3Application of trust fund

3 Application of trust fund

3 Application of trust fund

The trustees may, for the purpose of carrying into effect the charitable trust constituted by the will of Richard Thomas Hall, deceased:

(a) from time to time, apply the income of the trust fund either wholly or in part for any or all of the following purposes, that is to say:

(i) the making of grants to any institution, association or organization for or in connection with medical research or education undertaken by such institution, association or organization in the State of New South Wales in the fields of diseases of the heart or cancer or in such other fields of medical science as may be approved by the Minister,

(ii) the providing of fellowships to be known as “R. T. Hall Fellowships” to enable, subject to such conditions as the trustees may determine, persons eminent in medical research or practice in the fields of medical science referred to in subparagraph (i) of this paragraph to visit the State of New South Wales for the dissemination of medical knowledge in appropriate centres of medical research or education or to enable selected persons to proceed overseas to obtain experience in such fields in important centres of medical or scientific research,

(iii) purposes incidental or supplementary to those referred to in subparagraphs (i) and (ii) of this paragraph,

(b) make further provision for the purposes referred to in subparagraphs (i), (ii) and (iii) of paragraph (a) of this section whenever they deem it expedient so to do by expending as hereinafter provided capital of the trust fund.

Any such expenditure shall not in any one year exceed five per centum, or where the Minister approves of a percentage higher than five but not exceeding ten such higher percentage, of the capital of the trust fund remaining in the hands of the trustees at the beginning of such year.