The Sir Dinshaw Manockjee Petit Act, 1893

That Arthur Frederick Cox, Esquire, the Accountant-General ofBombay, James MacNabb Campbell, Esquire, the Collector of Bombay, and Charles Philip Cooper,Esquire, the Chief Presidency Magistrate of Bombay, and their successors, the Accountant-General ofBombay, the Collector of Bombay, and the Chief Presidency Magistrate of Bombay, all for the time being,shall be and they are hereby created a Corporation with perpetual succession and a common seal under thestyle and title of The Trustees of the Dinshaw Manockjee Petit Baronetcy, and that the said ArthurFrederick Cox, James NacNabb Campbell, and Charles Philip Cooper, and their said successors (hereinafterstyled The Corporation”), shall be and they are hereby constituted, as such Corporation, the Trustee forexecuting the powers and purposes of this Act.

The said Framjee Dinshaw Petit and theheirs male of his body and all other the heirs male of the body of the said Sir Dinshaw Manockjee Petit towhom the said title and dignity shall descend, pursuant to the limitations of the Patent whereby the saiddignity was granted, shall take upon themselves respectively the names of Dinshaw Manockjee Petit inlieu and in the place of any other name or names whatever; and the said Framjee Dinshaw Petit, and alsosuch heirs male of his body and all such other the heirs male of the said Sir Dinshaw Manockjee Petitseverally and successively, shall be called by the names of Dinshaw Manockjee Petit, and by those namesshall name, style and write themselves respectively, upon all occasions whatever.

Immediately from and after the passingof this Act, bonds of the Municipal Corporation of the City of Bombay, producing an annual income of notless of settled than one lakh and twenty-five thousand rupees shall property be transferred into the name ofthe Corporation, who shall hold the same upon the trusts and for the purposes hereinafter expressedconcerning the same, (that is to say,) upon trust to continue to hold the said bonds until the same shall bedischarged by the Municipal Corporation of the City of Bombay, or shall be sold by the said Trustees attheir discretion, and on such discharge or sale to invest the sum to be received on such occasion in or onany stocks, funds or securities of or the principal or interest of which is guaranteed by the Government ofthe United Kingdom of Great Britain and Ireland or the Government of India; and in like manner, as oftenas the same shall been necessary, to alter, vary and, change such stocks, funds and securities for others ofthe same or like nature; and upon further trust from time to time to pay and apply the dividends, interestand annual income of the said bonds, stocks, funds and securities unto and for the benefit of the said SirDinshaw Manockjee Petit during his natural life; and from and immediately after his decease for the benefitof the said Framjee Dinshaw Petit if he shall survive the said Dinshaw Manockjee Petit during his naturallife; and from and immediately after the death of the survivor of them the said Sir Dinshaw Manockjee Petitand Framjee Dinshaw Petit for the benefit of the person who, as heir male of the body of the said FramjeeDinshaw Petit, or of the said Sir Dinshaw Manockjee Petit, as the case may be, shall for the time being havesucceeded to and be in the enjoyment of the title of Baronet conferred by the said Letters Patent as aforesaid,notwithstanding any rule of law or equity to the contrary, and upon failure and in default of heirs male ofthe body of the said Framjee Dinshaw Petit and Sir Dinshaw Manockjee Petit, to whom the same title anddignity of Baronet may; descend, upon trust for the said Sir Dinshaw Manockjee Petit, his executors,administrators and assigns, which ultimate remainder or reversion it shall be lawful for the said Sir DinshawManockjee Petit, his executors, administrators and assigns, at any time or times, during the continuance ofthe said title and dignity of Baronet, and until there shall be a failure of heirs male of the body of the saidSir Dinshaw Manockjee Petit as aforesaid, to assign, transfer, bequeath and dispose of by deed or will orother assurance or assurances

The Corporation during the minority of any person forthe time being entitled to and in enjoyment of the said dignity of Baronet under the limitations of the saidLetters Patent shall pay and apply for and towards the maintenance, education and benefit of such Baronet,in each and every year during such his minority as aforesaid, so much only of the annual interest, dividendsand income of the said Trust Funds and premises as tile Corporation shall in their discretion think proper,and shall from time to time invest the residue of the said annual dividends, interest and income of the saidTrust Funds and premises in and upon stocks, funds and securities of or the principal or interest of whichis guaranteed by the Government of the United Kingdom of Great Britain and Ireland or the Governmentof India; and shall upon such Baronet attaining bis majority pay over, transfer and assign to him or as heshall direct and for his absolute benefit the said investments and all accumulations thereof.

The Mansion-house andother hereditaments called “Petit Hall” situate in the Island of Bombay with their rights, members andappurtenances, of which the said Sir Dinshaw Manockjee Petit is seised to him and his heirs, shall, by forceof this Act, from and immediately after the passing thereof, stand limited unto and to the use of theCorporation upon the trusts hereinafter declared, (that is to say,) upon trust for the said Sir DinshawManockjee Petit for and during the term of his natural life and from and immediately after his decease upontrust for the said Framjee Dinshaw Petit for and during the term of his natural life, provided he shall survivethe said Sir Dinshaw Manockjee Petit, and from and immediately after the decease of the survivor of themthe said Sir Dinshaw Manockjee Petit and Framjee Dinshaw Petit upon trust for the heirs male of the bodyof the said Framjee Dinshaw Petit who may succeed to the title of Baronet conferred by the said LettersPatent as aforesaid, and, upon failure and default of heirs male of the body of the said Framjee DinshawPetit to whom the same title and dignity of Baronet may descend as aforesaid, upon trust for the heirs maleof the body of the said Sir Dinshaw Manockjee Petit who may succeed to the said title and upon failure anddefault of such last-mentioned heirs male upon trust for the said Sir Dinshaw Manockjee Petit, his heirs andassignsforever, which ultimate remainder or reversion it shall be lawful for the said Sir Dinshaw ManockjeePetit and his heirs and assigns at any time or times during the continuance of the said title and dignity ofBaronet, and until there shall be a failure of heirs male of the body of the said Sir Dinshaw Manockjee Petit,as aforesaid, to grant, convey, devise and dispose of by deed or will or by any other assurance or assurancesby which such an estate in remainder or eversion is capable by law of being convoyed or disposed of byParsee inhabitants of British India.