means the date designated by the Foundation, being not later than the date on which an application is approved by the Foundation and an initial Contribution has been made and is not earlier than the date an application is signed by the Subscriber.

means the child identified in the Agreement under age 14 at the time of enrolment and, if applicable, his successor.

means the funds contributed by a Subscriber to the Plan on behalf of a Beneficiary.

means Bank of N.T. Butterfield & Son Ltd. whose registered office is situated at 65 Front Street, Hamilton HM12, Bermuda or its successor which is responsible for receiving Deposits, deducting Membership Fees and Depository Fees and remitting the balance to the Scholarship Trustee and receiving Principal from the Scholarship Trustee upon the Ma [..]

means a fund consisting of interest accruing on funds in the Scholarship Fund and returned Principal cheques or uncashed Principal cheques of Subscribers.

means the fees specified in the section entitled "What Fees or Expenses are involved with a Heritage Plan?"

means $110 per Unit deducted from Contributions as set out in the section entitled "What Fees or Expenses are involved with a Heritage Plan?"

is any program of study of a minimum period of two years at a Recognized Institution requiring full-time attendance by the Beneficiary for at least six months of the year.

means a Beneficiary under an Agreement which is in good standing and who attends a Recognized Institution in the Year of Eligibility and who is accepted by the Recognized Institution for up to two additional years of study.

means the committee established from time to time by the Board of Directors of the Foundation to make decisions concerning eligibility, approved courses of study, Recognized Institutions and other matters.