Baxi Partnership Limited Trusts Act 2000

4 Trusts of income

4.1 The Trustees shall hold the income of the Trust Fund upon trust to pay or apply it to or for the benefit of all or any one or more exclusively of the others or other of the Beneficiaries for the time being living in such shares if more than one and in such manner generally as the Trustees shall in their absolute discretion think fit.

4.2 Provided that the Trustees may if they shall in their absolute discretion from time to time think fit instead of paying or applying any income of the Trust Fund in accordance with sub-clause 4.1 above accumulate such income by investing it in shares in or other securities of a company within Baxi Group or in any manner authorised by this Deed as an addition to the capital of the Trust Fund but so that the Trustees may apply the proceeds of the realisation of any investments representing such accumulated income as if they were income of the then current year.