How Planet Hunters Search for New Planets

How Planet Hunters Search for New Planets The modern age of astronomy has brought a new set of scientists to our attention: the planet hunters. These people, often working in teams using ground-based and space-based telescopes are turning up planets by the dozens out there in the galaxy. In return, those newly found worlds are expanding our understanding of how worlds form around other stars and how many extrasolar planets, often referred to as exoplanets, exist in the Milky Way galaxy. The Hunt for Other Worlds around the Sun Searching for planets began in our own solar system, with the discovery of worlds beyond the familiar naked-eye planets of Mercury, Venus, Mars, Jupiter, and Saturn. Uranus and Neptune were found in the 1800s, and Pluto wasnt discovered until the early years of the 20th century. These days, the hunt is on for other dwarf planets out in the far reaches of the solar system. One team, led by astronomer Mike Brown of CalTech continually looks for worlds in the Kuiper Belt (a distant realm of the solar system), and have notched their belts with a number of claims. So far, they have found the world Eris (which is larger than Pluto), Haumea, Sedna, and dozens of other trans-Neptunian objects (TNOs). Their hunt for a Planet X sparked worldwide attention, but as of mid-2017, nothing has been seen.   Looking for Exoplanets The search for worlds around other stars began in 1988 when astronomers found hints of planets around two stars and a pulsar. The first confirmed exoplanet around a main-sequence star occurred in 1995 when astronomers Michel Mayor and Didier Queloz of the University of Geneva announced the discovery of a planet around the star 51 Pegasi. Their find was proof that planets orbited sun-like stars in the galaxy. After that, the hunt was on, and astronomers began finding more planets. They used several methods, including the radial velocity technique. It looks for the wobble in a stars spectrum, induced by the slight gravitational tug of a planet as it orbits the star. They also used the dimming of starlight produced when a planet eclipses its star.   A number of groups have been involved in surveying stars to find their planets. At last count, 45 ground-based planet-hunting projects have found more than 450 worlds. One of them, the Probing Lensing Anomalies Network, which has merged with another network called MicroFUN Collaboration, looks for gravitational lensing anomalies. These happen when stars are lensed by massive bodies (such as other stars)   or planets. Another group of astronomers formed a group called the Optical Gravitational Lensing Experiment (OGLE), which used ground based instruments to look for stars, as well. Planet Hunting Enters the Space Age Hunting for planets around other stars is a painstaking process. It doesnt help that Earths atmosphere makes the view of such tiny objects very difficult to obtain. Stars are large and bright; planets are small and dim. They can get lost in the glow of starlight, so direct images are incredibly tough to obtain, especially from the ground. So, space-based observations provide a better view and allow instruments and cameras to make the painstaking measurements involved in modern planet-hunting.   Hubble Space Telescope has made many stellar observations and  has been used to image planets around other stars, as has the Spitzer Space Telescope. By far the most productive planet hunter has been the Kepler Telescope. It was launched in 2009 and spent several years searching out planets in a small area of the sky in the direction of the constellations Cygnus, Lyra, and Draco. It found thousands of planet candidates before it ran into difficulties with its stabilization gyros. It now hunts for planets in other areas of the sky, and the Kepler database of confirmed planets contains more than 4,000 worlds. Based on Kepler discoveries, which were aimed mostly at trying to find Earth-size planets, it has been estimated that nearly every Sun-like star in the galaxy (plus many other types of stars) has at least one planet. Kepler also found many other larger planets, often referred to as super Jupiters and Hot Jupiters and Super Neptunes.   Beyond Kepler While Kepler has been one of the most productive planet-hunting scopes in history, it will eventually stop working. At that point, other missions will take over, including the Transiting Exoplanet Survey Satellite (TESS), which will be launched in 2018, and the James Webb Space Telescope, which will also head to space in 2018. After that, the Planetary Transits and Oscillations of Stars mission (PLATO), being built by the European Space Agency, will begin its hunt sometime in the 2020s, followed by WFIRST (the Wide Field Infrared Survey Telescope), which will hunt for planets and search for dark matter, beginning sometime in the mid 2020s.   Each planet hunting mission, whether from the ground or in space, is crewed by teams of astronomers who are experts at the search for planets. Not only will they look for planets, but eventually, they hope to use their telescopes and spacecraft to get data that will reveal the conditions on those planets. The hope is to look for worlds that, like Earth, could support life.

