§ 1-41. Peabody Prizes.

The Board of School Commissioners of the City of Baltimore is hereby authorized:

(1) to accept and receive the premiums given by the Trustees of the Peabody Institute to the High Schools of Baltimore City, as specified in Mr. Peabody's letter to his trustees; and

(2) to have the same distributed from time to time in such a manner as it shall deem most conducive to the benefit of the schools and the objects of the donor.