Where property is transferred to a company pursuant to an agreement that contemplates the company pursuing similar objects to a pre-existing charitable trust, the agreement's framing as a transfer for consideration with the company's constitution to contain similar objects (rather than as a simple change of trustees) supports a construction that the company takes beneficially rather than as trustee. Prior negotiations between trustees and residents are superseded by the written agreement and cannot be used to establish notice of a charitable trust. A party's concession made without legal advice, subsequently withdrawn, is of limited evidentiary significance.
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