It is a dual monostable multivibrator. That means it is a circuit that outputs a pulse of a fixed length when the input goes high (or low depending on which input you use).
The circuit seems to use 100K resistors and 22uF caps, so the pulse width is 0.45 x 100K x 22uF = 1 second. There are two of these circuits and it could be that they are connected in series.
If the circuit recieves a constant steam of pulses in at a rate of more then 1 second, it keeps retriggering and the output stays high.
The circuit could be used for extending the width of very narrow pulses, or it could be used for generating a 1 second pulse on detecting a single slow input change.
Just as an example, it could be that on applying power to a microprocessor, you want to keep it in reset mode for 1 second until the power has stabilised.