Claude McCarthy Trust

The Purpose of the Trust is to pay the income arising, in perpetuity, to the University Grants Committee ('the Committee') constituted by the Universities Act 1961 in New Zealand. The funds are to be applied, by the Committee, in establishing, maintaining and awarding such annual prizes or scholarships for graduates or under-graduates of any one or more of the Universities in New Zealand. Such awards or scholarships are to be, in the opinion of the Committee, conducive to the encouragement of original work or research in literature, science or medicine. Such prizes or scholarships are to be awarded under such conditions as the Committee sees fit.