1. The University accepts with gratitude the net income from a trust established by the late Constance Pirie-Reid in memory of her husband, which shall form a fund to be called the Pirie-Reid Fund.
2. The fund shall be used to provide scholarships, to be known as Pirie-Reid Scholarships, for the benefit of students in need of university education which would otherwise be denied them for lack of funds.
3. The fund shall be administered by a board of management consisting of up to six persons, to be appointed by the Student Health and Welfare Subcommittee of the Education Committee for such periods as it shall think fit, which shall determine the conditions of award of such scholarships, their several value and tenure, and the eligibility of candidates.
4. The scholarships may be tenable by any eligible member of the University in statu pupillari, but preference shall, so far as possible, be given to candidates domiciled or educated in Scotland.
5. The board shall submit a report to Council each year on the scholarships which have been awarded, for submission to the trustee of the trust referred to in clause 1 above.
6. This decree may be amended from time to time by Council subject to the prior consent of the said trustee.