WILL BEQUEATHING SHARES IN PARTNERSHIP BUSINESS. 37. Declaration that the will is satisfaction of provisions in the testator's marriage settle not to be in ment. 38. Clause supstatutory power of appointing new trustees and indemnity, with provision enabling invest plemental to take such securities from my partners or partner as they PRECEDENT VIII. or he shall be liable to give or execute pursuant to the said deed or articles of partnership, or any other arrangement or adjustment entered into by virtue of the power in that behalf hereinbefore contained. I DECLARE, that the gifts and bequests hereby made to my said wife or any of my children, and any advantage she or they respectively may have under this my will, are not meant to operate in or towards satisfaction of or otherwise interfere with the provisions for my said wife and children respectively contained in my marriage settlement, but all such bequests, gifts, or advantages are intended to be in addition thereto (p). I DECLARE, &c. [dower clause, supra, p. 92]. AND I DIRECT and declare, that (in addition to the statutory powers and provisions for and in relation to the appointment of new trustees and the powers, indemnity, and reimbursement of trustees) the number of the trustees of this my will may, upon any appointment of a trustee or trustees thereof, be augmented or reduced, but not so as to be permanently reduced below four. AND THAT any investments made or taken or transferred for the purposes of this my will, at any time at which the number of trustees thereof shall exceed four, may for the purpose of compliance with the rules of the Bank of England, or on any other ground of expediency or convenience, at the discretion of the trustees for the time being, be made or taken in or transferred into the names of, or so as to be under the legal control of not less than four trustees; AND if so made, taken, or transferred, it shall not be incumbent upon (though in their discretion it shall be lawful for) the trustees for the time being to make any further transfer thereof, if by reason of the death of a trustee or trustees or otherwise any such investment shall become vested in or under the legal control of less than four trustees, though (p) As to this clause see p. 66 note, supra. ments to be taken in the names of not trustees. less than four WILL BEQUEATHING SHARES IN PARTNERSHIP BUSINESS. PRECEDENT VIII. there be at the time four or more trustees of this my will; AND THE trustees for the time being shall be at liberty to accept less than a marketable title upon lending money upon the security of any hereditaments, and shall not be responsible for any defect in title or value thereof (q). [Declaration as to devolution of trustees' powers, supra, p. 56. Devise of trust and mortgage estates, p. 58. Appointment of executors, p. 61. Appointment of guardians, p. 62.] IN WITNESS, &c. IX. PRECEDENT IX. WILL BEQUEATHING PROPERTY IN A PERIODICAL PUBLICATION. WILL of REAL and PERSONAL estate. BEQUEST of WEEKLY PUBLICATION, and of LEASEHOLD premises in which it is carried on, upon trust to CONTINUE the PUBLICATION with the existing or any additional CAPITAL. DIRECTION that TRUSTEE MANAGER may be continued at a SALARY. CLAUSE authorising DELEGATION of management. TRUSTS of PROFITS of the publication for payment of OUTGOINGS, and subject thereto as to TWO-FOURTHS for legatees for LIFE with gifts over, and as to the OTHER two-fourths for ADDITION to the testator's GENERAL personal estate. PROVISIONS for EXCLUDING cestui que trusts from CONTROL and from right to accounts except to specified extent. PoWERS of SALE as to the unappropriated TWO FOURTH shares, and as to the ENTIRE PUBLICATION. BEQUEST to (4) See the ordinary form of this clause, supra, p. 55. The power to take investments in the names of four trustees is convenient, when the number appointed exceeds four, as it is the rule of the Bank of England not to permit investments to be made in more than four names, unless under special circumstances. WILL BEQUEATHING PROPERTY IN A PERIODICAL PUBLICATION. enable legatee to PAY his DEBTS, with power for the PRECEDENT IX. executors to retain and apply the sum bequeathed. DIRECTION that LEGACIES need NOT be RAISED till wanted, and INDEMNITY to trustees in case of eventual DEFICIENCY of funds to pay them. POWER for the trustees to leave the testator's CAPITAL in his business until a division is REQUIRED by the residuary legatees or the survivors. POWER to make arrangements for one or more of the testator's daughters SUCCEEDING to the BUSINESS for the benefit of all. DIRECTION that ALL bequests to FEMALES shall be for their SEPARATE USE. Provision that the ordinary powers of the executors shall extend to accounts and arrangements connected with the testator's PARTNERSHIP BUSINESS and with the abovementioned publication. and 2. --and of leasehold premises on which it is carried on. I, A. B. of &c. [supra, p. 26]. I BEQUEATH the 1. Bequest of weekly publicaweekly publication or paper called the, and the tion; copyright or exclusive right of printing, publishing, and selling the same, together with all engraved blocks and other matters and things appertaining to the said paper in the publishing or printing offices of the paper or elsewhere; AND ALSO the messuage or tenement situate other premises comprised in an indenture of lease dated the day