Section IX.—Scholarships.

Chapter XV.—The Scholarship Fund.

I. The sum of one thousand five hundred pounds out of the annual income of the University shall be appropriated yearly, and paid into a separate account, for the establishment from time to time of scholarships, according to regulations to be made by the Senate. Any sums which may not have been expended during any year out of funds appropriated to scholarships may be invested from time to time as the Senate may direct, and the interest accruing thereon shall be available for increasing, as occasion may require, the number of scholarships. The balance of the University funds shall be appropriated to defraying the expenditure incident to the conduct of examinations, and for the general purposes of the University, as may be directed by the Senate.