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1(1)Subject to the provisions of this Schedule, the word “Board” shall be substituted for the words “Administrative Trustees”, “Bank” and “Relevant Person” wherever occurring.E+W+S+N.I.
(2)In clause 1 (definitions)—
(a)paragraph (b) (“the Bank”) shall be omitted;
(b)for paragraph (c) (“the Administrative Trustees”) there shall be substituted the following paragraph—
“(c)“The Board” shall mean the Board of Trustees of the Chevening Estate (constituted by section 1(1) of the Chevening Estate Act 1987)”;
(c)in paragraph (g) (“the Chevening Trust Fund”) for head (i) there shall be substituted the following head—
“(i)so much of the property, rights, liabilities and obligations transferred to the Board by the Chevening Estate Act 1987 as constituted the Chevening Trust Fund immediately before that transfer”,
and in head (iii) for the words from “to the Bank” to “person” there shall be substituted the words “ by or at the direction of any person whomsoever ” and the words “with the concurrence of the Administrative Trustees” shall be omitted;
(d)paragraph (k)(ii) (“the Lord Privy Seal”, “the Minister of Works” and “the Director of the Victoria and Albert Museum in London”) shall be omitted; and
(e)paragraph (p) (“the Relevant Person”) shall be omitted.
(3)In clause 4 (Settlor and Bank to hold Estate and Contents upon trusts there mentioned) for the words from the beginning to “set forth” there shall be substituted the following words—
“The Board shall stand possessed of the Chevening Estate and of the Contents upon the trusts in this and the next five following Clauses set forth”.
(4)In clause 9 (persons who may exercise the powers conferred by section 29 of the Settled Land Act 1925) the words from “so long” onwards shall be omitted.
(5)In clause 10 (Bank to hold land to order of Settled Land Act trustees) the words from “but so” onwards shall be omitted.
(6)In clause 16 (power to sell Contents) the words from the beginning to “then” shall be omitted.
(7)For clause 17 (duty to maintain inventory of contents and insurance) there shall be substituted the following clause—
“17(1)An inventory of the Contents shall be maintained by the Board and the inventory as revised from time to time shall be signed by each member of the Board.
(2)The Board shall arrange for such insurances and valuations of the Contents as it from time to time thinks fit.
(3)The cost of maintaining the inventory and of the preservation and insurance of the Contents shall be paid out of the capital or income of the Chevening Trust Fund as the Board thinks fit.
(4)The Board shall not be bound to see to the custody or preservation of the Contents or to interfere in any way in relation thereto (other than to maintain the inventory and have revisions thereof signed as aforesaid) and shall not be responsible for any omission neglect or default of the person entitled to the use or enjoyment thereof but shall nevertheless be at liberty at any time to interfere for the protection of the Contents or any of the Contents.”
(8)In clause 21 (trusts of the Chevening Trust Fund)—
(a)for the words preceding paragraph (i) there shall be substituted the words “The Board shall pay and apply the income of the Chevening Trust Fund for such one or more of the following purposes and in such manner as it thinks fit that is to say—”;
(b)in paragraph (i) the words from “of the acceptance” to “hereof and” shall be omitted;
(c)at the end of paragraph (v) there shall be added the words “ (or of members of the Board) ”; and
(d)in paragraph (viii) the words “paid to the Bank and” shall be omitted.
(9)in clause 23 (application of capital money)—
(a)in paragraph (a), in the paragraph substituted for paragraph (i) of section 73(1) of the M1Settled Land Act 1925, for the word “his” there shall be substituted the word “ its ”; and
(b)paragraphs (d) and (e) shall be omitted.
(10)Clauses 24 to 28 and the heading relating to clause 24 (which relate to the appointment and proceedings of the administrative trustees) shall be omitted.
(11)In clause 30 (trustees for the purposes of the Settled Land Act 1925 to be successively the Bank, the Administrative Trustees and the Bank, and the Bank to be special executor)—
(a)for paragraphs (a) to (c) (the Settled Land Act trustees) there shall be substituted the following paragraph—
“(aa)the Board shall be the trustee hereof for the purposes of the Settled Land Act 1925”; and
(b)in paragraph (d) (Bank deemed to have been special executor at Settlor’s death) for the words “the Bank” there shall be substituted the words “ Coutts & Company ”.
(12)Clause 35 (power of Bank to charge for its services as trustee) shall be omitted.
(13)In clause 36 (trustee charging provision) for the words “Any Trustee for the time being hereunder being” there shall be substituted the words “ Any member of the Board for the time being who is ”.
(14)In the testimonium, for the words “the Bank has caused its Common Seal” there shall be substituted the words “ Coutts & Company have caused their Common Seal ”.
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