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UPON the distribution of the Estate of Henry W. Ranger, a distinguished New York artist, the National Academy of Design received nearly $400,000 pursuant to the following paragraphs of his will:

"I direct that my entire residuary estate be 
paid over to the National Academy of Design, 
the principal to be kept invested and the income thereof to be spent by the Council of said Academy in purchasing paintings produced by American artists, at least two-thirds (2/3) of such income to be spent in the purchase of works by artists who are forty-five years of age and over, it remaining one-third (1/3), or any part thereof, in the purchase of works by younger artists. All pictures so purchased are to be given by the Council to art institutions in America maintaining a gallery open to the public, all such gifts to be upon the express condition that the National Gallery at Washington, administered by the Smithsonian Institute, shall have the option and the right, without cost, to take, reclaim and own any picture for their collection, provided they exercise such option and right at  any time during the five year period beginning ten years after the artist's death and ending fifteen years after his death, and, if such option

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