of and expressed to be made between &c. [parties], for the residue of the term of twenty-one years granted by the same lease, subject to the rents and lessee's covenants therein reserved and contained, and to be as from my death paid, observed, and performed, unto E. F. of &c., and G. H. of &c., their executors and administrators, UPON TRUST that the said E. F. and G. H. and the survivor 3. to trustees of them, and other the trustees or trustee for the time being of this my will, shall, during so long as they or he shall think fit, carry on and continue the said publication by means of the capital employed therein. called the upon trust to continue the publication with the existing or any additional capital. WILL PROPERTY IN A trustee manager PRECEDENT IX. at my death, and any further capital which the said. trustees or trustee may think requisite for that purpose, such additional capital to be obtained either on loan or out of my general estate, but so that all additional capital so taken out of my general estate shall carry interest at the rate of £5 per cent. per annum in favour of my general estate while so employed, and shall eventually be refunded and returned to my general estate, but that the said trustees or trustee for the time being shall not be liable should such capital or any part thereof or interest thereon be eventually lost, and that they or he shall have full power of conclusively determining in any case of doubt or difficulty what shall be considered as the capital employed in carrying on the said publication or paper at the time of my death, and what shall be considered as additional 4. Direction that capital. AND I DECLARE, that during so long as the said may be continued publication or paper shall be carried on by the said trustees or trustee, the said E. F., if he shall be manager thereof at the time of my death, may, with the concurrence of the other trustees or trustee for the time being of this my will, be continued as such manager at his then salary, or on any other terms that may be agreed upon, notwithstanding his being an executor and trustee (a). AND I DECLARE, that the trustees and trustee for the time being of this my will shall, while they shall carry on the said publication or paper, have the fullest discretionary power in all matters relating thereto as if they were absolute proprietors or owners, but that the actual management thereof may to any extent that the said trustees or trustee shall think fit be delegated to the manager or managers, or any other person or persons appointed in that behalf by the said trustees or trustee, and under any system of checks or control that the said trustees or trustee shall in their or his discretion think fit to adopt, at a salary. 5. Clause authorising delegation of management. (a) See supra, p. 135 note (j). PRECEDENT IX. WILL BEQUEATHING PROPERTY IN A PERIODICAL PUBLICATION. 6. Trusts of lication; ment of out goings. it being my intention that the said trustees or trustee shall not be obliged to interfere personally in the management of the said publication any further than they or he shall of their or his free choice think fit. AND I DECLARE, that the said trustees or trustee for the time being shall out of the profits of the said publication or profits of pubpaper pay the rent reserved by the said lease of the day of and all rates, taxes, insurance, cost of paper and printing, salaries, wages, and other outgoings and expenses of or incidental to the carrying on of the said publication or paper, and also the interest upon any additional capital borrowed upon loan according to the rate at which the same shall be borrowed, and upon any additional capital taken out of my general estate as aforesaid at the said rate of £5 per cent. per annum; AND SHALL apply 8. Trusts of net profits; and dispose of the net profits arising from the said publication in manner following (that is to say), AS TO one fourth share of such net profits, the said trustees or trustee shall pay the same to my son C. B. during his life, and after his death, if his present wife M. B. shall survive him, shall pay the same to the said M. B. during her life, and after the death of the survivor of them the said C. B. and M. B., shall pay the same to S. B. (the absolutely; only daughter of my late son D. B.), her executors, administrators, or assigns; AND AS TO one other fourth share of such net profits, the said trustees or trustee shall pay the same to the said N. B., the widow of my late son D. B. so long as she shall continue his widow, and after her second marriage (if she shall marry again) during the remainder of the life of the said N. B. shall pay two third parts of such fourth share of the said net profits to her the said N. B., and the remaining third part of such fourth share to the said S. B., her executors, administrators, or assigns, and after the death of the said N. B. shall pay the whole of such fourth share of the said net profits to the said S. B., her executors, administrators, or assigns; VOL. IV. P 9. -as to onefourth, for a son of the testator and his widow during their lives, and after their deaths for the daughter of a deceased son of the testator 10. -as to one other fourth for the widow of deceased son during her widowhood, and after her marriage or death for her and the daughter of the the testator's deceased son; |