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dbbt trust deed

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27 Jan 2011 18:12:14

dbbt trust deed

part 2 of document To assist in procuring that the Club enters into a voluntary company arrangement in accordance with Schedule A1 to the Insolvency Act 1986 (as amended) which is binding upon its creditors.In the event that purpose (a) cannot be achieved, to assist in procuring that the assets of the Club are acquired by a corporate entity which (i) has been incorporated with the intention of carrying on business of the Club in succession thereto and (ii) which has been accepted to full membership of the League.In the event that either (i) the Club has entered into a voluntary company arrangement as referred to in purpose (a) above, or (ii) a  body formed in succession to the Club is admitted to full membership of the League as referred to in purpose (b) above, to assist such entity in any way as the Trustees in their absolute discretion may decide including (without prejudice to the generality of the foregoing) by donating any sum to the entity to assist it in carrying out its activities. In the event that neither purpose (a) nor purpose (b) can be achieved, to procure or assist in procuring such other outcome as in the unfettered discretion of the Trustees is likely to secure the survival or continuity of the Club or a body in succession thereto. In the event that the Trustees are of the view that the Trust no longer has a function to fulfil, either because none of purposes (a), (b),  (c) or (d) have been achieved or in the opinion of the Trustees that there is no realistic prospect of any of them being fully achieved within a feasible time span, to procure that the remaining funds of the Trust (after deductions of all liabilities including the costs of winding up the Trust) are distributed among those who have donated to the Trust in proportion to the size of their donations, so as to achieve, in the unfettered opinion of the Trustees, as fair a distribution as is reasonably practicable.  Notwithstanding the foregoing, none of those contributing to the Trust shall be entitled to receive a distribution in excess of that which they contributed, and in the event that after returning to each of the contributors the amount which they contributed there remains a balance within the Trust Fund (including any sums representing interest earned on sums contributed to the Trust), such balance shall be donated to any charity as the Trustees in their absolute discretion may select. Powers7.        In addition to the powers and discretions hereinbefore contained and in addition to the powers, privileges and immunities conferred upon gratuitous Trustees in Scotland by Statute or at Common Law, the Trustees shall have the fullest powers of and in regard to investment, realisation, administration and management of the Trust Fund or any part thereof, provided always that such investment, realisation, administration and management are reasonably prudent having regard to the trusts on which the Trust Fund is held, and in particular, but without prejudice to the foregoing generality, and without in any way limiting or qualifying the foregoing proviso, the Trustees shall have power from time to time:    (i)    to accumulate the whole or any part of the income of the Trust Fund with the capital thereof;     (ii)    to pay the expenses of establishing, managing and administering the Trust hereby created, either out of capital or out of income;     (iii)    to invest the Trust Fund or any part thereof in the purchase and retention of all or any of the investments authorised for trustees including power to purchase in the United Kingdom or abroad, any real or heritable property, or any corporeal moveable property, or any class of stocks or shares or other securities of any public or private company, and generally any securities, investments and other assets of any kind whatsoever; to retain part or the whole of the Trust Fund in cash or in Bank on Current or Deposit Account; and to apply capital or income in developing, equipping, improving, managing, adding to, replacing or reconstructing any asset forming part of the Trust Fund including power to appoint an investment adviser to advise the Trustees in respect of the investment of the Trust Fund with power for the Trustees to delegate to such investment adviser discretion to manage the investment of any part or the whole of the Trust Fund, and to allow any part of the Trust Fund or documents of title thereto to be registered in the name of and held by any person, firm, corporation or the like as nominee of and for the Trustees; and notwithstanding any rule of law to the contrary, it is hereby expressly provided and declared that the Trustees shall be entitled to retain, for so long as they think appropriate, any asset acquired by them from the Settlors, including the shares of any private company and any heritable property, provided always that such investments are reasonably prudent having regard to the trusts on which the Trust Fund is held;


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