Warwick School Memorial Endowment Fund

4. THE TRUSTEES SHALL STAND POSSESSED OF THE FUND AND OF THE INCOME THEREOF UPON TRUST:(1) UNTIL SUCH DATE (HEREINAFTER REFERRED TO AS ÔTHE SAID DATEÖ) AS THE SCHOOL OR THE CONTROL AND MANAGEMENT OF THE PROPERTY OF THE SCHOOL SHALL BE TAKEN OVER BY THE STATE OR BY SOME STATE-CONTROLLED OR LOCAL OR MUNICIPAL OR PUBLIC AUTHORITY OR BODY THE TRUSTEES SHALL APPLY THE ANNUAL INCOME OF THE FUND (AFTER PAYMENT THEREOUT OF THE COSTS AND EXPENSES OF OR INCIDENTAL TO THE MANAGEMENT OF THE FUND AND THE INCOME THEREOF) AND ALSO FROM TIME TO TIME OR AT ANY TIME IF THE TRUSTEES IN THEIR ABSOLUTE DISCRETION THINK FIT ANY PART OR PARTS OF THE WHOLE OF THE CAPITAL FOR THE TIME BEING OF THE TRUST FUND FOR OR TOWARDS THE UPKEEP, IMPROVEMENT, ALTERATION OR REBUILDING OF THE SCHOOL BUILDINGS FOR THE TIME BEING OR ANY OF THEM OR THE PURCHASE OR TAKING ON LEASE OF ADDITIONAL LAND OR BUILDINGS FOR THE SCHOOL OR THE ERECTION OR CONSTRUCTION OF ANY NEW BUILDINGS OR WORKS FOR THE SCHOOL OR FOR ANY PURPOSE WHATSOEVER CONDUCIVE TO THE PROMOTION OR ENCOURAGEMENT OF EDUCATION AT THE SCHOOL IN SUCH MANNER IN ALL RESPECTS AS THE TRUSTEES SHALL IN THEIR ABSOLUTE DISCRETION FROM TIME TO TIME THINK FIT WITH FULL POWER FOR THE TRUSTEES FROM TIME TO TIME TO PAY THE WHOLE OR ANY PART OR PARTS OF THE SAID INCOME OR CAPITAL OF THE TRUST FUND TO THE GOVERNORS FOR THE PURPOSES AFORESAID OR ANY OF THEM WITHOUT BEING UNDER ANY RESPONSIBILITY TO SEE TO THE APPLICATION THEREOF AND SO THAT THE RECEIPT OF THE GOVERNORS OR OF ANY TREASURER OR OTHER PERSON DULY AUTHORISED BY OR ON BEHALF OF THE GOVERNORS FOR ANY SUCH INCOME OR CAPITAL SHALL BE A COMPLETE DISCHARGE TO THE TRUSTEES. (2) FROM AND AFTER THE SAID DATE THE FUND OR SO MUCH THEREOF (IF ANY) AS SHALL THEN REMAIN SHALL BE HELD BY THE TRUSTEES IN PERPETUITY UPON TRUST TO APPLY THE ANNUAL INCOME THEREOF IN THE PAYMENT OF PENSIONS ANNUITIES OR GRANTS OF SUCH AMOUNTS AND FOR SUCH PERIODS AND TO SUCH PERSONS BEING PERSONS IN NECESSITOUS CIRCUMSTANCES WHO ARE EITHER FORMER PUPILS OF THE SCHOOL OR RETIRED MASTERS OF THE SCHOOL OR WIDOWS OF FORMER PUPILS OF THE SCHOOL OR OF FORMER MASTERS OF THE SCHOOL AND IN SUCH MANNER GENERALLY IN ALL RESPECTS AS THE TRUSTEES SHALL FROM TIME TO TIME IN THEIR ABSOLUTE AND UNCONTROLLED DISCRETION THINK FIT.