OLD Shebbearian WAR Memorial Fund

1. THE INVESTMENTS SET OUT IN THE FIRST SCHEDULE HERETO ALL STANDING IN OUR JOINT NAMES REPRESENT THE FUNDS COLLECTED FOR THE OLD SHEBBEARIAN WAS MEMORIAL.2. AFTER PAYMENT OF THE EXPENSES OF ADMINISTRATION THE DIVIDENDS FROM THE SAID INVESTMENT SHALL BE APPLIED TOWARDS THE MAINTENANCE OF A SCHOLARSHIP TENABLE AT SOME PLACE OR PLACES OF HIGHER EDUCATION CERTIFIED AS SUCH BY THE HEADMASTER FOR THE TIME BEING OF SHEBBEAR COLLEGE FOR PUPILS WHO HAVE BEEN STUDENTS AT SHEBBEAR COLLEGE NORTH DEVON WHETHER RESIDENT OR NON RESIDENT IN THE COLLEGE FOR THE PERIOD AT LEAST OF ONE SCHOLASTIC YEAR. THE SAID LEAVING SCHOLARSHIP IS TO BE AWARDED ANNUALLY TO SUCH STUDENT OR STUDENTS AS SHALL IN THE UNFETTERED DISCRETION OF THE TRUSTEES BE DEEMED TO BE MOST WORTHY BUT IN THE EXERCISE OF SUCH DISCRETION THE TRUSTEES SHALL GIVE PREFERENCE IN THE FIRST INSTANCE TO SONS OF OLD BOYS WHO HAVE SERVED IN THE WAR AND GIVE DUE REGARD TO THE RECOMMENDATIONS OF THE HEADMASTER FOR THE TIME BEING.IN DEFAULT OF FIT CANDIDATES THE INCOME APPLICABLE THERETO MAY BE ACCUMULATED FOR THE LIKE PURPOSES IN FUTURE WORLDS IN FUTURE YEARS.THE SCHOLARSHIP SHALL BE TENABLE ONLY FOR THE PURPOSES OF EDUCATION. THE USE OF ITS FUNDS FOR THE BENEFIT OF PRESENT OR PAST PUPILS OF SHEBEAR COLLEGE WHETHER BY THE GRANTING TO THEM OF EDUCATIONAL SCHOLARSHIPS OR OTHERWISE FOR CHARITABLE PURPOSES FOR THEIR BENEFIT.