Herd Behavior Bubbles And Crashes Essay Example

Herd Behavior Bubbles And Crashes Essay Example Herd Behavior Bubbles And Crashes Essay Herd Behavior Bubbles And Crashes Essay Above average returns are reflected in a generally more optimistic attitude that fosters the disposition to overtake others bullish beliefs and viscera. This economic influence makes bubbles transient phenomena and leads to repeated fluctuations around fundamental values. For a long time, the thinking about the functioning of stock markets in the economics profession was dominated by the Efficient Market Hypothesis (MME). Recent empirical investigations as well as factual developments have, however, eroded the trust in a theory which denies the existence of any systemic deviations of stock prices from their fundamental values. From the empirical side, one of the most discussed facts that gives rise to doubts in the verbal efficiency of stock marketers the finding that stock prices exhibit more volatility than fundamentals or expected returns do. The volatility debate has recently been summarized and evaluated by West (iii). He finds evidence in favor of the excess volatility hypothesis to be persuasive and states that it cannot be explained adequately by standard models of expected returns or rational bubbles. Being not compatible with the random walk models suggested by the MME, the finding of excess volatility points to intrinsic dynamic forces of speculative markets not related to fundamental factors. In his conclusion West, therefore,suggests that it might be necessary consider non-standard models focusing on fads and sociological or psychological mechanisms. A related empirical finding is the recent evidence on mean- reversion in asset prices (e. G. Potherb and Summers, 1988, and references therein). Technically, this means that there is positive autocorrelation over short horizons and negative autocorrelation over longer intervals in the data. A possible explanation is speculative overshooting of the price trend which is gradually eliminated beyond some range. Potherb and Summers, too, repose fads models to understand this regularity. The case for behavioral models Of financial markets was already made emphatically by Sheller (iii), where also some hints are given concerning relevant material in other sciences. Another important author to be mentioned here is Kindergarten (1989). Throughout his penetrating book he highlights the importance of psychological factors and * Earlier versions of this paper were presented in seminars at the Universities of Bamberger, Fielded, Cologne and Munich. I would like to thank Carl Carmella, Reins Franken, Max Hobble, Alexander Henderson, Lurch Meyer, Caravans Garnishment, Michael Schmidt, Hans-Werner Sin, Rajah Seth and especially Charles Kindergarten for helpful discussions, comments, and suggestions. The perceptive comments and suggestions of the referees are also gratefully acknowledged. Iii ] 882 THE ECONOMIC JOURNAL irrational factors in explaining historical financial crises. L Following these authors, the aim in this paper is to construct an elementary model of stock market dynamics which explicitly includes contagion of opinion and behavior and to offer a behavioral explanation for the empirical findings discussed above. Of course, the search for a theory which includes some kind Of non-rational behavior has not gone unrecognized by economic and financial theorists and a new paradigm began gradually to arise in the past few years under the heading of noise trader models. This line of research is characterized by the introduction of traders which in some way deviate from a perfectly rational scheme of behavior. These agents appear as naive traders, noise traders or chartists. Some authors (Delano et al. 1990, 1991) assume that noise traders misperceive expected returns, others describe their behavior as following a impel feedback rule and study the resulting dynamics of the market (Day and Hang, 1990; connote and Leland, 1990; Carmella, 1992). The way in which this paper aims at contributing to this body of literature is that the psychological factors which influence the behavior Of unsophisticated traders will be modeled explicitly. This means that a formalism is introduced which describes the formation of expectations by those who are not fully informed about fundamentals. These expectations depend mainly (perhaps among other things) on the behavior and expectations of others. Thus, what will be modeled is the process of mutual mimetic contagion among speculators. The key mechanism is similar to that described in Karmas (1 993) recent formalizations recruitment ant populations, which Karma suggested to be also of relevance for the analysis of social dynamics in speculative markets. The mechanism introduced below seems to be also consistent with Topsoils (I 991) theory of mimetic contagion, where the agents try to trace out information about fundamentals from the bid and ask prices of others (who, however, may be as uninformed as they are themselves). The mechanics Of the contagion process are laid out in Section l. In Section II a more complete description of the market process is developed by adding a fundamentalist group of traders and deriving the dynamics of prices. Conditions are given under