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versity. (2) Without liability for breach of trust, the University may bring into or withdraw from any investment common fund the whole or any part of any trust fund or other fund held by or in the custody of the University. (3) Subsection (2) applies despite any direction to the contrary, whether express or implied, contained in the trust instrument. 32—Distribution of income of investment common funds (1) Subject to subsection (2), the University must, in accordance with the instrument that established the investment common fund, periodically distribute income from each investment common fund among the funds participating in the pool. (2) From time to time, the University, if it considers it expedient to do so, may— (a) add some portion of the income of each investment common fund to the capital of the common fund; or (b) establish a fund or funds as a provision against capital depreciation or reduction in income. 33—Commissions etc (1) The University may periodically deduct an amount (not exceeding an amount determined by the Council of the total funds under management as part of the common fund) as commission for the administration of a common fund. (2) Despite section 10, the Council must not delegate the power to make a determination under subsection (1). (3) The commission deducted under subsection (1) is to be received and accepted by the University or fund manager (as the case requires) as full payment for the costs of administration of the common fund. (4) The University must not make any other charges on the trust fund in addition to the commission received under subsection (3) except in accordance with the trust instrument. Schedule

This indenture made the twenty-fourth day of December, one thousand eight hundred and seventy-two, between Walter Watson Hughes, of Torrens Park, near Adelaide, in the Province of South Australia, Esquire, of the one part, and Alexander Hay, of Adelaide, aforesaid, Esquire, Treasurer of the Executive Council of the University Association of the other part: Whereas the said Walter Watson Hughes is desirous that a University should be established in the said Province, to be called "The Adelaide University", and has agreed to assist in the foundation of such University, by contributing the sum of Twenty Thousand Pounds in endowing by the income thereof two chairs or professorships in the said University, one for Classical and Comparative Philology and Literature, and the other for English Language and Literature and Mental and Moral Philosophy: And whereas the said Walter Watson Hughes, his executors or administrators is or are entitled to nominate and appoint the two first Professors to such chairs: And whereas an Association has been formed, and has undertaken to endeavour to found and establish such University, and has appointed an Executive Council: And whereas the said Alexander Hay has been appointed Treasurer of the said Executive Council: Now this Indenture witnesseth that, in consideration of the premises, the said Walter Watson Hughes doth hereby for himself, his heirs, executors, and administrators covenant with the said Alexander Hay, his executors and administrators, that he, the said Walter Watson Hughes, his executors, or administrators, shall and will, on or before the expiration of ten years from the date hereof, pay to the said Alexander Hay, as such Treasurer, or to the said Executive Council, or if the said University is incorporated within such period, then to such Corporation the sum of Twenty Thousand Pounds sterling: And will, in the meantime, pay interest thereon, or on such portion thereof as may remain unpaid at the rate of Six Pounds per centum per annum, from the first day of May, one thousand eight hundred and seventy-three, such interest to be paid by equal quarterly payments: And it is agreed and declared that the interest and annual income of the said sum of Twenty Thousand Pounds shall be applied in two equal sums in endowing the said two chairs with salaries for the two Professors, or occupiers of such chairs: And it is hereby also declared and agreed that the said Walter Watson Hughes has appointed the Reverend Henry Read, M.A., Incumbent of the Church of England, in the District of Mitcham, to occupy, and that the said Henry Read shall occupy the first of such chairs as Professor of Classics and Comparative Philology and Literature: And that the said Walter Watson Hughes has appointed the Rev. John Davidson, of Chalmers Church, Adelaide, to occupy, and that the said John Davidson shall occupy the first of the other such chairs as Professor of English Language and Literature, and Mental and Moral Philosophy: And it is hereby agreed and declared that the annual income and interest of the said sum of Twenty Thousand Pounds shall be applied for the purposes aforesaid in equal sums quarterly, and for no other purpose whatever: And it is also declared and agreed that the said sum of Twenty Thousand Pounds shall be held by the Treasurer of the said University, or by the Corporation thereof, when the said University shall become incorporated, for the purpose of paying and applying the annual interest and income thereof equally in endowing two chairs or professorships in the said University, one of such chairs or professorships being Classics and Comparative Philology and Literature, and the other of such chairs or professorships being English Language and Literature, and Mental and Moral Philosophy: And it is also declared and agreed that the said sum of Twenty Thousand Pounds shall, when the same is received by the Treasurer of the said University or by the University when incorporated, be invested upon South Australian Government Bonds, Debentures, or Securities, and the interest and annual income arising from such investments paid and applied quarterly in endowing the said two chairs or professorships in the said University as aforesaid: In witness whereof the said parties to these presents have hereunto set their hands and seals the day and year first above written.