49.1. (1) The net income of the Vinerian Fund shall be used for the provision of one Vinerian Scholarship and one second-award each year.
(2) Any surplus income of the fund which remains after the payment of the emoluments of the scholars shall be applied towards defraying the cost of the stipend of the Vinerian Professor of English Law unless on any occasion Council determines otherwise by regulation.
49.2. The scholarship and the second-award shall be offered for competition in the Trinity Term of each year, and shall be open to any member of the University who is qualified to obtain honours in the examination for the Degree of Bachelor of Civil Law held in that term.
49.3. The value of the scholarship and the second-award shall be set at such sums, not exceeding one-sixth of the net annual income of the fund, as the Board of the Faculty of Law shall from time to time determine, and the scholar and the second-award-winner shall be paid those sums on their election.
49.4. The scholarship shall be awarded by the examiners for the Degree of Bachelor of Civil Law to the candidate whose work in the examination for that degree is of the highest merit if in their opinion his or her work renders the candidate worthy of election to the scholarship.
49.5. The second-award shall be given by the examiners for the Degree of Bachelor of Civil Law to the candidate whose work in the examination for that degree is of the second highest merit if in their opinion his or her work renders the candidate worthy of the award.
49.6. In making the awards the examiners shall attach special importance to proficiency in English Law.
49.7. Congregation may from time to time amend this Part so long as the main objects of the fund, as defined in section 49.1 above, are always kept in view.