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THE FEOFFEES MAY PAY SUCH YEARLY SUM AS THEY THINK FIT, BEING NOT MORE THAN ONE-THIRD OF THE SAID NET INCOME, TO THE GOVERNORS OF RIPON GRAMMAR SCHOOL TO BE APPLIED BY THEM TOWARDS THE COST OF ALTERATIONS OF, AND REPAIRS TO, THE PREMISES OF THE SAID SCHOOL SO THAT THEY CONFORM TO THE REQUIREMENTS OF THE EDUCATION ACTS, 1944 TO 1953, AND THE REGULATIONS MADE THEREUNDER.
(1) THE RESIDUE OF THE SAID NET INCOME SHALL BE APPLIED BY THE FEOFFEES IN ONE OR MORE OF THE FOLLOWING WAYS:—
(A) IN AWARDING TO BENEFICIARIES SCHOLARSHIPS, BURSARIES, OR MAINTENANCE ALLOWANCES TENABLE AT ANY SCHOOL, UNIVERSITY, OR OTHER PLACE OF LEARNING, APPROVED BY THE FEOFFEES;
(B) IN PROVIDING FINANCIAL ASSISTANCE, OUTFITS, CLOTHING, TOOLS, INSTRUMENTS OR BOOKS TO ENABLE BENEFICIARIES ON LEAVING SCHOOL, A UNIVERSITY OR ANY OTHER EDUCATIONAL ESTABLISHMENT TO PREPARE FOR, OR TO ASSIST THEIR ENTRY INTO, A PROFESSION, TRADE OR CALLING;
(C) IN AWARDING SCHOLARSHIPS OR MAINTENANCE ALLOWANCES TO ENABLE BENEFICIARIES TO TRAVEL ABROAD TO PURSUE THEIR EDUCATION;
(D) IN PROVIDING, OR ASSISTING THE PROVISION OF, FACILITIES OF ANY RIND NOT NORMALLY PROVIDED BY THE LOCAL EDUCATION AUTHORITY, FOR RECREATION AND SOCIAL AND PHYSICAL TRAINING, INCLUDING THE PROVISION OF COACHING IN ATHLETICS, SPORTS AND GAMES, FOR BENEFICIARIES WHO ARE RECEIVING PRIMARY, SECONDARY OR FURTHER EDUCATION; AND
(E) IN PROVIDING FINANCIAL ASSISTANCE TO ENABLE BENEFICIARIES TO STUDY MUSIC OR OTHER ARTS:
PROVIDED THAT AWARDS CONSISTING OF THE PAYMENT, OR PART PAYMENT, OF FEES SHALL BE CALLED JEPSON EXHIBITIONS.
(2) WITHIN THE LIMITS PRESCRIBED BY THIS SCHEME, THE FEOFFEES SHALL HAVE FULL POWER TO MAKE RULES FOR THE AWARD OF SCHOLARSHIPS, BURSARIES, MAINTENANCE ALLOWANCES, OR OTHER BENEFITS, INCLUDING RULES AS TO THE VALUE AND PERIOD OF TENURE OF THE AWARDS, AND THE QUALIFICATIONS, AND METHOD OF ASCERTAINMENT AND SELECTION, OF BENEFICIARIES.
(3) IN THIS CLAUSE THE EXPRESSION " BENEFICIARIES " MEANS BOYS RESIDENT IN THE CITY OF RIPON WHO, IN THE OPINION OF THE FEOFFEES, ARE IN NEED OF FINANCIAL ASSISTANCE, WITH A PREFERENCE FOR THOSE WHO HAVE LOST ONE OR BOTH PARENTS, OR HAVE BEEN ABANDONED OR DESERTED BY THEIR PARENTS OR GUARDIANS, OR WHOSE PARENTS ARE DIVORCED OR SEPARATED.
