J and M Charitable Trust

3.1 THE TRUSTEES SHALL HOLD THE CAPITAL AND INCOME OF THE TRUST FUND UPON TRUST FOR OR TOWARDS SUCH CHARITABLE PURPOSES, AND TO MAKE DONATIONS TO SUCH CHARITABLE INSTITUTION OR INSTITUTIONS, AT SUCH TIME OR 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 3.2.3.2 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 MANNER, AS THE TRUSTEES SHALL IN THEIR DISCRETION THINK FIT.