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GIVEN FOR THE
or the executors or administrators of the last surviving trus. OF MONEY tee or continuing trustee for the time being, shall forthwith with all convenient speed, by some deed or deeds, instrument or instruments, in writing, sealed and delivered by them or him in the presence of, and attested by, two or more credible witnesses, from time to time nominate, substitute, or appoint some one or more person or persons (to be selected out of the trustees of the general funds of the said [name of the institution], and to be approved of by the said President and Governors) to be a trustee or trustees in the stead or place of the trustee or trustees so dying, or becoming desirous of being discharged, or refusing, or declining, or becoming incapable to act as aforesaid, and that when and so often as any new trustee or trustees shall be nominated and appointed as aforesaid the said sum of £- , 31. per cent. — Bank Annuities shall, with all convenient speed, be transferred into the names of the surviving or continuing trustee or trustees, and such new or other trustee or trustees, or if there shall be no surviving or continuing trustees or trustee, then of such new trustees or trustee only, upon the trusts hereinbefore declared : Pro- Number of
Broad and donlowad he trustees not to VIDED ALWAYS, and it is hereby agreed and declared be
c be permanently tween and by the parties to these presents, and their intent reduced below is, that as soon as any two of them the said C. D., E. F., G. H., and I. K., or of other the trustees for the time being of the said trust fund, shall die, or be desirous of being discharged of and from, or refuse, decline, or become incapable to act in the trusts or powers hereby in them reposed or to them given, then and immediately thereupon two new trustees shall, by virtue of the power aforesaid, be substituted, nominated, and appointed, in the place or stead of the trustees so dying, or being desirous of being discharged, or refusing, declining, or becoming incapable to act as aforesaid, and that the power hereinbefore given to one surviving or continuing trustee, his executors or administrators, is only intended to be exercised in case any previous neglect or omission, or any accidental circumstances, shall render the exercise of the same absolutely necessary: [Usual declar- Usual trustee ations that new trustees shall have the same powers as the clauses.
GIVEN FOR THE
tions as to
of money old, shall be chargeable and answerable only for their own acts
and defaults, and not for the acts or defaults of the others, OF PRIZES. “ except the same shall happen by or through their own
wilful default respectively; and an omission or neglect to ap
point a new trustee immediately upon a vacancy shall not be Witnesseth, deemed a wilful default;" see supra, pp. 325, 326 (e)]. AND further, regula- THIS INDENTURE ALSO WITNESSETH, that, for awarding the further effectuating the said desire of the said A. B., and in prizes.
consideration of the premises, it is hereby agreed and declared between and by the parties to these presents, That, at some convenient time in the present and every future year, two subjects shall be selected by the judges hereinafter named for that purpose, and shall, in such manner as the said President and Governors shall deem expedient, be publicly proposed to the students for the time being of the said (institution], who shall be of — years' standing and upwards in the said school, in order that such of the said students as may think fit so to do may compose and write essays on the said subjects, or either of them; That the time at which such subjects as aforesaid shall be publicly proposed as aforesaid shall precede the then next annual meeting of the said President and Governors by at least calendar months; That such of the said students of — years' standing and upwards as shall have composed and written essays, or an essay, on the subjects aforesaid, or either of them, shall, within a certain time, (to be specified by the persons to be hereinafter named as judges, and to be publicly notified at the time and in the manner in which the said subjects shall be proposed), send such essay or essays to the President and Governors of the said school, each such essay to be distinguished by a motto to be thereupon indorsed or written; That every such essay shall be accompanied with a sealed envelope, on which shall be written the motto used to distinguish the essay, and which shall contain inclosed the name of the author of the essay; That the judges hereinafter named shall duly examine and consider the several essays which shall be so sent as aforesaid, and shall
(e) The payment of the trustees' expenses is provided for in the principal trust.
