Upon a corporatisation of the Sweeps business under clause NN of the Adams will, the consideration received must be held on the trusts as to net profits in clauses Y and T, not distributed as capital under clause DD. Clause NN authorises a restructure that results in the trustees losing control of the business, notwithstanding the 'solemn trust' in clause EE. The rule in Congregational Union v Thistlethwayte does not apply where there are sufficiently definite indications of contrary intention, including that the testator contemplated corporatisation with continuing trustee control.
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