THE TRUSTS OF THE SOCIETY 189 



subject or not subject to prior mortgages or incumbrances (so as such lease- 

 hold securities shall not have a less time to run than sixty years at the date of 

 investment) or in or upon the mortgages bonds debentures or other securities 

 of any Railway Company or other Company in the United Kingdom incor- 

 porated by Act of Parliament or Charter or of the Commissioners or Trustees 

 for any public undertaking or undertakings who may be authorized by Act of 

 Parliament to borrow money and do and shall at their own discretion from 

 time to time vary the same stocks funds or securities into or for other stocks 

 funds or securities of a like nature. 



AND do and shall be possessed of the said sum of Ten thousand pounds 

 Italian Irrigation Bonds and the moneys to be received or arise or be 

 produced in respect thereof and the stocks funds or securities on which the 

 same may be invested (hereinafter called the said Trust Fund) and the annual 

 produce thereof upon trust to pay to a Committee of the said Royal Society 

 (to be appointed in manner hereinafter mentioned) the annual produce of 

 the said Trust Fund or so much of such annual produce as the said 

 Committee may or shall from time to time require to the intent that the 

 same may be applied by the said Committee generally towards continuing 

 and maintaining such Observatory as is hereinbefore mentioned and providing 

 for the expenses of conducting and carrying on such observations and inves- 

 tigations as are hereinbefore referred to. And also for or towards the repairs 

 or insurance of any such Observatory or for the repair or insurance or 

 improvement of the present instruments in use for any of the purposes afore- 

 said or for providing and keeping in repair insuring and improving any new 

 instruments as the said Committee may from time to time in their absolute 

 discretion deem expedient and generally for carrying out the objects of the 

 Trust hereby created in such manner as may from time to time be determined 

 by the said Committee having regard to any conditions under which the right 

 to use any Observatory may be held. 



AND UPON TRUST from time to time to invest any surplus of the annual 

 produce of the said Trust Fund in the names or name of the said Royal 

 Society their successors or assigns upon any such stocks funds or securities as 

 hereinbefore are mentioned to be from time to time varied as to the said 

 Royal Society their successors or assigns shall seem proper. 



AND IT is HEREBY AGREED AND DECLARED that any such surplus annual 

 produce as aforesaid and the stocks funds and securities upon which the 

 same shall be invested and the accumulations thereof shall be held and 

 applied by the said Royal Society their successors or assigns upon the same 

 trusts and for the same purposes as are hereby declared of the said original 

 Trust Fund and shall be considered part thereof yet so nevertheless that any 

 such accumulations as aforesaid shall from time to time on the request of 



