Any unapplied residue of the said moiety shall be applied by the Governors in augmenting the value of the Giggleswick and other Exhibitions herein-after mentioned. _Boarding Scholarships._ 48. The Governors may, if funds permit, apply a yearly sum of not more than 150_l._ out of the income of the Foundation applicable for the purposes of the School in the maintenance of Boarding Scholarships, each consisting of exemption, total or partial, from payment of boarding fees. These Scholarships may be held in conjunction with any Scholarship or Exemption maintained under this Scheme. _Giggleswick and other Leaving Exhibitions._ 49. The Governors shall, as soon as funds permit, maintain a Leaving Exhibition, to be called the Giggleswick Exhibition, of the yearly value of not less than 30_l._ nor more than 50_l._ to be awarded for proficiency in any one or more of the subjects of general instruction provided for by this Scheme. They may also maintain (1) a Leaving Exhibition to be called the Clapham and Tennant Exhibition, and (2) other Leaving Exhibitions. (_a_) The Exhibitions shall be tenable at any University, Training College for pupils intending to enter the teaching profession, or other Institution of higher, including professional or technical, instruction. (_b_) An Exhibition shall be either (i) a single payment, or (ii) a series of payments extending over not more than four years, and in either case shall not exceed a total value of 200_l._ (_c_) Exhibitions shall be awarded for merit only, on the result of such examination as the Governors think fit, to boys who then are and have for not less than two years been in the School. Within the limits fixed by this Scheme the Exhibitions shall be freely and openly competed for, and shall be awarded under such rules and conditions as the Governors think fit, but so that as nearly as possible the same number may be awarded each year. Any Exhibition for which there is no duly qualified candidate, who on examination is adjudged worthy to take it, shall for that turn not be awarded. _Deprivation._