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Funds of the said schools to be invested and applied in payment of the masters, building school houses, &c.
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12. And . . . it shall and may be lawful to and for the said commissioners under this Act from time to time and at all times to order and direct that any sum or sums of money belonging to any of the said schools, the estates belonging to which are vested in commissioners under this Act, shall be laid out and invested in such government funds and securities as such commissioners shall from time to time think proper, and . such share and proportion as they shall think proper of the issues and profits of all funds or estates applicable to the support of each and every or any of such schools shall be paid and applied to and for the sole use and benefit of the schoolmaster of such school for the time being; and if it shall appear to the said commissioners that one or more under master or under masters are necessary for any such school, then it shall be lawful for the said commissioners to order and direct that such other share or proportion or shares or proportions of such issues and profits, as they shall think proper, shall be applied to the sole use and benefit of such under master or under masters respectively; and as to such parts of such issues and profits as shall remain after the payment of such salary or salaries to such head master or under master or masters, it shall be lawful for said commissioners to order and direct that thereout such yearly or other sum or sums as shall be or be deemed necessary for the purpose shall be applied in or towards the purchasing, procuring, building, enlarging, repairing, or furnishing the school house, together with grounds, houses and other appurtenances and accommodations necessary or useful for or towards the convenient and proper keeping of a school therein, according to the powers herein-after given to the said commissioners; and if any residue of such issues and profits shall remain after such yearly or other sums as shall be found or deemed sufficient for the several purposes aforesaid, then it shall be lawful for such commissioners to order and direct that such residue shall be applied to the supporting, maintaining, and providing of such and so many free scholars, according to such arrangements, and in such sums, shares, and proportions, as shall be directed by any such order or orders, and to the endowment of such and so many exhibitions to Trinity college, to be held by such persons, and under such regulations and restrictions as to the said commissioners shall seem proper.
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