Chequers Estate Act 1917

5 The settlor hereby covenants with the Public Trustee as follows :—

(a) That he or his legal personal representatives will as soon as possible but not later than three calendar months after His Majesty's assent shall have been given to the Act create the Chequers Trust Fund by paying to the Public Trustee or transferring to him fifty five thousand pounds five per cent. War Loan Stock of or guaranteed by the United Kingdom with liberty to the Public Trustee (by the direction of the settlor or the administrative trustees) to vary and transpose the same from time to time for other investments of a kind authorised by law for the investment of trust funds Provided that during the continuance of the present war no reinvestment shall be made except in war loans of or guaranteed by the United Kingdom :

(b) That on the death of the settlor or at such earlier date as he may appoint the whole of the live and dead farming stock on the Chequers farms belonging to him shall be handed over to the custodian trustee in order that the said farms may be carried on as fully stocked under the trusts hereinafter declared.