The Stevenson Trust

(THIRD) The Trustees shall hold the Trust Funds aftermentioned for advancement of the charitable purposes specified in section 7(2) of the Charities and Trustee Investment (Scotland) Act 2005 (or of any statutory provision amending or replacing that section) (the 'Purposes'). The Trustees shall primarily apply the Trust Funds in support of Purposes which are in the sole opinion of the Trustees within Scotland, but the Trustees may make distributions equivalent to a maximum of 25% of their total charitable distributions in any financial year in support of Purposes outwith Scotland. FURTHER DECLARING THAT (A) in the exercise of any of their discretionary powers the Trustees may act as sole contributors or lenders or jointly with others as part contributors or lenders provided always that the Trustees participation shall be for charitable purposes only, and (B) that no act of the Trustees shall be deemed to be ultra vires by reason only that individuals or bodies outside Scotland may or will receive a cumulative benefit in excess of 25% of the Trustees total charitable distributions in any financial year by such act.'