Scottish Stockbrokers Benevolent Fund

Constitutional objectives

The Trustees shall hold the Trust Fund and the income of it to pay and apply the same to or for the benefit of or in furtherance of the relief of those in need by reason of financial hardship or other disadvantage as follows: (1) To pay the whole expenses and charges of or in connection with the administration of the Trust Fund insofar as these may not be otherwise defrayed and that at the sole discretion of the Trustees either out of capital or income of the Trust Fund. (2) To expend the free income (including any accumulated income) or even the capital of the Trust Fund by way of payments to or for the benefit of the Contributors defined in the Trust Deed and persons who carried on or were employed in a business which is or was a member of The London Stock Exchange and conducted wholly or mainly in Scotland (the said Contributors and persons being hereinafter referred to as 'the beneficiaries') and the spouses, relicts and issue of the beneficiaries and any person who in the opinion of the Trustees was wholly or partially dependent on any of the beneficiaries, declaring always that (a) payments shall be made only for the relief of poverty or need, (b) the beneficiaries may include a person who has been a Trustee. and (3) For the avoidance of doubt, the primary purposes of the Trust Fund shall include those set forth in the Deed of Trust constituting The Scottish Stockbrokers' Clerks' Benevolent Fund established by Deed of Trust granted by George Mackay Miller Drummond and Andrew Forrest on 15 March and registered in the Books of Council and Session on 11 April both 1973 and all the persons eligible to benefit thereunder are also eligible to benefit hereunder (that is to say, those who are or have been Clerks of The Glasgow Stock Exchange Association or The Edinburgh Stock Exchange Association or the Scottish Unit or of any Member or former Member of said Associations or of the Scottish Unit and to the widows and widowers and lawful or adopted children and to such other relatives of any such Clerk who in the sole opinion of the Trustees have been materially dependent upon such Clerk).