which contagion may lead to the existence of (positive or negative) bubbles, I. E. Stationary states where actual prices exceed fundamental values or are below them. Bull and bear markets are, however, not stationary in reality. Bubbles grow up and burst, and periods where assets are undervalued or overvalued do not last forever. So it seems to be more appropriate to model them as transient phenomena. Section Ill, therefore, develops a model where switches been bull and bear markets occur periodically. The reason for this oscillation is that we allow additional econometricians to influence the process of opinion formation. To be precise, a slowly changing optimistic or pessimistic bias is 1 The following quotation from the preface to the second edition seems to be characteristic his position: the dismissal of conventional explanations of historical events with the remark that they violate the assumptions of economic analysis [I. . Full rationality] is infuriating It is time that economics accept reality. Kindergarten, 1989, p. Xiii). K Royal Economic Society 1995 This content downloaded from 122. 170. 126. 130 on Moon, 9 Mar 2015 04:01 :50 1995] BEHAVIOR, BUBBLES AND CRASHES 883 added to the contagion process. This variable for the overall disposition of the market depends on the only hard information available to naive speculators: the development of their actual returns includin g capital gains. Hence, speculators are not simply blind followers of the crowd: they quickly react on others behavior in order not to miss profit opportunities, but they also try to find out whether prevailing optimism or pessimism has a firm grounding in he markets actual development. The consequence is that once the pool of additional buyers in a bull market is exhausted and price increases diminish a gradual erosion of confidence in the validity of bullish beliefs occurs. This ends with a crash, and the game is repeated with reversed signs. Section IV concludes and points to possible extensions of the present approach. AN ELEMENTARY FORMALIZATION OF CONTAGION The present section is mainly concerned with the determination of the behavior of those traders who do not have access to information about fundamental values. In the absence of any piece of such information they serially have to rely on what can be observed on the market as the only base of their actions. Though I do not intend to discuss h ere what kinds of behavior can be designated as rational, should emphasis that following others Opinion is not irrational as long as there is no other source of information (see Orleans (I 989) and Lectures (1 992) for intensive discussion). If we accept this extreme assumption as an accurate description of the information set of a considerable part of traders, then a first conclusion could be that a speculator will be more willing to buy (sell) if he sees most traders eying (selling). The reason is that others behavior may presumably be influenced by better information about future developments of the market and may thus reveal information. As already mentioned such conjectures may be false, but nevertheless may lead to self-reinforcing fluctuations. The underlying process of contagion will be formalized by referring to the concept of synergistic originally developed in elementary particle and laser physics (see e. G. Hake, 983) and applied to various problems from the social sciences by Woodlice and Hag (1983) among others. 3 Synergistic basically insists of a probabilistic, macroscopic approach to the analysis of the dynamics of multi-component systems with interactions among the units constituting the system. Infection of attitudes will now be made explicit: with a high portion of optimistic traders, it would be very probable that the few remaining, pessimistic ones would also change their attitude and buy stocks. The same is to be expected with reversed signs. Hence one may postulate probabilities exist for a pessimistic trader to become optimistic, say p+, and viscera,p,+. With contagion both probabilities should depend on the actual distribution of attitudes captured by the index x or the number n: = p_+(x) = p-+(n/N), p+_ = p+_(x) = p+_(n/N). Note that this formulation implies all other individuals influence one reticular speculator in the same way. This excludes the existence of financial gurus whose statements attract exceptional attention by others. Another simplifying assumption is that every individual may change his opinion only once at any one time. Assuming furthermore that the transition probabilities are the same for all actors and considering a large population of speculators the number of actual transitions from one subgroup to the other (I. E. Teens n+ and n_) can be approximated by the product members of subgroup times probability to change to another subgroup. Thus, the change n the composition of the population of naive speculators can be determined in the following way: those who are pessimistic turn to an optimistic attitude with probability p+,. Consequently, we expect a fraction n_p+- to switch from the n _ to the n+group. Vice versa, with the probability p+ a bullish speculator is infected with a nega tive disposition implying that approximately a fraction n+p+ of this population will change their trading strategy.

