(1)Where the governing body of any endowment (not being an educational endowment) are of opinion that it is expedient that the endowment should be [F1reorganised] on any of the following grounds, that is to say:—
(a)that there are no persons entitled to benefit out of the endowment; or
(b)that the purposes of the endowment have failed altogether or have become obsolete or useless or prejudicial to the public welfare, or are otherwise sufficiently provided for, or are insignificant in comparison with the magnitude of the endowment, or are not substantially beneficial to the class of person for whom the endowment was originally intended; or
(c)that it is impossible, owing to the inadequacy of the endowment or to the impracticable character of the founder’s intentions, to carry these intentions into effect,
the governing body may [F2present a petition to the Court of Session to give effect to a draft scheme for the future government and management of the endowment and thereafter such endowment may be dealt with in all respects as if it were included amongst those specified in section 105(4) of this Act.]
Textual Amendments
F1Word substituted by Education (Scotland) Act 1981 (c. 58), Sch. 6 para. 7(a)(i), Sch. 8
F2Words substituted by Education (Scotland) Act 1981 (c. 58), Sch. 6 para. 7(a)(ii), Sch. 8