Form of Bequest
T h e following simple form of bequest may be adapted for use by persons intending to benefit the University by their wills:
"I G I V E to the University of Melbourne the sum of
to be paid free of all duty and I D I R E C T that the receipt of the Vice-Chancellor or the Vice-Principal be accepted as a sufficient discharge for the same."
T h e expressed intention of a benefactor as to the object to which a gift is to be applied will be strictly observed by the University. T h e name of the benefactor or that of a person nominated by the benefactor may be perpetuated in the case of a substantial gift.
Specific directions, the details of which prove to be unsuitable to the conditions existing at the time of its application, may hamper the University in applying a gift for the purpose intended by the benefactor. A purpose should therefore be expressed in terms as general as possible unless there has been previous consultation with the University.
In the absence of express provision to the contrary by a benefactor the University, in the case of funds provided for an endowment to be held in accordance with specific trusts, may be restricted to investment in a relatively limited range of authorised investments returning in the normal course a low rate of income. Where express approval has been given in the will or document evidencing the gift to extend the range of investments in which the funds may be held, greater long term capital gains and a markedly higher return of income may be safely achieved. T h e purpose for which the gift is intended to be used will be thus advanced and the value of the gift maintained.
T h e following clause, or a clause in a similar vein, may be included in the will of a testator or testatrix who does not wish the University to be restricted as to investment in the establishment of an endowment fund pursuant to a bequest:
"And I D I R E C T 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 accept and retain the investments in which the said sum is invested or to invest the said sum or any part thereof in any way in which the Council in its absolute discretion may think fit in all respects as if it were the sole beneficial owner of such sum and may from time to time vary or transpose such investments."
T h e University is prudent in the exercise of its discretions and it invests its funds in ways which it considers will provide that they are properly and adequately secured.