GIVEN FOR THE
determine which one of the said essays on each subject pro- OF MONEY posed is the best and most deserving of reward; That, as is soon as the best essays are so determined, the accompanying OP PRIZES. envelopes, distinguished by the same mottoes respectively, shall be opened by the said judges, and the name or names of the author or respective authors be examined; and in case he or they shall be found to be such a student or students as, under the regulations herein contained, or under any regulations to be made by virtue of any power or authority herein given, shall be duly qualified to send in essays, then the prizes hereinafter provided shall be awarded to such student or students, and the said trustees for the time being of the said sum of £- , 31. per cent. — Bank Annuities, shall pay to the said student or stu. dents the clear residue which shall have accrued due since the then last distribution of the said prizes, of the dividends and annual proceeds of the same annuities, if more than one such student, in equal shares, or in such other shares as the said judges shall direct; That if the said judges shall so think fit, they may direct the said clear residue to be laid out in the purchase of such books as they shall think fit, and that the said books shall be given to the said student or students instead of the money to which he or they may have become entitled under such award as aforesaid; That the said prize or prizes shall be awarded in every year before the general annual meeting for that year of the said President and Governors, and at each such next succeeding annual meeting the said President, or his locum tenens, shall publicly declare the name or names of the suc. cessful candidate or candidates, and the amount of money, or the book or books, awarded to him or them; That the prize or prizes so declared shall be paid or given to the student or students entitled thereto, at, or as soon as conveniently may be after, such annual meeting; Tuat in case the author or authors of the best essay or essays shall be found to be not duly qualified to compete for the prize, then the said judges shall award the prize to such other essay as shall have been sent in as aforesaid by a person duly qualified to be a candidate, as the said judges shall consider to be next in merit; That in case in any year the
OF MONEY GIVEN FOR THE INSTITUTION
said judges shall be of opinion that, as to one of the two
subjects, no one of the essays sent in is of sufficient merit op prizes. to deserve the prize, then no prize shall be awarded for an
essay on that subject, and one prize only, namely, for an essay on the other of the two subjects, shall be awarded, and in such case the whole of the said net residue of the said dividends, or such books as aforesaid, shall be given to
the author of such one essay as the said judges shall conProvisions as to sider to deserve a prize (f): That the persons herein before the judges by referred to as the judges, who shall select the subjects of whom the prizes are to be the said essays and award the prizes, shall be &c. (g);
That in case the said — [the judges], or any of them, shall refuse or neglect, or be unable or unwilling to act as judges, then and in every such case the said President and Governors shall fill up the said vacancies or vacancy for the time being by nominating one or more, as the case may be, out of the persons hereinafter named, to supply the said vacancies or vacancy, and the persons or person so nominated shall, if willing to act, have all the same powers and authorities as the judge or judges hereby appointed, whose place or places such person or persons shall be so nominated to fill, would have had under these presents, if willing to act; That the person or persons out of whom such vacancies shall be supplied, shall be &c. (h); That in case none of the said persons out of whom such vacancies are to be supplied shall be willing or able to act, or in case the said
[judges named], shall be unable or unwilling to act, then and in any such cases, and so often as the same shall happen, such of the said judges as shall for the time being be able and willing to act, shall alone propose the subjects, or award the prizes, as the case may be, in manner
(5) It seems reasonable, that if no essay on one of the subjects be of sufficient merit to deserve a prize, the judges should have a discretion to award prizes to two essays on the other subject, should there be two essays of sufficient merit on that subject.
(9) In the case in the text, the judges named were not individuals, but the persons for the time being filling certain specified offices.
(1) In this place, too, not individuals, but persons for the time being filling certain specified offices, were named.
GIVEN POR TAE
aforesaid, and shall have all the same powers and authori- of money ties in every respect as if the whole number of the said 4 judges had acted; That in case of any difference of opinion OP PRIZE.S. between the acting judges for the time being as to the merit Manner of set
tling differences of any essay, or as to any other point connected with the of duties hereby imposed on them, then such difference shall among the be determined in favour of that opinion for which the largest number of the said acting judges for the time being shall give their votes; and in case, on any such difference, the number of votes on each side shall be equal, then the judge who shall be senior among the said acting judges shall give a second or casting vote, and the difference shall be determined in favour of that opinion for which such second or casting vote shall be given; That he shall be reckoned the senior amongst the said acting judges who shall have been for the longest time qualified to act as judge, yet so that no one of the persons hereinbefore named merely to supply vacancies shall be entitled to give a casting vote, but such vote is to be given by the senior amongst the acting judges of the judges originally named; and in case all the said acting judges shall be equal in point of seniority, then the casting vote shall be given by such one of the acting judges for the time being as is first hereinbefore named as a judge: PROVIDED ALWAYS, and it is hereby agreed and declared, Power to make that it shall be lawful for — , at any time or times, to : make any new regulations with respect to the essays and prizes as aforesaid, either instead of the regulations herein contained, or in addition thereto; and such regulations, when so made, shall be of the same force and effect as if they had been inserted in these presents, and the regulations herein contained (if any) instead of which they shall be made had been omitted from these presents (i). In WITNESS &c.
(i) The expediency of reserving a power of this nature is obvious; not only because it is difficult, at the first trial, to frame for purposes of this nature such a settlement as shall work satisfactorily, but because the objects of the settlement may, by change of circumstances, be rendered unattainable. To whom, however, the power should be reserved, is not easy to say; it must depend on the will of the donor.