R7.15 - Ritchie Memorial

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Recitals-

1. To perpetuate the memory of his son, Captain Robert Blackwood Ritchie, M.C., killed on active service in France in 1916, Robert Blackwood Ritchie of Penshurst Victoria donated £30,000 to the University to found and endow a chair of Economics and to otherwise provide for the study of Economics in the University.
2. The sum of £30,000 increased to $110,312 at 31 December 1994.

It is provided as follows-

1. A professor in the University is styled the "Ritchie professor of Economics."
2. The sum of $101,399 forms a fund called the "Ritchie Memorial Fund" ("the fund") and any accumulations and additions to the sum must be paid into the fund and the fund must be paid into an investment pool and remain there until the Council directs otherwise.
3. (i) The net annual income of the fund must be applied to the salary of the professor and to any matters incidental to that salary, or to the chair itself, as the Council from time to time determines.

(ii) Any unexpended annual income may be applied by the Council to the promotion of the study of Economics in the University or may be carried forward as income for use in a later year or added to the capital of the fund.

4. The provisions of Statute 7.1 apply to the Ritchie professor of Economics.