Calendar: 1937-1938 Page 66

62 SCHOLARSHIPS AND EXHIBITIONS The first charge upon the income of the Fund is that of the Entrance Scholarship associated with the name of Mr Henry Neville Gladstone Any surplus income in the Fund may be allotted by the Committee of Deans for Bursaries for Holders of Entrance Scholarships and ii Promising students who have completed their first year bursaries only to be granted when the circumstances of the applicant make such grant necessary and to be subject to revision annually Loans for needy students on the following conditions That the applicant shall have completed his first year in College ii That he shall be considered to be of sufficient promise iii That the loan shall be repaid within two years of the time when the student has completed his course and that no interest shall be charged in respect of repayments made within that period The Committee of Deans may however if they think fit extend the time for repayment to maximum period of five years in all on the condition that if such an extension is granted interest at the rate of per cent per annum on amounts outstanding after the end of the second year shall be charged Any surplus remaining in the Fund at the end of any Academic year after meeting the costs under and shall be applied in the first instance to meeting any deficit which may arise on the Sambrooke Scholarship Fund owing to the increase in the value of the Sambrooke Scholarship in Arts from £30 to £40 per annum and the remainder shall be invested and added to the capital of the Centenary Scholar- ships and Bursaries Fund Faculty of Theology The Centenary Scholarships and Bursaries Fund was established in 1929 out of monies subscribed to the Centenary Appeal Fund and ear- marked for Scholarships and Bursaries in the Theological Department The income of the Centenary Scholarships and Bursaries Fund shall be allotted annually by the Dean for Bursaries for promising regular day students who have satis- factorily completed the First Year Course such Bursaries to be granted only when the circumstances of the applicant make such grant necessary and to be subject to revision annually