The Education Act of 1902 determined that secondary education should be accessible to as many children as possible which had financial complications for the GPDSC as it had to provide more free places and cater for increasing numbers of pupils. In 1902 the GPDSC was warned that it would not longer receive grants from the Board of Education after 1903 because it was a dividend-paying company. This date was later extended to 1905 and the GPDSC was reconstituted as the Girls’ Public Day School Trust Limited (GPDST), a limited company with charitable status, in Jan 1906. The new constitution required that the GPDST would have to be wound up by 1 January 1956 if it failed to make an acceptable offer to buy the GPDSC's share capital. To prevent the closure of the GPDST 100 new shares were created in 1911, held as trustee shares of nominal value, which carried large voting rights to enable the GPDST's Council to buy the existing share capital before 1956. From 1912 no dividends were paid to shareholders and, along with the financial burdens caused by World War I and the proceeding economic depression (see Great Depression), some shareholders became restive due to the lack of dividends. World War II plunged the GPDST into more financial trouble and the 1944 Education Act presented them with new challenges as they had to extend the schools to cater for increasing numbers of pupils. The GPDST was increasingly unable to purchase the remaining share capital from the shareholders and was quickly approaching the 1956 deadline. In 1944 the GPDST joined the Government's new Direct Grant Scheme to help keep the school fees low during the financial difficulties. This scheme used grants to support independent academically selective schools outside the non-selective public education system of the time. The scheme insisted that a third of the members of the Governing Bodies had to be representatives of the local education authority and 25% of pupils admitted had to come directly from elementary schools. After the war the GPDST relied on funding from the Ministry of Education and any profits received from school fees were used to refurbish the schools. The Council worked on a reconstruction scheme which would satisfy the shareholders and for the trust to be recognised as an educational charity before the 1956 deadline. The scheme, led by William Cash, was presented in March 1950 and confirmed in May 1950, saving the GPDST from liquidation. 'Limited' was dropped from the name of the Trust and it became The Girls' Public Day School Trust. The GPDST still had to make the repayments of £75,000 to shareholders and extended its mortgages and set up an endowment fund to pay off the debt.