5Government Promissory Notes of a certain nominal value vested in Trustees.

Immediately from and after the passing of this Act, the said Promissory Notes of the Government of India, of the nominal value of rupees twenty-two lakhs, fifty-four thousand and four hundred, shall vest in the Corporation who shall hold the same upon the trusts, and for the purposes, and with the powers, hereinafter expressed of and concerning the same, that is to say:
(a) On trust to re-invest if paid off.Upon trust, if the same or any part thereof should be discharged by the Government of India, to invest the sum or sums paid by the Government of India, in discharge of the same or any part thereof, in or upon any stocks, funds, or securities in which they are by the provisions of this Act hereinafter authorised to invest the same, and in like manner, as often as the same shall become necessary, to alter, vary and change such stocks, funds, and securities for others of the same or a like nature;
(b) and to pay income to present Baronet for his life. and upon further trust, from time to time, to pay and apply the dividends, interest, and annual income of the said stocks, funds, and securities unto and for the benefit of the present Baronet, that is to say, Sir Jamsetjee Jejeebhoy, Fifth Baronet, during his natural life ;
(c) and after death of present Baronet to pay income to Baronet for time being.and upon further trust, from and immediately after the decease of the said Sir Jamsetjee Jajeebhoy Fifth Baronet, to pay and apply the said dividends, interest, and annual income unto and for the benefit of the person who, as heir male of the body of the said Sir Jamsetjee Jejeebhoy, First Baronet, shall, for the time being, have succeeded to, and be in the enjoyment of, the title of Baronet conferred by the said Letters Patent as aforesaid, notwithstanding any rule of Law or Equity to the contrary ;
(d) with ultimate trust for Second Baronet his executors, administrators and assigute.and upon further trust, upon failure and in default of heirs male of the body of the said Sir Jamsetjee Jejeebhoy, First Baronet, to whom the said title and dignity of Baronet may descend, to hold the corpus and also the income of the said Government Promissory Notes, stocks, funds, and securities for the heirs and assigns forever of Sir Jamsetjee Jejeebhoy, the Second Baronet, which ultimate remainder or reversion it shall be lawful for the heirs and assigns of Sir Jamsetjee Jejeebhoy, the Second Baronet, at any time or times during the continuance of the said title and dignity of Baronet, and until there shall be a failure of heirs male of the body of the said First Baronet as aforesaid, to assign, transfer, bequeath and dispose of by Deed or Will or other assurance or assurances.