Paragraph 23

Subsection (1) of section seventy–three of that Act shall apply as if the following paragraph were substituted for paragraph (i) of that subsection and so that in the following paragraph the expression “the F2Board” shall have the same meaning as elsewhere in these presents:—

“(i)

In the purchase of or at interest upon such stocks funds shares securities or other investments of whatsoever nature and wheresoever situate and whether involving liability or not as the Boardshall in F3itsabsolute discretion think fit and so that the Boardshall have the same full and unrestricted powers of investing and transposing investments of trust monies in all respects as if the Boardwere absolutely entitled to the Fund beneficially”.

Any such money or property may (in addition to any other authorised mode of investment or application) be applied (i) in or towards the payment of the costs of any improvements or works to any part of the Chevening Estate which in the opinion of the Boardare for the benefit of the Chevening Estate or (ii) in or towards the payment of any compensation from time to time payable in respect of any part of the Chevening Estate under the F4Agricultural Holdings Act 1986, except section 60(2)(b) or 62 of that Act,

Any power to apply any such money or property in payment for improvements authorised by the M2Settled Land Act 1925 or in the making of any payment as for an improvement so authorised shall be exercisable as the Boardthinks fit and section eighty–four of the M3Settled Land Act 1925 shall not apply for the purposes hereof.

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