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fluently, to write with tolerable accuracy from
dictation, and be familiar with the first four
rules of arithmetic.

14. It shall be lawful for the Governors to
    set apart the sum of at least three hundred
    pounds [£300] per annum, out of the annual
    proceeds of the Trust Estate, for the foundation
    of exhibitions or scholarships, or both, in such
    proportions, and for such annual value, and
    tenable for such periods respectively, as the
    Council shall determine. The object of the
    exhibitions shall be to extend the benefits of
    the Institution to those residing at a distance.
    They will accordingly be tenable only by lads
    whose parents and guardians reside more than
    four miles from the College, and will be dis-
    tributed as equally and equitably over the
    province as possible. The scholarships shall
    be awarded for merit, under such regulations
    as the Governors may from time to time
    appoint.

15. The Council of Governors shall meet
    at least once quarterly, any four of them being
    a quorum, and shall hold such further meetings
    as may seem to them necessary for the proper
    management of the affairs of the College; and
    be entitled to receive a fee of one pound. Pro-
    vided, however, that the total sum to be distri-
    buted among them as a remuneration for at-
    tending such meetings, shall not exceed one
    hundred pounds for any one year.

16. The Council of Governors shall pre-
    pare annually a Report, setting forth the con-
    dition of the College generally, exhibiting its
    financial state, detailing the number of pupils
    who have been educated in it during the past
    year, and the branches of learning taught, and
    communicating generally all such information
    as may be of interest to the public : and the
    Statement of the Receipts and Expenditure of
    the College shall be submitted every year, in
    the month of January, to two auditors, to be
    appointed by the Visitor, who, if they find the
    same to be correct, shall certify to its accuracy,
    or otherwise, as the case may be. And the
    Report of the Council of Governors, and the
    Balance Sheet of the Institution, with the find-
    ing of the auditors thereon, shall be published
    in the month of February, in each year, in
    some newspaper generally circulated in the
    province.

17. The Council of Governors shall not ex-
    pend upon the necessary buildings of the Col-
    lege, a sum exceeding eight thousand pounds
    [£8,000] out of the principal sum to be handed
    over to them. Any further amount to be ap-
    propriated to this object, as circumstances may
    require, must be borne upon the annual in-
    come.

18. It shall be lawful for the Governors of
    the College, whenever the funds of the Institu-
    tion shall, in their opinion, be sufficient for
    such purpose, with the assent of the Visitor, to
    establish one or more Grammar Schools within
    the Province of Nelson, as branch schools
    from which the more deserving pupils may be
    removed to enjoy the advantages of a higher
    and more advanced education. But the
    Governors shall, upon each occasion of their
    exercising this power, give at least six months'
    public notice by advertisement, in at least one
    newspaper generally circulated in the province,
    of their intention to do so.

PRINTED BY C. AND J. ELLIOTT, AT THE "EXAMINER" OFFICE, NELSON.