THE VALERIE BAUM CHARITABLE TRUST

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FOR A PERIOD OF 50 YEARS FROM 8TH OCTOBER 1971 BOTH CAPITAL AND INCOME MAY BE PAID OR APPLIED AT THE TRUSTEES' DISCRETION TO OR FOR CHARITABLE PURPOSES GENERALLY. AT THE END OF SUCH PERIOD THE TRUSTEES ARE TO PAY OR DISTRIBUTE THE RESIDUE OF THE TRUST FUND TO OR AMONG SUCH INSTITUTIONS OR BADIES ESTABLISHED FOR CHARITABLE PURPOSES AS IN THEIR DISCRETION THEY MAY DETERMINE.

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