5Appropriation of proceeds of sale

5 Appropriation of proceeds of sale

The Trustees shall apply the net proceeds of the sale of the remainder of the property –

(a) in purchasing a suitable freehold residence as a new rectory for the priest for the time being attached to the Church of the Parish or in purchasing freehold land and erecting thereon such a residence;

(b) in defraying the cost of re-modelling, improving, and repairing such a residence as may be found necessary, expedient, or desirable from time to time; and

(c) subject to the foregoing provisions of this section, in investing the balance of those net proceeds of sale in the manner prescribed by section 13 of the Church of England Constitution Act 1973 and in paying and applying the net annual income arising from the investment or investments –

(i) firstly, in keeping in repair and replacing the furniture bequeathed by the testatrix and held by the Trustees upon the trusts contained in her will;

(ii) secondly, in augmentation of the income received by the Trustees from the sum of $1 000 set aside by the direction of the testatrix for the purposes declared in her will; and

(iii) thirdly, for such other purposes ancillary and complementary to the purposes referred to in subparagraphs (i) and (ii) as the Trustees may, in their discretion, consider expedient or necessary to give effect to the desire of the testatrix to provide a furnished house for the use and occupation of the priest in charge of that Church free of expense as far as may be.