENTS OF THE COLLEGE AND TO BE HELD AND ENJOYED AS PROVIDED IN CLAUSE 3 BELOW. 3. THE BURSARIES SHALL BE TWO IN NUMBER AND EACH SHALL HAVE THE YEARLY VALUE OF TWO HUNDRED AND FIFTY POUNDS (ú250.00) OR SUCH OTHER VALUE AS A MAJORITY OF THE TRUSTEES SEE FIT, DEPENDENT UPON THE ANNUAL INCOME OF THE FUND. THE BURSARIES SHALL BE PAID IN EQUAL SUMS TO TWO STUDENTS. THE BURSARIES SHALL BE AWARDED ON THE BASIS OF WRITTEN SUBMISSIONS MADE TO THE TRUSTEES OR THEIR REPRESENTATIVES, BY ANY STUDENT MEMBER OF THE PENULTIMATE FINAL-YEAR (YEAR 12) AT THE COLLEGE. CRITERIA FOR THE SELECTION OF BURSARY WINNERS SHALL BE DETERMINED BY THE TRUSTEES IN ACCORDANCE WITH CLAUSE 4 BELOW AND SHALL BE MADE TO THOSE STUDENTS WHO IN THE OPINION OF THE TRUSTEES OR THEIR REPRESENTATIVES BEST FULFIL THEIR CRITERIA. THEIR DECISION WILL BE FINAL. 4. THE TRUST IS FORMED FROM THE FINAL PROCEEDS OF MGSOBA TERCENTENARY APPEAL, THE MEMBERS OF WHICH ALL BEING EX-GRAMMARIANS SOUGHT TO CELEBRATE THE 300TH ANNIVERSARY OF THE FOUNDING OF THE MARCH GRAMMAR SCHOOL BY THE ESTABLISHMENT IN THAT YEAR (1996) OF AN ANNUAL BURSARY TO STUDENTS OF THE SUCCESSOR COLLEGE FOR THE PURPOSES OF THEIR INDIVIDUAL EDUCATIONAL ADVANCEMENT OR ENHANCEMENT OF VOCATIONAL SKILLS. THE DETAILED REQUIREMENTS FOR STUDENTS SUBMISSIONS ARE TO BE AMDE FREELY AVAILABLE TO ALL ELIGIBLE APPLICANTS. IN THE EVENT OF A DEADLOCK IN THE AWARD-WINNING DECISION AT A PROPERLY-CALLED MEETING OF THE TRUSTEES, THE CHAIRMAN OF THE TRUSTEES SHALL HAVE THE CASTING VOTE. IF AT ANY TIME THERE SHALL BE NO APPLICANTS WHO IN THE TRUSTEES OPINION ARE OF SUFFICIENT MERIT FOR THE AWARDING OF BOTH OR EITHER BURSARIES THE TRUSTEES SHALL NOT BE BOUND TO AWARD EITHER OF SUCH BURSARIES. 5. ANY RESIDUE OF INCOME REMAINING AFTER SATISFYING THE ABOVE PROPOSERS SHALL BE ACCUMULATED AND ADDED TO THE CAPITAL OF THE FUND AND BE DEALT WITH AS PART OF SUCH CAPITAL WITH POWER FOR THE TRUSTEES AT ANY TIME TO VARY THE LEVEL OF THE BURSARIES AS THEY SEE FIT, AND TO APPLY THE ACCUMULATIONS OR ANY PART THEREOF AS IF THEY WERE INCOME ARISING IN THE YEAR."
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