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Property held upon special trusts to be retained or transferred to new trustees, as the case may require.
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16. If the president and governors or any such board of trustees as aforesaid of the fund have in their possession or power as trustees of the fund any monies or other property, either real or personal, held upon trusts for special or local purposes, distinct from the general purposes of the fund at the port, they shall, so long as they continue to act as administrators of the fund, apply such monies and property upon the trusts and for the purposes, upon and for which the same ought according to law to be applied, and, if they cease to act as administrators of the funds, shall, upon being required so to do by the Board of Trade, pay and transfer such last-mentioned monies and property to such new trustees as the Board of Trade appoints for the purpose; and whenever any subsequent appointment of new trustees of such monies and property is rendered necessary by death, resignation, or otherwise, the Board of Trade shall make the same; and such monies and property shall be paid over and transferred to the new trustees so appointed from time to time as occasion requires; and all such new trustees as aforesaid shall hold and administer all monies and property so paid and transferred upon the trusts and for the purposes last aforesaid.
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