7Trustees may nominate value of, or refuse to make, an award

7 Trustees may nominate value of, or refuse to make, an award

7 Trustees may nominate value of, or refuse to make, an award

(1) Any award shall be of such value as the Statutory Trustees of the Fund from which it is made may determine when deciding to make an award.

(2) The Statutory Trustees of a Fund may decline to make an award from that Fund if, in their opinion:

(a) there is no student whose work is of sufficient merit to warrant an award,

(b) the income from that Fund is not sufficient to warrant an award,

or for any other reason they deem to be sufficient in the circumstances.

(3) The Statutory Trustees of a Fund may, in their discretion, determine whether unexpended income from the Fund shall be treated as capital moneys and added to the Fund, or whether it shall be treated as accrued income for the purposes of awards from the Fund.