Charitable objects
FOR THE PRESERVATION OF LIFE FROM SHIPWRECK INCORPORATED BY ROYAL CHARTER TO BE APPLIED BY THE SAID INSTITUTION IN THE FOLLOWING MANNER: PART BE APPLIED IN BUILDING A MOTOR LIFEBOAT TO BE CALLED THE EDWARD AND ISABELLA IRWIN AND THE REMAINDER PART TO BE INVESTED IN SUCH SECURITIES AS BY LAW AUTHORISED FOR THE INVESTMENT OF CHARITABLE TRUST FUNDS WITH POWER FROM TIME TO TIME TO VARY SUCH INVESTMENTS AND THE INCOME FROM THE SAID INVESTMENTS TO BE APPLIED FOR THE UPKEEP AND MAINTENANCE OF ANY OF THE INSTITUTION'S LIFEBOATS STATIONED ON THE NORTHUMBERLAND COAST.