THE TRUSTEES OF THE CROWN FORESTRY RENTAL TRUST [2018] NZHC 2519

THE TRUSTEES OF THE CROWN FORESTRY RENTAL TRUST [2018] NZHC 2519

The Court granted the s 64 application because the proposed amendment to the investment clause, as set out in Exhibit A, would expand permissible investments in a way the Court was satisfied is in the best interests of the beneficiaries, and the proceeding could properly be brought by way of an originating application without notice given internal administration, prior consent of appointing parties and engagement with Treasury.

Citation
[2018] NZHC 2519
Parties
Applicants: The Trustees of the Crown Forestry Rental Trust
Court
High Court
Jurisdiction
New Zealand
Judgment Date
26 September 2018
Procedural Posture
Trust Amendment Under Trustee Act 1956 / Originating Application Without Notice; Interlocutory Leave Granted
Outcome
Application granted
Legal Topics
Trust Deed Amendment, Trustee Investment Powers, Section 64 Trustee Act 1956, Without‑notice Originating Applications
Trusts Civil Procedure Trust Deed Amendment Trustee Investment Powers Section 64 Trustee Act 1956 Without‑notice Originating Applications

Case Brief

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Parties

The Trustees of the Crown Forestry Rental Trust

Applicants

Procedural Posture

Trust Amendment Under Trustee Act 1956 / Originating Application Without Notice; Interlocutory Leave Granted

Legal Issues

  1. 1 Whether the High Court should exercise its power under s 64 of the Trustee Act 1956 to expand the trustees' investment powers
  2. 2 Whether the originating application could be heard without notice
  3. 3 Whether the proposed amendment is in the best interests of the beneficiaries

Ratio Decidendi

The Court granted the s 64 application because the proposed amendment to the investment clause, as set out in Exhibit A, would expand permissible investments in a way the Court was satisfied is in the best interests of the beneficiaries, and the proceeding could properly be brought by way of an originating application without notice given internal administration, prior consent of appointing parties and engagement with Treasury.

Court Disposition

Application granted

Orders

  • Leave granted for the applicant to proceed by way of without notice originating application
  • Originating application without notice under s 64 Trustee Act 1956 granted; the Trust Deed investment powers are amended by incorporating the draft amended investment clauses (cl 7.11) set out as Exhibit A to the affidavit of Darrin Arthur Sykes