Campbell Fraser Charitable TrustRegistered

We direct the Trustees to divide and pay over the free annual income of the Trust Fund among such charities as they may from time to time select and in such proportions as they in their sole discretion may determine with power to the Trustees to retain any part of the said income for such periods as they consider desirable and to add the income so retained to the capital of the Trust Fund if they consider this expedient and with power also to the Trustees to encroach upon the capital of the Trust Fund for the said purposes to such an extent as they may from time to time consider expedient.