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3.1 The purposes and aims of the Trust are to devote or apply both capital, subject to clause 3.4, and income of the Trust Fund to or for any charitable purposes which are from time to time selected by the Trustees and are valid charitable purposes. 3.2 Subject to clause 3.1 and
3.1 The purposes and aims of the Trust are to devote or apply both capital, subject to clause 3.4, and income of the Trust Fund to or for any charitable purposes which are from time to time selected by the Trustees and are valid charitable purposes. 3.2 Subject to clause 3.1 and without in any way derogating from it, the Trustees may also devote or apply both capital and income of the Trust to further charitable purposes in New Zealand by: (a) Possessing the annual income of the Trust Fund after paying and discharging all costs, expenses, charges, and outgoings of, or in relation to the Trust or the Trust Fund, and setting aside such reserves as it may determine pursuant to the powers herein provided, and to use and apply the remainder of such income in such portions as in its absolute discretion it might determine for any charitable purpose within, or for the benefit of, the City of Nelson as defined in part 2 of the second schedule to the Local Government Act 2002, and as may from
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