The Merchant Taylors' Alumni Charitable Trust

The Trustees shall stand possessed of the Trust Fund upon trust to apply the capital and income thereof for any charitable purpose or charitable purposes connected with or relating to Merchant Taylors' School, Crosby or its present or past members PROVIDING ALWAYS that the general management and control of the Trust Fund for the purpose of carrying out the primary trust aforesaid shall be vested in the Committee and the Trustees shall deal with and dispose of the Trust Fund in accordance with the lawful directions of the Committee (and the Trustees and each of them shall be entitled to be indemnified out of the Trust Fund from and against all liabilities which they may respectively incur or sustain by reason of acting in good faith on any direction or purported direction of the Committee or any officer or agent thereof).