The Oak Bay Rotary Scholarship was established in 1996 when DP Peggs bequeathed $10,000 to the Rotary Club, asking that a scholarship be established at Oak Bay High.  The parameters include that, first, the award be made to a student continuing on to college or university in the fall of that year.  Second, the actions and activity of the student, during their previous school years, should have demonstrated the spirit of the Rotary motto, “Service above Self”.
The Rotary Club of Oak Bay received a second scholarship donation in memory of Jim Lambeth.  These funds were combined with the DP Peggs funds.  The $500.00 annual scholarship award was known as the Peggs Scholarship and was administered by Oak Bay High School.
When the Club established the Rotary Club of Oak Bay Foundation the funds underlying the scholarship were transferred from the Club to the Club Foundation. 
Subsequent to the establishment of the Club Foundation a donation of $13,172.88 was donated by an anonymous individual in 2011 in memory of DP Peggs.  A further donation of $10,000 was made in 2012 by Alice Poole in memory of her late husband, Werk Poole, a long time Rotarian.
In August, 2012 the Club Foundation received from the Club the balance of both the Peggs’ funds and the Lambeth funds in the amount of $4,890.87.
In June, 2015 the Foundation was granted permission from the Rotary Club of Oak Bay as well as the families of DP Peggs, Werk Poole and Jim Lambeth to consolidate all these funds into a new endowment that was named the Oak Bay Rotary Scholarship Fund.
As of January 2018, the scholarship fund has assets of $33,694.93 all of which has been donated by club members, families or friends of the Rotary Club of Oak Bay.
Recipients of the Scholarship.  The Rotary Club of Oak Bay Foundation has been able to select outstanding scholars to receive this award.

A scholarship of $1,000.00 was awarded to:
2015: Alexandra Ages
2016: Jessica Izard
2017: Misha Hasan
In 2018 the scholarship was increased to $1,500.
2018 - Nicole Quast