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In page Principal of the University of St Andrews:

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The power to appoint the Principal is vested in the University Court by Schedule 2 of the Universities (Scotland) Act 1966. The Education (Scotland) Act 1981 transferred the power to the Court, with the previous power to appoint the Principal being vested in the Monarch of the United Kingdom.[4][5] The Principal is also a member of the University Court, as required by Ordinance 121 of the University.[3]:83