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Part VIS Reorganisation of Endowments

122 Interpretation of Part VI.S

(1)In this Part of this Act, unless the context otherwise requires—

(2)An educational endowment shall be deemed to be a “new endowment” until the expiry of twenty years from the date when the deed creating the endowment comes into operation, so, however, that where part of an endowment has been given at one time and another part has been given at a later time and the two portions cannot in the opinion of the [F2Court of Session] be conveniently separated from each other, the date of the older part of the endowment shall be held to be the date of the endowment.

(3)Any reference in this Act to the endowment to which a scheme under this Part of this Act relates shall, in the case of a scheme relating to more than one endowment, be construed as a reference to every endowment, or (as the context may require) to any endowment, to which the scheme relates.