Philosophy Essay Example | Topics and Well Written Essays - 2500 words - 3

Philosophy - Essay Example Culture, is a dynamic process subject to change in response to internal contradictions and critical social thought. There exist numerous positions within a culture, as well as distinctive values shared by members of a culture. The price of toleration, George argues, of serious deviance from a society’s constitutive morality is the loss of a distinctive form of interpersonal integration in community understood as something worthwhile for its own sake. (1993: 65). It is perhaps in the nature of humans that they look for someone metaphysical and supernatural for the solution of their problems and difficulties whenever they feel themselves unable to do the same. It is therefore the both philosophy of ethics and institution of religion came into being.  Looking into the history of the world at large, it becomes evident that religion existed in all human societies from the most primitive to the most modern ones. â€Å"Humans have formed their own beliefs (called probability belie f in mathematics and science) about the set of unknowable elements of the universe.   They have branded their beliefs about the unknowable as religion.† (Acharya, 2006) The questions of life after death and reincarnation exist among almost all religions of the world at large the concepts of virtue and vice are also based on the teachings of the religions. The philosophers and spiritualists strongly believe that there is always present the representative of virtue in the form of the moral voice that forbids man from indulging into malpractices and doing harm to others. Moral voice refers to the call of conscience that regulates mans activities of everyday life and controls him from wandering astray on the one hand and involving in any type of deviant behaviour. It is indeed the warning from the powers of virtue based on religious beliefs and practices. The concept of distinct moral voice is the outcome of distinct behaviour of the members

Accounting Essay Example | Topics and Well Written Essays - 500 words - 8

Accounting - Essay Example Secondly, Haas School of business is consistently ranked among the top 20 business schools in the country and they cannot sustain this position if they lose their topnotch business faculty. The feasible and non-feasible options to resolve the situation again depends upon how things develop in the course of time and I will use the option based on priorities. My topmost priority will be to maintain the top 20 ranking of the School. In order to achieve that, I will increase the pay of the concerned faculty by 20% to retain them. The source of funds through which the payments are made is extremely important because certain rules and regulations will be attached to these funds regarding its application and disbursement. Moreover certain funds or grants would have been earmarked for a specific purpose or project and hence they cannot be used for any other purpose. But if the payments are not made from a grant or restricting financial source then such payments for a program can be made provided it is approved in the budget and within the overall budget of the organization. If the supplementary payments for faculty are for compensation for program and curriculum development then different set of rules should apply for processing payments for such kind of program. But if the faculty members have not completed any additional tasks to avail the compensation and it is not possible to determine who actually received the benefits from the program, then following are duties and responsibilities of the persons concerned. 2. Faculty members should be severely reprimanded and proper action should be also taken against them according university rules as they have not done any work for curriculum development program to deserve compensation. 3. University administrators should be made accountable for approving the idea, as they are bound to check the relevant records and

Exploring Design and Experience in the Urban Environment-Derek Jeter Research Paper

Exploring Design and Experience in the Urban Environment-Derek Jeter Gym - Research Paper Example In order to eliminate health hazards and to maintaining better health, various gymnasiums or fitness centers are operating within the country. The revolutionary ‘Derek Jeter 24 hour fitness club’ is located in New York. Derek Jeter was the most prestigious shortstop in the Major League Baseball (MLB), for the entire career, he played for New York Yankees. The characteristic of Derek Jeter contains a dominant and prominent player. Furthermore, his achievements throughout his career are as follows (Signature clubs): â€Å"Sixth overall player selected in the 1992 baseball draft 1996 AL Rookie of the Year Four Gold Gloves (2004, 2005, 2006, 2009) Five World Series championships Eleven All-Star appearances 2009 Sports Illustrated Sportsman of the Year Lifetime batting average of .314 (through Sept 2010)† The collaboration