From The Will of Imam Sultan Muhammad Shah Aga Khan III

Section 8.

Ever since the time of my ancestor Ali the first Imam, that is to say, over a period of some thirteen hundred years, it has always been the tradition of my family that each Imam chooses his successor at his absolute and unfettered discretion from amongst any of his descendants, whether they be sons or remoter male issue and in these circumstances, and in view of the fundamentally altered conditions in the World in very recent years due to the great changes which have taken place, including the discoveries of atomic sciences, I am convinced that it is in the best interest of the Shia Moslem Ismailian Community that I should be succeeded by a young man who has been brought up and developed during recent years and in the midst of the new age, and who brings a new outlook on life to his office as Imam.

For these reasons, and although he is not now one of my heirs, I appoint my grandson KARIM, the son of my son ALY SOLOMON KHAN, to succeed to the title of AGA KHAN and to be the IMAM and PIR of all my Shia Ismailian followers and should my said grandson, KARIM, predecease me, then I appoint his brother AMYN MOHAMMED, the second son of my son ALY SOLOMON KHAN, as my successor to the Imamat.

I DESIRE that my successor shall, during the first seven years of his Imamat, be guided on questions of general Imamat Policy, by my said wife, Yvette called Yve Blanche Labrousse, the BEGUM AGA KHAN, who has been familiar for many years with the problems facing my followers, and in whose wise judgment, I place the greatest confidence. I warn my successor to the Imamat, never to do anything during his Imamat that would reduce the responsibility of the Imam for the maintenance of the true Shia Imami Ismaili faith, as developed historically from the time of my ancestor Ali, the founder until my own.

Section 17.

The various Jamatkhanas and Burial grounds, which are situated in different places in India, East Africa and all other countries and which stand in my name in the Records of the Collector of Land Revenue and in other Countries where they are situated, shall not devolve upon any of my present heirs but shall devolve, upon my said grandson, KARIM (or in the event of his predeceasing me, then upon my said grandson AMYN MOHAMMED), in his capacity as my successor to the hereditary Imamat of the Ismailia in accordance with our invariable family custom and similarly on all his successors to the Imamat. The Bank shall not lay any claim in respect of the same, for the purpose of transferring the same to my successor in the Imamat.