THE DIRECTOR'S REPORT. 25 



Beneficiary forthwith, and if after a period of five years two-thirds 

 of the entire Committee of Review as then constituted shall again 

 report in writing to the Trustee that the Marine Biological Laboratory 

 is not performing valuable services in biological research, then the 

 fund both principal and interest may be used for such other purposes 

 within the general field of biological research as shall be indicated by 

 this Committee of Review, on an affirmative vote of not less than 

 two-thirds of the entire membership of said Committee. 



4. The said Committee of Review may by two-thirds vote of 

 its entire membership, remove the Trustee, and upon the removal, 

 resignation or cessation of the Trustee to function, may appoint a 

 successor trustee, and in default of such appointment the duty of 

 appointing a successor trustee shall devolve upon the Supreme Court 

 of the State of New York. The Beneficiary may call the Committee 

 together for such action. 



5. The Trustee shall send semi-annually to the Treasurer of the 

 Beneficiary, a full statement of the investments then held by the 

 Trustee, and of the receipts and expenditures in both income and 

 principal accounts since the last semi-annual statement, and at the 

 request of the Treasurer, the Trustee shall cause an audit to be made 

 of the books and accounts of the Trustee with respect to this trust, 

 by certified accountants of recognized standing, and a reasonable 

 compensation for such audit if requested by the Treasurer, shall 

 be paid by the Trustee and charged against the income as an expense 

 of the administration of the trust. 



6. The Trustee is authorized and empowered as the Trustee of an 

 express trust to institute, conduct, defend, intervene in and compro- 

 mise or terminate any and all suits, actions or proceedings at law or 

 in equity or otherwise whenever the Trustee shall consider it necessary 

 or proper so to do for the collection of the principal or interest on 

 any of the securities held by it hereunder, or for the securing or protec- 

 ting or defense of any rights or interests relating to or with respect 

 to the property held in trust hereunder, or of the rights or interests of 

 itself as Trustee, or of the Beneficiary hereunder with respect to the 

 trust property. The Trustee shall have full discretionary power to 

 allocate as between principal and income any expense with respect 

 to the foregoing, and shall have full discretionary power to sell such 

 portion of the trust as may be necessary to pay or recoup itself for 

 the payments of such amount of such expense as shall have been 

 allocated to the principal or the trust estate. 



7. The Trustee is authorized and empowered as the Trustee of an 

 express trust, to exercise all rights and powers pertaining to any 



