New South Wales Consolidated Acts

UNIVERSITY OF SYDNEY ACT 1989 - SECT 24

24 Variation of amount of prize, scholarship or exhibition

(1) If:

(a) by the terms of a trust for the award from time to time, out of the income from the trust property or its proceeds, of a prize, the prize to be awarded is a fixed amount of money, and

(b) in the opinion of the Senate, the value of the amount so fixed has been so affected by monetary inflation that it no longer reflects the intentions of the donor with respect to the value and significance of the prize,

the Senate may request the Minister to effect a variation of the amount of the prize.

(2) The Minister, if satisfied that it is just and equitable to do so, may determine to vary the amount of the prize in accordance with the Senate’s request.

(3) On delivery to the Senate of an instrument in writing signed by the Minister and specifying such a variation, the trust concerned is varied accordingly.