FORM OF BEQUEST
The following form of Bequest may be used by intending benefactors of the University:
7 gice to the University of Melboume the sum of to be paid free of all duty, and I direct that the receipt of the Vice-ChanceUor or the Vice-Principal be accepted as a sufficient discharge for the same.
The University will strictly cany out any expressed intention of a testator as to the object to which he wishes his gift apphed.
It will also in the case of a substantial gift take steps to perpetuate the name of the donor.
It is well, unless previous consultation has taken place with the University, to express in terms as general as possible any special request as to the application of a gift. Otherwise the University may be hampered in carrying out the real intention of a testator by detailed directions which are unsuitable to existing conditions.
In the absence of express provision made to the contrary by a testator, the University will be restricted in its investment of moneys left to it under will, and will be able to invest such moneys only in a relatively limited range of authorised invest- ments which normally return a low rate of income. In cases where express approval has been given to invest in securities outside this particular range a markedly higher return, and greater long term capital gains, can safely be achieved. This, of course, advances the purpose for which the testator intends his gift to be used.
If the testator wishes the Umversity not to be restricted when investing the money he proposes to leave, it is suggested that a clause somewhat in the following terms may be included in the will:
"And I direct that the Council of the University shall not be restricted to investments from time to time sanctioned by law for the investment of trust funds but shall be free to invest the said sum or any part thereof in any way in which the Council in its absolute dis- cretion may think fit, in all respects as if it were sole beneficial owner of such sum and may from time to timo vary or transpose such investments."
The University will be prudent in the exercise of its dis- cretion, and will not invest in securities which it considers unsafe.
