1.—(1) The provisions of the above-mentioned 1853 Act shall cease to have effect and the above-mentioned Charity and the property thereof shall be administered and managed in accordance with the provisions of this Scheme by the Trustee hereinafter appointed.
(2) The name of the Charity shall be The Proby Trust Fund or such other name as the Trustee shall from time to time, with the consent of the Charity Commissioners, decide.
2. The Investments specified in the Schedule to this Scheme shall vest in the Trustee for all the estate or interest belonging to or held in trust for the Charity.
3. All sums of cash now or at any time belonging to the Charity other than sums needed for immediate working purposes shall be invested in trust for the Charity.
4. The Master or Keeper, Fellows and Scholars and their successors of the College of the Blessed Virgin Mary, St John the Evangelist, and the Glorious Virgin Saint Rhadegund (a corporate body commonly called Jesus College and hereafter referred to as “the College”) in the University of Cambridge acting in accordance with their usual procedures under their statutes bylaws and other governing documents shall be the Trustee of the Charity.
5. The clear income of the Charity after deduction of all reasonable expenses relating to the management of the Charity shall be applied as follows:
(1) in the building purchase or repair of any parsonage house provided that such house shall be situated within a benefice of which the College is Patron; and subject thereto,
(2) to advance the education of those clergy who are incumbents of benefices of which the College is Patron and without prejudice to the generality of the foregoing to make payments for the provision of books and equipment for the said incumbents so as to facilitate their parochial work, and subject thereto,
(3) to make payments towards the repair and maintenance of those churches which are situate in benefices of which the College is the Patron.
6. The Trustee shall not apply the property of the Charity directly in relief of rates, taxes or other public funds but may apply it in supplementing relief or assistance provided out of public funds.
7. Any question as to the construction of this Scheme or as to the regularity or validity of any acts done or about to be done under this Scheme shall be determined by the Commissioners by way of written advice under section 29 of the Charities Act 1993 upon written application made by the Trustee to them for that purpose.