4 Jul 1994
STANDARD CHARTERED EQUITOR TRUSTEE HK LTD. v. GEORGE ZEE & CO. LTD.
- Citation
- STANDARD CHARTERED EQUITOR TRUSTEE HK LTD. v. GEORGE ZEE & CO. LTD.
- Court
- Court of First Instance
- Case number
- HCMP1248/1994
The application was refused: the judge exercised discretion under s.114B to refuse ordering a meeting because the trustee's proposal to remove beneficiary-directors and its threat to impose substantial percentage fees constituted an unjustified attempt to reconstitute control and to benefit at the expense of beneficiaries; the existing board should retain control given the deed and circumstances, the company offered to appoint a trustee nominee to the board as an adequate protection, and the trustee's conduct justified an order preventing recovery of the application costs from the trust fund.