The Public Trustee shall pay the income of the Chequers Trust Fund to the settlor during his life so long as he does not surrender his life interest in the Chequers estate for his own absolute use and benefit and after the death of the settlor such income shall be paid to Lady Lee if she shall survive him during her life or so long as she does not surrender her life interest in the Chequers Estate for her absolute use and benefit and after the death of the survivor of the settlor and Lady Lee or such earlier date as they he or she may appoint the said income shall be paid to the account of the Administrative Trustees at such bank as they shall from time to time direct and the receipt of any cashier of such bank shall be a sufficient discharge to the Public Trustee therefor.