The Charities (Iveagh Bequest, Kenwood) Order 1997

Powers of the Administrative Trustees

4.—(a) The Administrative Trustees shall have power to appoint a Custodian Trustee to hold the Charity’s investments and may defray out of the Charity’s assets the reasonable costs of such a Custodian Trustee.

(b) As from the date of this Scheme the Administrative Trustees shall have power to delegate the management of the Charity’s investments to an investment manager and to appoint a nominee or nominees to hold the Charity’s investments but such powers shall be exercised strictly in accordance with the provisions of the Schedule to this Scheme.

(c) The Administrative Trustees shall have power to acquire by way of purchase, gift, loan or in any other manner whatsoever (and whether subject to any conditions or not) any pictures, furniture, ornaments or items of decoration or utility (“after acquired property”) which are in the opinion of the Administrative Trustees suitable for display at Kenwood House and may expend the funds of the Charity on the acquisition, maintenance, preservation, insurance and display of such items. These powers shall be in addition to and not in derogation from the powers contained in clause 3 of the Scheduled Deed but in the event of any conflict the provisions of this Scheme shall prevail.

(d) Notwithstanding paragraph (c) above and subject to the conditions (if any) imposed at the time of the acquisition, the Administrative Trustees may permit the temporary display of after acquired property at locations other than Kenwood House for such reasonable periods and on such terms as the Administrative Trustees shall approve and they shall not be liable for any loss, damage, injury or depreciation in respect thereof.

(e) Subject to the conditions (if any) imposed at the time of the acquisition the Administrative Trustees shall have power to dispose of any item of after acquired property by way of sale or exchange provided that the said Trustees shall take appropriate professional advice prior to such disposal. Any proceeds of sale shall be used for the purchase of other after acquired property or if not so used shall be added to the Endowment Fund.

(f) For the avoidance of doubt it is hereby declared that the power of disposal under paragraph (e) above relates only to after acquired property and has no application whatsoever to the property comprised in the Iveagh Bequest.