Percy Russell Settlement Controlling
Document
THIS
SETTLEMENT made the 1st day of September 1958 between PERCY RUSSELL of Wateside
South Town Dartmouth ..... (hereinafter called the Settlor) of the first part
and CECIL STEVENSON BISHOP of 9 New St, Leicester, Chartered Accountant BERNARD
WAKEMAN of Applegarth Greenway Galmpton Brixham Devon Schoolmaster and RICHARD
HARLEY CLEUDESLEY KING of The Bight South Town Dartmouth Devon Restauraunt
Proprietor (herein after called "the Trustees") of the other part.
WHEREAS
1. In this deed the following expressions shall
where the context so admits 1
the
following meanings :-
a» The
Trustees means the said C,S.Bishop B.Wakeman and R.H.C.King or other
the
trustee or trustees for the time being hereof
b. The
Trust Fund means the shares specified in the Schedule hereto and all
other
money or investments which shall hereafter be invested in the names
or
transferred to the Trustees by way of additions and the investments and
property
for the time being representing the same respectively
c. The
"Friends of the Museum" means the Friends of the Dartmouth Borough
Museum
d. The
"Museum" means the
2. The Settlor is desirous of giving financial
assistance to the Friends of the Museum in order to augment the help they can
give to the Museum and has ar? the said shares specified in the Schedule hereto
to be transferred to the Trustees to be held by the Trustees upon the trusts
and with and subject to the powers and provisions hereinafter declared and
contained concerning them?
3. The Settlor intends the Settlement hereby
made to be irrevocable
NOW
THIS DEED WITNESSETH as follows:-
1 The
Settlor transfers to the Trustees the shares specified in the Schedule
2. The Trustees shall either continue the Trust
Fund in its present form of investment or at their discretion sell call in and
convert the same or any part thereof into money and invest the money from such
sale calling in or conversion and all moneys arising hereunder and directed or
required to be invested in another? investment (other than the purchase of
land) which the said Trustees in their absolute discretion consider suitable
for the investment of the Trust- Fund as the Trustees were the absolute owners
thereof with power from time to time to transpose such investments into others
hereby authorised without intending to restrict the foregoing discretion the
Settlor authorises the Trustees to retain the Trust Fund in its present form if
they think fit and to accept any modification of rights proposed by the
Directors of S.Russel}. and Sons Limited.
3. During the life of the Settlor the Trustees
shall pay or apply the whole or
such
part (if any) of the income of the Trust Fund as the Settlor shall determine
for
the upkeep or development of the Museum or otherwise for the benefit of the
Museum
as the Settlor shall determine.
4. After the death of the Settlor the Trustees
shall (subject as hereinafter
directed)
pay or apply the whole or such part (if any) of the income of the Trust
Fund
as the Trustees shall in their absolute discretion think fit to the Friends
of the
Museum
5. If at any time after the death of the
Settlor the Trustees are of opinion
a.
That the Museum is no longer conducted in the manner operative at the death of
the Settlor or
b.
That the method of management or control of the Museum has been altered from?
the method employed at the death of the Settlor
Then
the Trustees may at any time determine this Settlement and thereupon the
Trustees shall hold the Trust Fund any any unexpended income thereof IN TRUST
Distressed Gentlefolks Aid Association of 10 Knaresborough Place London S.W.5.
6. If for any reason not provided by thisc
Settlement the income of the Trust
shall cease
to be payable to the Museum or to the Friends of the Museum or if t
primary
object of the Settlement shall fail then the Trustees shall jfold the Tr
Fund
and any unexpended income thereof IN TRUST for the charitabl^^Dject
specified
in clause 5 hereof
7• The receipt of the Treasurer or other proper
officer of the beneficiary of
the
income or capital of the Trust Fund shall be a sufficient discharge to' the
Trustees.
8. The power of appointing a new Trustee
or.Trustees of this Settlement shall
be
vested in the Settlor during his life and thereafter in the surviving or
continuing
Trustees
9« If dispute arise between the Trustees as to
the payment of income or as tc
any
other decision to be made under the provisions of this Settlement the matte
shall
be decided by a simple majority of the Trustees such decision to be recoi
in
writing and signed
10.
Any ^rusteex of this Settlement who is engaged in any profession or busine
shall
be entitled to charge and be paid all usual professional or other charges
for
work or business done or transacted by him or his firm in connection with 1
trusts
hereof
IN
WITNESS whereof the parties have hereunto set their hands and seals the day and
year first before written
THE
i^CHElULE before referred to
800 3$
Preference Shares of 5/- eaclx in the Company known as
Signed
sealed and delivered by , )
the
before named PSRCY RUSSELL ) .
in the
presence of )
Signed
sealed and delivered by ) the before named CECIL STEVENSON ) BISHOP in the
presence of )
Signed
sealed and delivered by ) the before
named BERNARD WAKEMAN in the presence of
Signed
sealed and delivered by ) the before named RICHARD HARLEY ) CLOUDESLEY KING- in
the presence ) of
(?
indicates wording not clear)