"I bequeath all my personal Estate not herein"before otherwise disposed of unto [my Executors] "upon trust to pay and transfer the same unto the "Trustees appointed by me under and by virtue of a "certain Indenture of Settlement creating a Trust to "be known by the name of 'The Lightfoot Fund for "the Diocese of Durham' and bearing even date "herewith but executed by me immediately before "this my Will to be administered and dealt with by "them upon the trusts for the purposes and in the "manner prescribed by such Indenture of Settle"ment."
Extract From The Indenture Of SettleMent Of 'The Lightfoot Fund For The Diocese Of Durham.'
"whereas the Bishop is the Author of and is "absolutely entitled to the Copyright in the several "Works mentioned in the Schedule hereto, and for the "purposes of these presents he has assigned or intends "forthwith to assign the Copyright in all the said "Works to the Trustees. Now the Bishop doth "hereby declare and it is hereby agreed as follows :—
"The Trustees (which term shall hereinafter be "taken to include the Trustees for the time being of "these presents) shall stand possessed of the said "Works and of the Copyright therein respectively "upon the trusts following (that is to say) upon trust "to receive all moneys to arise from sales or otherwise "from the said Works, and at their discretion from "time to time to bring out new editions of the same "Works or any of them, or to sell the copyright in "the same or any of them, or otherwise to deal with "the same respectively, it being the intention of "these presents that the Trustees shall have and "may exercise all such rights and powers in respect "of the said Works and the copyright therein re"spectively, as they could or might have or exercise "in relation thereto if they were the absolute bene"ficial owners thereof....
"The Trustees shall from time to time, at such "discretion as aforesaid, pay and apply the income "of the Trust funds for or towards the erecting, "rebuilding, repairing, purchasing, endowing, supporting, or providing for any Churches, Chapels, "Schools, Parsonages, and Stipends for Clergy, and Extract from Bishop Lightfoot's Will. vii
"other Spiritual Agents in connection with the "Church of England and within the Diocese of "Durham, and also for or towards such other purposes in connection with the said Church of "England, and within the said Diocese, as the "Trustees may in their absolute discretion think fit, "provided always that any payment for erecting any "building, or in relation to any other works in con"nection with real estate, shall be exercised with due "regard to the Law of Mortmain; it being declared "that nothing herein shall be construed as intended "to authorise any act contrary to any Statute or "other Law....
"In case the Bishop shall at any time assign to "the Trustees any Works hereafter to be written or "published by him, or any Copyrights, or any other "property, such transfer shall be held to be made for "the purposes of this Trust, and all the provisions "of this Deed shall apply to such property, subject "nevertheless to any direction concerning the same "which the Bishop may make in writing at the time "of such transfer, and in case the Bishop shall at any "time pay any money, or transfer any security, stock, "or other like property to the Trustees, the same "shall in like manner be held for the purposes of this "Trust, subject to any such contemporaneous direction as aforesaid, and any security, stock or pro"perty so transferred, being of a nature which can "lawfully be held by the Trustees for the purposes "of these presents, may be retained by the Trustees, "although the same may not be one of the securities "hereinafter authorised.
"The Bishop of Durham and the Archdeacons of "Durham and Auckland for the time being shall be "ex-officio Trustees, and accordingly the Bishop and "Archdeacons, parties hereto, and the succeeding "Bishops and Archdeacons, shall cease to be Trus"tees on ceasing to hold their respective offices, and "the number of the other Trustees may be increased, "and the power of appointing Trustees in the place "of Trustees other than Official Trustees, and of "appointing extra Trustees, shall be exercised by "Deed by the Trustees for the time being, provided "always that the number shall not at any time be "less than five.
"The Trust premises shall be known by the name "of 'The Lightfoot Fund for the Diocese of Durham.'&