donations to such charitable institution
founder may by notice in writing
founder may from time to time by a like notice
Finances:
Objects:
the trustees shall hold the capital and income of the trust fund upon trust as to the income, and all or such part or parts of the capital as the founder may by notice in writing to the trustees determine, for or towards such charitable purposes as the founder may from time to time by a like notice direct, particularly, but without prejudice to the generality of the foregoing, the advancement of education in the arts by the provision and maintenance of an exhibition of modern british art, and to make donations to such charitable institution or institutions, at such time of times and in such manner as the founder may from time to time by a like notice direct. where the founder has not by 5 april in the income tax year following that in which the income arises given a direction which fully disposes of the income, then such income shall be disposed of in accordance with sub-clause 3.2. [2] subject to and in default of any direction under sub-clause 3.1, and insofar as any such direction is not exhaustive, the trustees shall apply the income for or towards such charitable purposes and shall make donations to such charitable institutions, at such times and in such manners as the trustees shall in their discretion think fit. the trustees may, in their discretion, for the period of 21 years from the date of this deed , instead of applying the income of the charity in any year, accumulate all or any part of such income at compound interest by investing the same and the resulting income at compound interest by investing the same as an accretion to and as part of the capital of the charity, such accumulated income in any subsequent year as if the same were income of the charity arising in then current year.
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