of Derek Jeter with the 24 hour fitness club added new value. In fact, the club enjoys the company of 3.5 million club members along with 20,000 tea m members globally with a 27 years history. It is the largest privately owned club in the country. The most notable aspect of this club involves 24 hours availability. This means that members can join anytime they want, round the clock. In general, people with tight schedules and work time have the freedom to customize their workout schedules whenever they are available. The Derek Jeter 24 hour fitness club welcomes all age type males and females members. More than a thousand male and female members visit the 24 hour fitness club during the weekdays. Members of almost all ages are encouraged and wear a comfortable outfit for easy expansion of body parts and perform cardio, yoga and strength gaining classes. The trainers at the club are smart, supportive and encourage members a lot. Moreover, they are all well dressed having fresh faces and communicate effectively with members. Furthermore, a member operates on cardio exercises, yoga, and strength training etc. on cardio equipment  consisting of treadmills, stationary bikes, elliptical trainers and stair steppers. The club is the first to provide Nike + iPod experience where members can track and monitor workouts. History The ’24 hour fitness club’ was founded in 1983 and operated as a single club operation located in San Laendro, Calif. Moreover, in the past 27 years, ’24 hour fitness club’ has unwrapped the most clubs in the United States that any other exclusive operator and is at present, the largest private fitness club chain. Accordingly, the introduction of innovative variety including the 24 hours fitness club and online memberships, the company is broadly recognized with the modifying industry landscape. In addition, the 24 hours fitness club has introduced a new concept of creating fitness opportunities easily accessible, affordable and flexible. In 2003, the ‘24 hour business club’ turn out to be the first official fitness center sponsor of the United States Olympic team and has rehabilitated support via London 2012 Olympic Games. The sponsorship was a granted memberships to U.S Olympic optimistic and consist of equipping the three U.S Olympic Training Centers in Colorado Springs, Colo., Lake Placid, N.Y. and Chula Vista, Calif. Furthermore, in 2010, the ‘24 hour fitness center’ sponsored five Olympians, Hopefuls and a Paralympian. The team of ‘24 hour fitness center’ consists of Athletes including Rockne Brubaker, Gretchen Bleiler, J.R. Celski, Tucker Fredericks, Chris

Definition Courage Essay Example for Free

Definition Courage Essay All of us trust the dictionary to give us the full understanding of a word we do not know. In this aspect, it is insufficient when it describes courage. While it defines physical courage, it omits inner courage which can be argued to be much more valuable to posses. Webster’s New World Dictionary describes courage as â€Å"an attitude of facing and dealing with anything recognized as dangerous, difficult or painful, instead of withdrawing from it†. Courage is not the ability to be brave or to laugh in the face of danger. Courage is not risking your life for justice. Courage is not a person who agrees to fight, but he who can stand up against it. Courage is not something you can define entirely, and therefore can vary between each person. It can be said that a little girl who ventures out on her bike for the first time displays as much courage as a man jumping into a lake to save a drowning woman, knowing he cannot swim. Courage is a state of mind that enables a person to overcome fear, pain, danger or hardship. Although different from one another, all aspects of courage involve taking risks. Physical courage is facing your fears of possible bodily harm. A fireman rushing into a burning building, a woman running across thin- ice to save a child that has just fallen through, an officer charging into a building to save a hostage. These are all examples of physical courage. Mental courage is standing up to your phobias. While some fear heights, I myself fear speaking in front of a large audience. A son who overcomes his fear of flying to be by his dying mothers side is mental courage that cannot be fully measured or explained. Mental courage is the ability to overcome tragedy and to move forward in the face of sheer defeat. Mental courage is a man finding out he has a brain tumor, and still cherishing and living life to the fullest. Mental courage is taking care of your brother and sister following the death of their parents. The word courage comes from the Latin word cor, meaning heart. It derives from the belief that all feelings begin in the heart. The definitions given to all of us do not suffice because they lack depth and clarity. Mental courage, while not mentioned, and not defined, is portrayed in all of us on a daily basis; and should be along-side physical courage in the references we rely on.

