(1) If a person by subscription, gift or will founds or assists in founding a scholarship in connection with any Government school—
(a) any money or property so provided must be invested in any manner in which money may be invested under the Trustee Act 1958 or in any other manner permitted by the deed of gift or will;
(b) the scholarship when founded must be open to any student on the roll of a Government school unless the deed of gift or will otherwise provides;
(c) if the Government school is discontinued the Minister may direct that the scholarship is to attach to another Government school;
(d) if the scholarship enabled the student to attend another education institution or undertake a course at another education institution and the institution is discontinued or no longer offers the course, the Minister may direct that the scholarship is to be used to enable the student to undertake a course at another institution;
(e) if circumstances at the school are or become such as not to justify the provision of the scholarship for the purposes for which it was founded, the Minister may direct that it is to be available for some other appropriate purpose.
(2) Nothing in subsection (1) limits the operation of the Charities Act 1978 .
S. 5.7.1(3) amended by No. 58/2007 s. 41.
(3) The trustee of a scholarship is not liable for breach of trust arising solely from the trustee's application of the money or property of the scholarship in accordance with a direction of the Minister given under subsection (1).