The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915

(1) This Act may be called "The Sir Jamsetjee Jejeebhoy Baronetcy Act, 1915," and (2) Commencement.--It shall come into force at once.

The said Act No. 20 of 1860 is hereby repealed, and the saidPromissory Notes of the Government of India, of the nominal value of rupees twenty-two lakhs, fifty-fourthousand and four hundred, shall henceforth cease to be vested in the Corporation created and constitutedby the said Act No. XX of 1860, and the Mansion House and other hereditaments, called Mazagon Castle,situate in the Island of Bombay, with their rights, members and appurtenances, of which the said FirstBaronet was seized to him and his heirs, shall, by force of this Act, from and immediately after thepassing of this Act, either as to the whole or, as the case may be, as to such parts thereof as shall not havebeen sold, transferred, and conveyed under the powers conferred by section 10, stand limited, until suchtime as the same shall have been sold, transferred, and conveyed under the powers conferred by the saidsection 10, to the uses following (that is to say): to the use of the present, that is to say, the Fifth Baronet,for and during the term of his natural life, and from and immediately after his decease, to the use of theheirs male of the body of Sir Jamsetjee Jejeebhoy, First Baronet, who may succeed to the title of Baronetconferred by the said Letters Patent as aforesaid, but as to each one of the said heirs male to the use ofsuch heir male during the term of his natural life only, and, upon failure and default of heirs male of thebody of the said Sir Jamsetjee Jejeebhoy, First Baronet, to whom the said tile and dignity of Baronet may descend as aforesaid to the use of the heirs, and assigns for ever of the said Sir Jamsetjee Jejeebhoy, theSecond Baronet, which ultimate remainder or reversion it shall be lawful for the heirs and assigns of thesaid Second Baronet, at any time or times during the continuance of the said title and dignity of Baronetand until there shall be such a failure of heirs male of the body of the said First Baronet as aforesaid, togrant, convey, devise, and dispose of by Deed or Will, or by any other assurance or assurances by whichsuch an estate in remainder or reversion is capable by law of being conveyed or disposed of.

The Commissioner for the timebeing for the Northern Division of the Presidency of Bombay, the Accountant-General for the time beingof Bombay, and the Collector for the time being of Bombay, and the holders for the time being of thoseoffices respectively, and likewise the holder or holders for the time being of any one or more office oroffices which may hereafter be substituted by the Governor in Council of Bombay for any one or more ofthe first mentioned offices, shall be, and they are hereby, created a Corporation with perpetual successionand a common Seal under the style and title of "Sir Jamsetjee Jejeebhoy Baronet's Trustees," and the saidCorporation so hereby created (hereinafter styled "the Corporation") are hereby constituted, as suchCorporation, the Trustees for executing the powers and purposes of this Act.

The present Sir Jamsetjee Jejeebhoy, Fifth Baronet, shall continue to be called by the name of"Jamsetjee Jejeebhoy," and all other the heirs male of the body of Sir Jamsetjee Jejeebhoy, First Baronet,to whom the said title and dignity shall descend, pursuant to the limitation of the Letters Patent wherebythe said dignity was granted, shall take upon themselves respectively the name of "Jamsetjee Jejeebhoy,"in lieu and in the place of any other name or names whatsoever ; and the present Baronet, and all suchother heirs male of the said Sir Jamsetjee Jejeebhoy, First Baronet, severally and successively shall becalled by the name of "Jamsetjee Jejeebhoy," and by that name shall name, style, and write themselves,respectively, upon all occasions whatsoever.

Immediatelyfrom and after the passing of this Act, the said Promissory Notes of the Government of India, of thenominal value of rupees twenty-two lakhs, fifty-four thousand and four hundred, shall vest in theCorporation who shall hold the same upon the trusts, and for the purposes, and with the powers,hereinafter expressed of and concerning the same, that is to say: (a) On trust to re-invest if paid off.Upon trust, if the same or any part thereof should bedischarged by the Government of India, to invest the sum or sums paid by the Government of India,in discharge of the same or any part thereof, in or upon any stocks, funds, or securities in which theyare by the provisions of this Act hereinafter authorised to invest the same, and in like manner, as oftenas the same shall become necessary, to alter, vary and change such stocks, funds, and securities forothers of the same or a like nature; (b) and to pay income to present Baronet for his life. and upon further trust, from time totime, to pay and apply the dividends, interest, and annual income of the said stocks, funds, andsecurities unto and for the benefit of the present Baronet, that is to say, Sir Jamsetjee Jejeebhoy, FifthBaronet, during his natural life ; (c) and after death of present Baronet to pay income to Baronet for time being.and uponfurther trust, from and immediately after the decease of the said Sir Jamsetjee Jajeebhoy FifthBaronet, to pay and apply the said dividends, interest, and annual income unto and for the benefit ofthe person who, as heir male of the body of the said Sir Jamsetjee Jejeebhoy, First Baronet, shall, forthe time being, have succeeded to, and be in the enjoyment of, the title of Baronet conferred by thesaid Letters Patent as aforesaid, notwithstanding any rule of Law or Equity to the contrary ; (d) with ultimate trust for Second Baronet his executors, administrators and assigute.andupon further trust, upon failure and in default of heirs male of the body of the said Sir JamsetjeeJejeebhoy, First Baronet, to whom the said title and dignity of Baronet may descend, to hold thecorpus and also the income of the said Government Promissory Notes, stocks, funds, and securitiesfor the heirs and assigns forever of Sir Jamsetjee Jejeebhoy, the Second Baronet, which ultimate remainder or reversion it shall be lawful for the heirs and assigns of Sir Jamsetjee Jejeebhoy, theSecond Baronet, at any time or times during the continuance of the said title and dignity of Baronet,and until there shall be a failure of heirs male of the body of the said First Baronet as aforesaid, toassign, transfer, bequeath and dispose of by Deed or Will or other assurance or assurances.