Schedule clause 2(f): inserted, on 16 October 1952, by section 2 of the Homewood Trust Amendment Act 1952 (1952 No 3 (P)).
2A. Notwithstanding anything in clause 2 of this deed, the Trustees may pay and distribute in cash or in specie, at such times as the Trustees in their absolute discretion may determine, all or any part of the capital or the income of the Trust Estate for any charitable purpose that may benefit any authorised beneficiary, notwithstanding that persons other than authorised beneficiaries may benefit therefrom.
Schedule clause 2A: inserted, on 2 November 1979, by section 2 of the Homewood Trust Amendment Act 1979 (1979 No 2 (P)).
6. The Trustees shall have the absolute management and entire control of the Trust Estate, and may consult the Advisory Trustee on any matter relating to the trusts or the estate, and the Advisory Trustee may advise the Trustees on any such matter. Where any advice is tendered by the Advisory Trustee the Trustees may follow the same and act thereon and shall not be liable for anything done or omitted by them by reason of their following such advice.
8. The Trustees may carry on the business of farming heretofore carried on by the Donor or any other business, trade, or occupation, so long as they consider necessary or desirable and in so doing may employ the whole or any part of the Trust Estate with power from time to time to increase or diminish the part of the Trust Estate so employed.
9. The Trustees may sell any part of the real or personal property comprised in the Trust Estate, may purchase any other real or personal property and may from time to time let lease bail or hire any real or personal property comprised in the Trust Estate and take on lease or on hire or bailment any real or personal property upon such terms and conditions as to the Trustees shall seem fit and any real and personal property so acquired and the proceeds of any such sale letting leasing or hiring shall be held upon the trusts herein declared.
13. The Trustees may at their discretion invest any moneys at any time subject to the trusts of this deed and requiring investment in any of the investments for the time being permitted by law for the investment of trust funds, with power for the Trustees at their discretion from time to time to vary any such investments for others of a like nature.
14. The Trustees may at their discretion employ and dismiss such managers, servants, employees and agents as they may think fit, and may employ a secretary at such salary as the Trustees may think fit notwithstanding that he or she may be one of the Trustees.
15. The Trustees shall from time to time be entitled to receive out of the income of the Trust Estate by way of remuneration for their services such amount, not exceeding in the aggregate in any year the sum of two hundred and fifty pounds, as the Trustees in their discretion shall determine.
16. The Trustees may out of the funds of the Trust Estate pay the premiums on the life insurance policies referred to in the Second Schedule hereto, provided that all sums so paid shall operate to reduce the amount which the Trustees shall be required to pay as estate and succession duties under the provisions of clause 2(a) hereof, and that clause shall be read subject to the provisions of this clause.
In witness whereof these presents have been executed.
The First Schedule
The following farm properties free from encumbrance:—
9. Railway Lease L.O. 15162, No. 24562.
Railway Grant L.O. 15350, No. 24561.
The Donor agrees to release the debt of fifteen thousand pounds (£15,000) owing by Alley Body Limited to the Donor, to enable the above properties to be transferred to the Trustees free from encumbrance.
The lands following in this Schedule and the Second Schedule subject to encumbrances to be adjusted when accounts are available but not exceeding eighteen thousand two hundred pounds (£18,200) in all.
The Second Schedule
15. Three life policies of the Australian Mutual Provident Society, Table A, Numbered respectively 410309 (£300), 494846 (£6,000) and 1413381 (£2,000).