Fixed and Discretionary Trusts Test

Fixed and Discretionary Trusts Test Consider whether the different tests for certainty of objects applicable to fixed trusts and discretionary trusts are appropriate. The tests for certainty of objects differ depending on whether there is a fixed trust or a discretionary trust. This essay will consider whether the different tests applicable to fixed trusts and discretionary trusts are appropriate. Initially, the complete list test applied to both types of trusts. According to this test, the trust is void unless it is possible, at the time it is created, to draw up a complete list of the class. In a fixed trust, the beneficiaries and their shares are identified in the trust instrument. The trustees have a duty to distribute the trust property according to the precise allocation made by the settlor. It is therefore necessary, for the trustees to draw up a list of all the members of the class, before division of the trust property occurs. If they are unable to establish every member of the class, the trust will be void. It can be argued that the complete list test applicable to fixed trusts is appropriate and the courts are justified in taking a strict and demanding approach. The strictness and necessity of the test best ensures compliance with the settlors intention. One may argue that the â€Å"is or is not† test should apply to fixed trusts. However, this test would not be required in fixed trusts where the beneficiaries have already been identified in the trust instrument. Hence, there is no need for the trustees to exercise their discretion in determining whether or not someone is a member of the class. Furthermore, the number of beneficiaries is more likely to be limited with fixed trusts, compared with discretionary trusts. The complete list test was also previously applicable to discretionary tests. However, this is no longer the case since McPhail v Doulton. In McPhail, the trustees were given an absolute discretion to apply the income for the benefit of employees and ex-employees of the company, and their relatives and dependants. This was estimated at a very large number and so it almost impossible to satisfy the complete list test. Hence, it would have been void as a discretionary trust. In order to avoid this, it was held to be a power of appointment, and so valid under the â€Å"is or is not† test. The House of Lords found that a discretionary trust had been created. However, they changed the test for discretionary trusts to the â€Å"is or is not† test. The test is whether it can be said with certainty that any potential claimant is or is not a member of the class. There were two different views expressed in the House of Lords regarding the appropriate test for discretionary trusts. On the one hand, it was argued that the complete list test was the appropriate test because the trustees would need to consider every possible member of a class before exercising their discretion. If the trustees are in default, the court would have to distribute the trust property equally between the members of the class. In order to do so, they would need to draw up a complete list of the class. However, the majority judgement, given by Lord Wilberforce, argued that it is not sensible or realistic to imagine a settlor to ask the trustees to consider every single member. If the settlor had intended the trustees to consider every member of the class, and, for each member to receive an equal amount, he would have stated it in the trust instrument. The fact that he did not state this, and allowed the trustees to exercise their discretion, suggests that he did not intend equal distribution of income. This reflects the aim of discretionary trusts, which is to allow trustees to use their discretion in deciding who should benefit under the trust, and in what proportions. Therefore, all the settlor expects, is that the trustees carry out an appropriate survey of the class, so there is no need to be draw a complete list. Furthermore, where the court has to distribute the money, it is not necessary to divide the money equally, because each person would get a small amount, which is not what the settlor intended. Hence, we can see that the complete list test might be appropriate in cases involving discretionary trusts concerning small family trusts. In such cases, it will be feasible for the trustees to draw up a list of the members of the class, as there will be a small number of beneficiaries involved. Therefore, it will be necessary for the trustees to consider all the members of the class before exercising their discretion. On the other hand, the complete test is too strict and inflexible in cases involving large discretionary trusts. The test would make such trusts void for lack of certainty due to the number of beneficiaries involved which would make it almost impossible to draw up a complete list. Furthermore, there will be costs in drawing up the class. The final amount each member of the class will receive would be so small as to not be of any use to a member. Thus, the complete list test would not best give effect to the