Gwrthrychau elusennol
OBJECTS
3.1 THE TRUSTEES SHALL HOLD THE CAPITAL AND INCOME OF THE TRUST FUND
UPON TRUST AS TO THE INCOME, AND ALL OR SUCH PART OR PARTS OF THE
CAPITAL, AS THE FOUNDER MAY BY NOTICE IN WRITING TO TILE TRUSTEES
DETERMINE, FOR OR TOWARDS SUCH CHARITABLE PURPOSES, AND TO MAKE
DONATIONS TO SUCH CHARITABLE INSTITUTION OR INSTITUTIONS, AT SUCH TIME OR
TIMES AND IN SUCH MANNER AS THE FOUNDER MAY FROM TIME TO TIME BY A
LIKE NOTICE DIRECT. WHERE THE FOUNDER HAS NOT, BY 5 APRIL IN THE
INCOME TAX YEAR FOLLOWING THAT IN WHICH THE INCOME ARISES, GIVEN A
DIRECTION WHICH FULLY DISPOSES OF THE INCOME, THEN SUCH INCOME SHALL
BE DISPOSED OF IN ACCORDANCE WITH SUB CLAUSE 3.2.
3.2 SUBJECT TO, AND IN DEFAULT OF ANY DIRECTION UNDER SUB CLAUSE 3.1, AND
INSOFAR AS ANY SUCH DIRECTION IS NOT EXHAUSTIVE, THE TRUSTEES SHALL
APPLY THE INCOME FOR OR TOWARDS SUCH CHARITABLE PURPOSES AND SHALL
MAKE DONATIONS TO SUCH CHARITABLE INSTITUTIONS, AT SUCH TIMES AND IN
SUCH MANNER, AS THE TRUSTEES SHALL IN THEIR DISCRETION THINK FIT. THE
TRUSTEES MAY, IN THEIR DISCRETION, FOR THE PERIOD OF 21 YEARS FROM THE
DATE OF THIS DEED, INSTEAD OF APPLYING THE INCOME OF THE CHARITY IN
ANY YEAR, ACCUMULATE ALL OR ANY PART OF SUCH INCOME BY INVESTING THE
SAME AND THE RESULTING INCOME IN ANY AUTHORISED INVESTMENTS AND
HOLD THE SAME AS AN ACCRETION TO AND AS PART OF THE CAPITAL OF THE
CHARITY, WITHOUT PREJUDICE TO THE RIGHT OF THE TRUSTEES TO APPLY THE
WHOLE OR ANY PART OF SUCH ACCUMULATED INCOME IN ANY SUBSEQUENT
YEAR AS IF THE SAME WERE INCOME OF THE CHARITY ARISING IN THE THEN
CURRENT YEAR.
