conditions last aforesaid then remaining to be performed and observed, and as to which no right of action shall then already have accrued, if he or they shall procure from the transferee or assignee a substituted covenant by him with the licensor or his assigns to the like purport and effect as the foregoing covenant so far as the same shall then be applicable.

8. Provided always and it is hereby agreed that until the statutory power of sale hereunder becomes exercisable the borrower his personal representatives or assigns shall alone exercise the rights and privileges conferred by the said license but he or they shall not sell or dispose of his or their interest thereunder or grant any sub-license thereof without the consent in writing of the lender.

9. Provided also that nothing herein contained shall be construed or operate so as to release the borrower from any of his obligations under the said license.

10. It is hereby declared that except where the context requires a different interpretation each of the expressions "the borrower and the lender" shall wherever used herein be also applicable as far as possible to the personal representatives and assigns of the person designated thereby. IN WITNESS, &c.

Form 27.

Will of Proprietor of "One-Man " Limited Company.

I [testator], of &c. hereby revoke all wills, codicils, and testamentary dispositions heretofore made by me and declare this to be my last will. of &c. to be the executors and trustees

1. I appoint of &c. and

hereof AND I DECLARE that the expression "my trustees" shall include the said and the survivor of them or other the trustees or trustee

and

for the time being of my will.

Company

2. I bequeath unto my trustees all my shares in the Limited to be held by them Upon trust to continue and carry on or cause to be carried on the business of the said company for so long as they shall think fit and in the meantime to manage the same and to take all such steps as may be necessary to effect such purpose with power for my trustees or either of them to act as directors, manager or secretary or to hold any other office in relation to the company and to appoint any other suitable person or persons to hold any of such offices and generally to act (subject as hereinafter

mentioned) in all respects as if they were the absolute owners of the said shares without being responsible for any loss occasioned thereby. Provided nevertheless that if any one or more of my sons shall on or at any time after their respectively attaining the age of [twenty-five] years give notice to my trustees of their desire to become directors of the company then my trustees shall as soon as practicable after the receipt of any such notice appoint or cause to be appointed such son or sons a director or directors of the company and permit him or them to continue as a director or directors so long as he or they shall so desire but subject to the powers of sale and winding up hereinafter contained, and, if necessary, in order to confine the number of directors within the number authorised by the Articles of Association of the company, one or more of the then present directors (as the circumstances may require) shall retire or be removed according to selection to be made by my trustees in their absolute discretion.

3. Any of my trustees or sons who shall become directors or hold any other office in or under the company shall be entitled to receive reasonable and proper remuneration for their services without (in the case of my sons) being called upon to account for such remuneration on any division of income as hereinafter mentioned.

4. My trustees may in their uncontrolled discretion employ such part of my residuary estate as they may deem proper and expedient in the purchase or acquisition of additional shares in the said company, whether such shares shall have been issued at the time of my death or shall form part of a further issue of capital, or in making an advance or advances to the company on the security of debentures or debenture stock, but so that the amount so employed (including costs and expenses in connexion therewith) shall not at any one time exceed the sum of £ in the whole.

5. Notwithstanding any of the trusts and provisions herein before contained my trustees may if they in their absolute discretion shall think fit and expedient sell and transfer all or any of the said shares to any son or sons of mine or to any other person or persons for such price or sum to be ascertained by valuation or otherwise and upon such terms as they may think fit AND my trustees may in the like discretion wind up or concur in the winding up of the said company and execute and do all such documents and things as may be necessary and expedient for such purpose.

6. The income accruing to my estate from the said shares or from the employment of any part of my residuary estate in manner aforesaid shall be treated and applied by my trustees as income of my residuary estate.

7. All or any of the powers hereby given to my trustees in relation to the said company and the business thereof may be exercised notwithstanding that any of my trustees may be interested as a director or directors, shareholder or shareholders, in the said company, or may be beneficially interested under this my will.

8. I give and devise all my real and personal property not otherwise disposed of by this my will or any codicil hereto to my trustees Upon trust to sell call in and convert into money the said real and personal estate and premises at such time or times and in such manner as they shall think fit but so that reversionary property shall not be sold until it falls into possession unless my trustees shall think a prior sale expedient. [Provisions as to postponement of conversion, investment, application of capital and income &c. as required.]

IN WITNESS, &c.

Form 28.

Bond to Surrender Copyhold Hereditaments, given to Purchaser from Tenants in Common, one of Tenants being an Infant (t).

KNOW ALL MEN BY THESE PRESENTS that I [obligor], of &c. am bound to [purchaser], of &c. in the sum of £

to be paid to the said [purchaser] or to his executors, administrators or assigns or his or their attorney or attorneys; for which payment I bind myself firmly by these presents. Sealed with my seal. Dated this

day of

WHEREAS A. B., of &c. and C. D., of &c. are each entitled in fee simple according to the custom of the Manor of in the county of

to one undivided third part or share of and in All [parcels as described on the roll of the manor] AND WHEREAS [infant], of &c. an infant under the age of twenty-one years is entitled in fee simple according to the custom of the said manor to one other undivided third part or share of and in the said premises AND WHEREAS the said A. B. and C. D. and the said [obligor] on behalf of the said [infant] have contracted with the said [purchaser] for the sale to

(t) Stamp: Where the amount recoverable does not exceed £300, ad valorem as a bond for the amount limited; in any other case, 10s. The infant's share may be surrendered by the "trustees of the settlement," if any, or by a person appointed by the Court under the Settled Land Acts. See sections 59 and 60 of the S. L. Act, 1882. But an alternative course, which sometimes is preferable, is for the infant to surrender on his attaining his majority, the purchaser being secured in the meantime by a bond.