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OP A WARD OP
the husban<l not to disturb the wife in her enjoyment of the income for her separate use;
—and to allow her to dispose of her savings;
—and to allow her will to be proved;
—and for further assurance.
The Said A. B. doth hereby, for himself, his heirs, executors, and administrators, covenant with the said E. F., G. H., and I. K., their executors and administrators, that he the said A. B. shall not or will, at any time or times hereafter, prevent or disturb the said C. B., her appointees, executors, administrators, or assigns, from holding, enjoying, receiving, taking, and disposing of for her separate use, the monies and effects provided for her separate use under the trusts aforesaid; And Also, that it shall be lawful for the said C. B. from time to time, during her coverture, to dispose of the savings of her separate income by deed or will, or from hand to hand, or otherwise, as she shall think proper (p); And That if she the said C. B. shall die in the lifetime of the said A. B., then that he the said A. B., his executors and administrators, shall and will permit and suffer the will and codicil or codicils (if any) of the said C. B. to be duly proved by the executors therein named, or otherwise, as occasion shall require (g); And That he the said A. B. and the said C. B. shall and will, from time to time and at all times hereafter, at the request of the said E. F., G. H., and I. K., or the survivors or survivor of them, or the executors or administrators of such survivor, and at the expense of the said trust monies, stocks, funds, and securities, make, do, and execute, or cause and procure to be made, done, and executed, all such further and other lawful and reasonable acts, deeds, and things whatsoever as shall or may be necessary or requisite for establishing, corroborating, and confirming these presents, and every clause, matter, and thing herein contained, and for the better enabling the said E. F., G. H., and I. K., their executors, administrators, and assigns, to perform and execute the trusts hereby in them respectively reposed, as by
(p) This seems to be the rule of equity, independently of special stipulation. (Sir Paul Neal's case, cited in Herbert v. Herbert, Pre. Cha. 44; Mangey v. Hungerford, 2 Eq. Ca. Abr. 156; Stunning v. Style, 3 P. \Vm8 337; Gore v. Knight, 2 Vera. 535; see, too, 1 Vern. 244; Gold v. Rutland, 1 Eq. Ca. Abr. 346; Cecil v. Juxon, 1 Atk. 278).
((/) Probate may be had without the husband's consent, if the wife have power to make the will. (See Williams, Law of Executors, Part I. Book II. Ch. i. s. 11).
the said E. F., G. H., and I. K., or the survivors or sur- Of A Ward Op vivor of them, or the executors or administrators of such chafte.rry survivor, or their or his counsel in the law, shall be rea- Mauriaoe. sonably devised or advised and required: Provided Al- Power of leaaWays, and it is hereby agreed and declared between and '"e. by the parties to these presents, that, from and after the time when the share or interest of the said C. B. of and
in the said messuage, land, and premises at shall be
vested in the said E. F., G. H., and I. K., and from that time until the said messuage, land, and premises shall be sold, in pursuance of the trusts or direction hereinbefore in that behalf contained, it shall be lawful for the said E. F., G. H., and I. K., or the survivors or survivor of them, or the heirs of such survivor, with the consent in writing of the said C. B., to demise or lease, or to join or concur with the person or persons entitled to the other moiety of the said hereditaments and premises in demising or leasing, all or any part or parts of the said hereditaments and premises, with the appurtenances, to any person or persons for any term or number &c.: [Power of leasing for twenty-one years, supra, p. 351.—Trustees. re- Trustee clauses. ceipt clause, supra, p. 352.—Poicer to appoint new trustees, supra, p. 324; the power, however, being given to the surviving or continuing trustee, §c, ut ante, Vol. 3, p. 294, and to be exercised with the consent of the wife during her life.— Clauses for the indemnity and payment of trustees, supra, pp. 326, 327]. In Witness &c.
OF MONEY GIVEN FOR THE INSTITUTION OF PRIZES.
Recital of the donor's desire to institute the prizes;
—of his proposal for that purpose;
—of the agreement that the donor should invest a sum of money in the names of trus
SETTLEMENT of Money given for the InstiTution of Prizes fyr Academical Objects. Provisions for the Appointment of Judges for awarding the Prizes, and general Regulations for the Management of the Trust.
