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said real •sb?te, seouritiee and properties, shall be held ~ the herein de•
aignated trustee or his suooesaor in llts aar as trustee, for Qsarles B•
0wtss, Jr. ~ -
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(2) to oolleot, reoov~r and receive, all the inooms and dividends epos
the said revel estate, securities and propertisa•
~ (S) to pay all reasonable, legal and valid taxes, charges, ooamia-
siona and other e~enaea o! the treat.
~ (4) !b distribute and pay out ninety (90~) per osntum oP-the annual
net income received by the trust in the following.manner:
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(a) lb pay to ay grandchild, Charles B. Gaga, Jr., at such ties or
ti~gsa as the trustee deems proper but at least semi-annually, a sea or sums
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1~ sufficient to provide for his education, welfare and me?inteaanoe, the deter-
minatioa of the amount of suoh payaents to bs in the absolute discretion of
C. Bernard Gates, 4'rustes, provided however, that acid sun shall not esceed
t2a amount of tso thousand five hundred (=2,500.00) dollars annually to swirl
Charles B. Gates, Jr.
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(b) To accumulate the balance of said ninety (90~) per oast of the net
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income until December 31, 1944. Provided however, thst this provision shall
bs directory only and said lyruatee shall have the power in his uncontrolled
~ j: discretion to accumulate the whsle of said balance of income or distribute
apart or the wbol• of suoh balance of income. If said lYuctee shall deter-
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sine to accumulate acid balance of income as here referred to, suoh income
shall toquire the status of principal under this trust and bs distributed
under paragraph numbered five (5) hereinwfter more specifically set forth.
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If the said trustee shall determiae to distribute, rather than accumulate
suoh balance of income, said balance of income shall be distributed as pro-
f:
vided in tYr immediately succeeding paragraph denominated (c).
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(o) /liter payment of or provision for all the foregoing items, to pay
the residue of the annual net income, one half (1~2) to the benefit oP my
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daughter, Mabel Gates C~rickard during her natural life, earl one half (1~2)
~i to the benefit of my son, C. Bernard Gates, during hds natural life, pwyments
to be made at suoh tiros or times as the trustee deems proper but at letat
i; semi-wmnually.
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(d) 1b pay, troaa and after the death of my said daughter, ~(absl Gates
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Crioloard (C. Bernard Gates surviving) one haft (1~2) of the annual net income
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as provided in paragraph denominated (01 immediately ureosd , to -
ing sC? grand