The Rothermere Foundation

“The Trustees shall stand possessed of the Trust Property upon the trusts following that is to say:- (a) Upon trust to apply such of the income thereof as the Trustees’ in their absolute discretion determine in perpetuity in establishing and maintaining scholarships to be known as "Rothermere Scholarships" and to be from time to time awarded in manner hereinafter mentioned to graduates of the Memorial University to be held and enjoyed by those graduates when taking post graduate courses at a United Kingdom University in accordance with the subsequent provisions of this Deed;(b) Subject as aforesaid upon trust to apply such of the income thereof as the Trustees in their absolute discretion determine to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time.”