intentions of the settlor. Hence, it would be more practical and appropriate to use the ‘is or is not test in such cases. However, this test is easier to state than to apply. This is illustrated by the fact that McPhail was sent back to the High Court in order to determine whether the terms â€Å"relatives† and â€Å"dependants† made the trust void for conceptual uncertainty. Although the trust was upheld, the judges gave very different views. Stamp L.J. took the literal approach that the â€Å"is or is not† test could only be satisfied if it could be said of every potential claimant that they were or, were not, within the class. On the other hand, Sachs L.J. decided that the class test is only concerned with conceptual certainty and not evidential certainty. He also thought that the burden of proof was on the person claiming to be within the class. This might be disadvantageous to individuals who cannot prove their entitlement. Megaw L.J. adopted a middle position. He held that conceptual certainty alone is insufficient and that some degree of evidential certainty is required. Thus, Re Bayden illustrates the difficulty in applying the ‘is or is not test to discretionary trusts. However, the fact that this matter has not arisen in any later cases suggests that it has not been a practical problem. It can be argued that the â€Å"is or is not† test is inappropriate to use as a test for discretionary trusts. This is because the same test is also used in powers of appointment, and since powers and trusts are different from each other, their tests should not be the same. This may be justified on the basis that the â€Å"is or is not† test is more flexible and appropriate, than the complete list test, in cases involving large discretionary trusts. Using the complete list test would invalidate large discretionary trusts on the basis that a complete list cannot be provided. This would clearly not provide a satisfactory result. Therefore, it is suggested that the complete list test is appropriate in fixed trusts since it best ensures compliance with the settlors intentions. Similarly, whilst the â€Å"is or is not† test is probably not the ideal test to apply in discretionary trusts, it is more appropriate than the complete list test used in fixed trusts. Question 2 In his will, Colin leaves  £100,000 to the Hillingbridge Tennis Club, an unincorporated association, to enable it to build an extension to its existing pavilion. The money is paid to Morris, the treasurer of the club, who puts it into a specially opened bank account, which he calls the Extension Account. Soon afterwards, the club is wound up. Discuss Colin left  £100,000 to Hillingbridge Tennis Club to be used for the building of an extension to the pavilion. However, this purpose can no longer be carried out since the club is wound up. There will be a dispute as to who gets the  £100,000. In order to solve this dispute, it will be necessary to work out how the money was held by the club. An unincorporated association has no legal personality and so it is not a legal entity that can hold money. This means that the club cannot be a beneficiary. Hence, a gift to it cannot take effect as a gift on trust for the associations purposes as it offends the beneficiary principle. Furthermore, it is unlikely that the sports club is a charitable association, and so the money cannot take effect as a purpose trust since, such trusts are usually void. The money was paid to the treasurer of the club, Morris, who holds legal title of it. However there is much controversy as to what the basis on which the money is held. The courts have struggled for ways to determine this. Colin left the money to the club for a particular purpose. Therefore, one approach is that the money is held under a Re Denley purpose trust. Under the Re Denley principle, the terms of the trust are stipulated by the donor and the unincorporated association has to use the money in accordance with those terms. In Re Denley, it was held that where a trust is expressed in the form of a purpose, it may still be deemed valid if it can be said to be for the direct or indirect benefit of one or more ascertainable individuals.† Thus, if it is held to be a Re Denley purpose trust, although the members of the club are not beneficiaries, they will have sufficient locus standi to overcome the beneficiary principle, and to enforce the trust. This is only possible in ‘inward looking associations where the performance of the purpose of the trust will benefit the members, who are identifiable persons. It can be argued that the building of the extension to the pavilion will benefit the members since they will need to contribute less money towards the construction of the extension. The building of an extension will also improve the facilities in the club and the members of the club will financially benefit from this. In Re Denley it was not possible to uphold the gift on the basis of the contract holding theory because the gift was not made to an association. However, in our case, the club is as unincorporated association and so the money may have been held in