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Probate of The Will
and Codicils of Sir
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or by any Codicil or Codicils hereto otherwise disposed of unto and to the use of my Trustees and I direct my Trustees subject as hereinafter stated to sell call in collect and convert into money all such parts of my residuary estate as shall not consist of investments of the nature hereinafter authorised at such time or times and in such manner as my Trustees shall think fit (but as to reversionary (Continued) property not until it falls into possession unless it shall appear to my Trustees
that an earlier sale would be beneficial).
Catchick
Paul Chater, deceased.
7. MY TRUSTEES may postpone the sale calling in and conversion of any part of my real and personal estate for such period as they may in their absolute discretion think fit notwithstanding that it may be of a wasting 10 speculative or reversionary nature and all the net rents profits and income asising from my estate real or personal until the sale calling in and conversion thereof in whatsoever condition or state of investment the same may be and whether consisting of investments of an authorised character or not (including leaseholds or other property of a terminable or wearing out nature) shall for all the purposes of this my Will and as between all persons interested hereunder and as well during the first year after my death as afterwards be applied as if the same were income arising from the proceeds of such sale calling in or con- version or the investments of such proceeds no part thereof being liable to be retained as capital and on the other hand on such sale calling in or conversion 20 or on the falling in of any reversionary property no part of the proceeds of such sale calling in and conversion or of any such property shall be paid or applied as past income.
8. SUBJECT TO the payment of my funeral and testamentary expenses and debts and any legacies bequeathed by this my Will or by any Codicil hereto and the duty (if any) upon legacies and annuities bequeathed free of duty and subject to making provision for the payment of any annuities bequeathed by this my Will or by any Codicil hereto my Trustees shall invest in manner hereinafter authorised the proceeds of the said sale calling in and conversion and stand possessed of such investments and of such parts of my residuary estate 30 as shall at my death consist of such investments as are hereinafter authorised (which said net proceeds and investments and any investments substituted therefor are herein collectively referred to as "my residuary estate") upon the following trusts viz. :—
(a) Upon trust to set apart and invest separately the sum of Four hundred thousand Dollars Hongkong Currency free of all death duties and to pay the income thereof to my nephew Chater Paul Chater during his life and from and after his death to hold the capital and future income thereof in trust for all or such one or more exclusive of the others or other of the children of the said 40 Chater Paul Chater at such age or time or respective ages or times if more than one in such shares and manner in all respects as the said Chater Paul Chater shall by any deed or deeds revocable or irrevocable or by Will appoint And in default of and subject to any such appointment my Trustees shall stand possessed of the said capital and the future income thereof in trust for all or any the
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children or child of the said Chater Paul Chater who being a son or Probate of sons shall attain the age of Twenth-one years or being a daughter or The Will daughters shall attain that age or marry (with the consent of her or of Sir their Guardian or Guardians) and if more than one in equal shares. Catcbick
and Codicils
Paul Chater, deceased,
(b) Upon trust to set apart and invest separately the sum of Three (Continued)
hundred thousand Dollars Hongkong Currency free of all death duties and to pay the income thereof to my nephew John Theophilus Bagram during his life and from and after his death to hold the capital and future income thereof in trust for all or such one or more exclusive of the others or other of the children of the said John Theophilus Bagram at such age or time or respective ages or times if more than one in such shares and manner in all respects as the said John Theophilus Bagram shall by any deed or deeds revocable or irrevocable or by Will appoint And in default of and subject to any such appointment my Trustees shall stand possessed of the said capital and the future income thereof in trust for all or any the children or child of the said John Theophilus Bagram who being a son or sons shall attain the age of Twenty-one years or being a daughter or daughters shall attain that age or marry (with the consent of her or their Guardian or Guardians) and if more than one in equal shares.
(c) Upon trust to set apart and invest separately the sum of Two hundred thousand Dollars Hongkong Currency free of all death duties and to pay the income thereof to my nephew Jack Chater during his life and from and after his death to hold the capital and future income thereof in trust for all or such one or more exclusive of the others or other of the children of the said Jack Chater at such age or time or respective ages or times if more than one in such shares and man- ner in all respects as the said Jack Chater shall by any deed or deeds revocable or irrevocable or by Will appoint And in default of and subject to any such appointment my Trustees shall stand possessed of the said capital and the future income thereof in trust for all or any the children or child of the said Jack Chater who being a son or sons shall attain the age of Twenty-one years or being a daughter or daughters shall attain that age or marry (with the consent of her or their Guardian or Guardians) and if more than one in equal shares.
PROVIDED ALWAYS that if my estate shall not be sufficient to provide in full for the bequests made by this my will and any Codicil hereto the funds created by Sub-clauses (a), (b) and (e) of this Clause shall abate proportionately.
(d) Upon trust to pay the balance of my residuary estate (including therein any of the funds created by Sub-clauses (a), (b) and (c) of this Clause the purposes whereof shall have wholly or partially failed) to the Armenian Holy Church of Nazareth Calcutta in the Empire of India.