Zichron Nachum (Europe) Trust

1.1 THE ADVANCEMENT OF ORTHODOX JEWISH RELIGIOUS EDUCATION AND1.2 THE ADVANCEMENT OF THE ORTHODOX JEWISH RELIGION2) THE TRUSTEES SHALL HOLD THE CAPITAL AND INCOME OF THE TRUST FUND UPON TRUST TO APPLY THE INCOME AND ALL OR SUCH PART OR PARTS OF THE CAPITAL AT SUCH TIME OR TIMES AND IN SUCH MANNER AS THE TRUSTEES MAY IN THEIR ABSOLUTE DISCRETION THINK FIT FOR OR TOWARDS SUCH OF THE OBJECTS OF THE CHARITY AS THE TRUSTEES MAY FROM TIME TO TIME AT THEIR ABSOLUTE DISCRETION DETERMINE INCLUDING PAYMENTS FOR THE ADVANCEMENT OF RELIGION OR THE PROMOTION OF EDUCATION BY WAY OF GIFT OR LOAN (WITH OR WITHOUT INTEREST) TO INDIVIDUAL PERSONS IN ANY PART OF THE WORLD PROVIDED THAT SUCH PERSONS QUALIFY AS OBJECTS OF THE CHARITY ACCORDING TO ENGLISH LAW AND IN PARTICULAR FOR THE CHARITABLE ACTIVITIES IN THE COLLEGE PROVIDED THAT THE TRUSTEES MAY AT THEIR ABSOLUTE DISCRETION FOR THE PERIOD OF 21 YEARS FROM THE DATE OF THIS DEED INSTEAD OF APPLYING THE INCOME OF THE CHARITY IN ANY YEAR ACCUMULATE ALL OR ANY PART OF SUCH INCOME AT COMPOUND INTEREST BY INVESTING THE SAME AND THE RESULTING INCOME IN ANY OF THE AUTHORISED INVESTMENTS AND HOLD THE SAME AS AN ACCRETION TO AND AS PART OF THE CAPITAL OF THE CHARITY WITHOUT PREJUDICE TO THEIR RIGHT TO APPLY THE WHOLE OR ANY PART OF SUCH ACCUMULATED INCOME IN ANY SUBSEQUENT YEAR AS IF THE SAME WERE INCOME OF THE CHARITY ARISING IN THE THEN CURRENT YEAR