HIS INDENTURE, made &c, Between A. B., of &c, [the donor], of the first part; C. D., of &c, E.F., of &c, G. H., of &C, and I. K., of &c, [the trustees] (a), of the second part; and the President and Governors of &c., [title of the institution], incorporated by &c, [statement of the instrument and date of incorporation], of the third part: Whereas the said A. B., being desirous of the advancement of sound learning and education, determined, with the consent and approbation of the said President and Governors, (testified by their being a party to and affixing their common seal to these presents), to institute a prize or prizes to be the subject of competition between students of the said school, and to be awarded and given under such regulations and according to such scheme as are hereinafter established and set forth; And Whereas, for effecting such desire and determination, the said A. B. proposed to give and appropriate the sum of
£ sterling, to be laid out and applied in such manner as
should be deemed most conducive to the purposes aforesaid;
And Whereas it was agreed that the sum of £ should
be laid out in the purchase, in the names of the said C. D., E. F., G. H., and I. K., of 3l. per cent. Bank Annuities, and that the said C. D., E. F., G. H., and I. K., their
(o) In settlements of this nature, it is desirable to have the largest number of trustees in whose names stock is allowed to stand in the Bank books, viz. four, in order to avoid the necessity of a frequent appointment of new trustees, and of the consequent transfers of the stock.
executors and administrators, should stand possessed of and °» Money
OIy. N FOR THE
—u( the investment having been made.
interested in the said 3I. per cent. Bank Annuities
so to be purchased, and the dividends and annual proceeds OF Prizes. thereof, upon and for the trusts, intents, and purposes, and ,ees 011 lhe
. , . . . . . . 1 trusts to be
with, under, and subject to the powers, provisoes, agree- afterwards dements, and declarations hereinafter declared, expressed, and clared: contained of and concerning the same respectively; And Whereas, in pursuance of the said agreement, the said A. B. has, with the privity and approbation of the said President and Governors, (testified as aforesaid), laid out the said sum of
£ in the purchase, in the names of the said C. D., E. F.,
G. H., and I. K., of the sum of £ , 3I. per cent. Bank
Annuities (6). NOW THIS INDENTURE WITNESS- Witnesseth deETH, that, in further pursuance of the said agreement, trusts!*"10 and for effectuating the said desire of the said A. B., and in consideration of the premises, it is hereby agreed and declared between and by the parties to these presents, that the said C. D., E.F., G. H., and I. K., their executors, administrators, and assigns, do and shall stand possessed of and interested in the said sum of £ , 3I. per cent. Bank
Annuities, and the dividends and annual proceeds thereof: That the trusUpon Trust, that the said CD., E. F., G. H., and L K., CeiveSthe dTviand the survivors and survivor of them, and the executors dends, and
.... »i • n ii /. • thereout pay all
and administrators of such survivor, do and shall irom time to necessary extime receive the dividends and annual proceeds which shall Pensea;
accrue due on the said sum of £ , 3I. per cent. Bank
Annuities, and by and out of the same pay and discharge, or retain to and reimburse themselves and himself all and singular the costs, charges, and expenses which they or he shall incur, or be put unto, in or about the receiving or obtaining payment of the said dividends and annual proceeds, or any of them, or otherwise in or about the execution of the trusts of these presents, or by reason thereof, or incidental thereto, and also pay and discharge all costs,
(4) The proper investment for a fund intended to provide an income for a permanent object is the Three per cent. Bank Annuities, either consolidated or reduced; and it is better not to give a power to alter or vary the securities.
OF MONEY GIVEN FOR THE INSTITUTION OF PRIZES.
—and apply the residue for the prizes, to be awarded as after mentioned.
Power to appoint new trustees.
charges, and expenses, (if any), which the said President and Governors, and the judges hereinafter named, or any of them, shall incur, or be put unto, in or about the execution of the trusts of these presents, or by reason thereof, or incidental thereto, and also the expenses of appointing new trustees and making transfers from time to time as occasion shall require, and all such other costs, charges, and expenses, for printing, advertising, or other purposes, as the said trustees or trustee for the time being of the said fund, and the said President and Governors, shall approve and deem conducive to the purposes hereinafter named (c); And Do And Shall from time to time pay and apply the residue which shall remain, after answering and satisfying the trusts aforesaid of the said dividends and annual proceeds, as and for a prize or prizes, to be the subject of competition between the students of the said [name of institution], and to be awarded and given under such regulations and according to such scheme as are hereinafter established and set forth: Provided Always, and it is hereby agreed and declared between and by the parties to these presents, that if the said C. D., E. F., G. H., and I. K., or any of them, or any future trustee or trustees to be appointed as hereinafter is mentioned, shall die(rf), or be desirous of being discharged of and from, or refuse, or decline, or become incapable to act in the trusts or powers hereby in them reposed or to them given, then and in such case, and when and so often as the same shall happen, the surviving or continuing trustees or trustee for the time being, (and for this purpose any trustee or trustees retiring from or declining to act in the aforesaid trusts shall, if willing to act in the exercise of this present power, be considered a continuing trustee or trustees),
(c) In settlements of this nature, the costs of appointing new trustees, and all other costs, should be made payable out of the income, and not out of the capital; for otherwise the whole capital will, by constant though gradual diminutions, be ultimately destroyed.
(d) As the trustees have little more to do than to receive the dividends and apply them in a specified manner, and as this can be done by any one trustee, it is not necessary to provide for removing a trustee who shall be abroad.