accordance with the contract holding theory. This is the standard approach to the problem of property holding in unincorporated associations. Under the contract holding theory, the money will be considered as a gift to the members subject to their contractual rights and liabilities towards one another. Hence, the trust cannot be subject to the terms stipulated by Colin. It will be subject to the terms of the contract between the members who, collectively, can decide what to do with it. They may use the money according to the purpose for which it was given but are not required to do so. Thus, in Re Lipinski, money left by the testator was, prima facie, subject to the stipulated terms. However, it was held that the gift could be upheld under the contract holding theory provided that the stipulated purpose was an expression of the motive of the gift rather than a binding purpose. This could be the approach adopted here so that the purpose stipulated by Colin is considered to be only a motive. The club did give effect to Colins stipulation as Morris had put the money into a specially opened bank account, which he calls the ‘Extension Account. It may be assumed from its name that the money in the account was to be used in building the extension. However, it is unlikely that the money was used to build the extension since the club wound up soon afterwards. Therefore, in Re Reechers, it was held that a gift to an unincorporated association would have taken effect under the contract holding theory, if it had remained in existence. The gift would have been valid as an accretion under the contract holding theory. Therefore, when an unincorporated association own funds, for ordinary everyday use, there is an assumption that the money is held on contract holding theory and, the gift is an accretion to those funds. This may be applied to the case here if the money in the ‘special account is held to be the ordinary funds of an association. This is unlikely to be the case since it may also be argued that the building of an extension is an ordinary use of funds. Alternatively, it may be argued that this is trivial since, according to the contract holding theory, the money belongs to the members, who may do whatever they want with it. The contract holding theory overcomes the beneficiary principle because although none of the members own a share, collectively, they own the club. Therefore, together, the members can change the terms of the contract, or make any other changes to it, and this is sufficient to satisfy the beneficiary principle. The contract holding theory also overcomes the objection based on perpetuity because the members can collectively access the property and dispose of it, in accordance with the terms of the contract between them. What happens to the money upon dissolution of the club depends on whether the money is held on a Re Denley purpose trust or the contract holding theory. If the money is held on a Re Denley purpose trust, then on the dissolution of the club, the trust will fail and the money will be put on a resulting trust for Colins estate. Colin left the money in his will to the club and the fact that it has been given to Morris implies that Colin is dead. In Re West Sussex, the court assumed that the money was held on trust to carry out the purposes of the association and when it failed, the property was held on a resulting trust to the people who contributed in proportion to their contribution. However, the trust in Re West Essex was not described as a Re Denley trust. On the other hand, in Re Bucks Constabulary Fund, the court reached a different conclusion although the facts were similar to Re West Sussex. It was held that on the dissolution of the Friendly Society the money was to go the members. The decision in Re Bucks reflects the approach adopted today. Therefore, it is likely that the gift will be upheld under the contract holding theory and so the money will go to the members who own it collectively. The club has always been in the ownership of the members, and so it is the contract between them, which determines what happens to the money. Providing that the contract between the members does not prohibit it, the members can divide the money equally between themselves. As the matter concerns the contract between members, there can be no resulting trust since, such trusts only occur in equity. It is likely that the members of the unincorporated association are alive. Hence, the doctrine of bona vacantia will not apply here. Bibliography Burrough v Philcox (1840) 5 My Cr 72 IRC v Broadway Cottages Trust [1955] Ch 20 Neville Estates v Madden [1963] Ch 832 McPhail v Doulton [1971] AC 424 Re West Sussex Constabulary Fund [1971] Ch 1 Re Reechers WT [1972] Ch 526 Re Badens DT (No 2) [1973] Ch 9 Re Lipinskis WT [1976] Ch 235 Re Bucks Constabulary Fund [1978] 2 All ER 571 OT Computers v First National Tricity Finance [2003] EWHC 1010 Haley McMurty, Equity Trusts, (Sweet Maxwell, 2006) at p.52, p.142 Watt, Trusts,(Oxford University Press, 2006) at p. 82 Kevin Boone, The K-Zone http://www.kevinboone.com/lawglos_CertaintyOfObjects.html