5Revocation of trusts and vesting of trust property

5 Revocation of trusts and vesting of trust property

(1)  On the appointed day –

(a) the trusts arising from the Income Trust and the Research Trusts are revoked and the property referred to in Schedules 2 and 3 is freed and discharged from those trusts;

(b) one-half of the property specified in Schedule 2 shall vest in the Beneficiary for her own use and benefit absolutely;

(c) the Settlor is entitled to be paid out of the remaining one-half of the property referred to in Schedule 2 an amount certified pursuant to subsection (3) as his legal costs;

(d) the Settlor is entitled to be paid out of the money specified in Schedule 3 an amount of $12 365; and

(e) the residue of the property referred to in Schedules 2 and 3 shall, notwithstanding the agreement referred to in paragraph VII of the Preamble to this Act, vest in the City to be held pursuant to the provisions of that agreement.

(2)  On, or as soon as practicable after, the appointed day –

(a) the Income Trustee shall pay –

(i) one-half of the money specified in Schedule 2 to the Beneficiary;

(ii) out of the remaining one-half of that money, an amount as legal costs as provided by subsection (3) to the Settlor, or as he may direct; and

(iii) the balance of that money to the City;

(b) the Research Trustee shall, out of the money specified in Schedule 3 , pay to the Settlor, or as he may direct, the amount of $12 365 mentioned in subsection (1) (d) and shall pay the balance of that money to the City;

(c) the State Librarian shall, on request by the City, deliver up to the City the books, periodicals, manuscripts, and other documents referred to in ; and