HAYNES & ORS-TRUSTEES OF THE SPENCER MASON TRUST HC AK CIV-2006-404-000992

HAYNES & ORS-TRUSTEES OF THE SPENCER MASON TRUST HC AK CIV-2006-404-000992

The Court granted the requested variations because they were necessary to ensure effective administration in light of statutory change, they were consistent with and advanced the settlor's identified purpose, they did not substantially alter that purpose, and expanding investment powers to align with s13A permitted prudent diversification for the benefit of beneficiaries.

Citation
openlaw-98a39579_9e4b_4ccc_83f3_2674635522ff.pdf
Parties
Applicant (trustees): Trustees of the Spencer Mason Trust Fund (Ian Leslie Haynes; Audrey Rosemary Tobin; Paul Thomas Rishworth; Andrew Robert Gilchrist; Piers Anthony David Davies)
Court
High Court
Jurisdiction
New Zealand
Judgment Date
22 April 2008
Procedural Posture
Application Under Trustee Act 1956 to Vary Trust Deed / Judgment Delivered (reserved and Delivered) 22 April 2008
Outcome
Orders granted as sought; variations to clauses 3(c) and 3(f) approved and made in terms of the originating application
Legal Topics
Variation of Trust, Trustee Appointment, Investment Powers, Unborn and Unknown Beneficiaries, Nomination of Trustees
Trusts Equity Charity Law Property Law Variation of Trust Trustee Appointment Investment Powers Unborn and Unknown Beneficiaries +1 more

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Parties

Trustees of the Spencer Mason Trust Fund (Ian Leslie Haynes; Audrey Rosemary Tobin; Paul Thomas Rishworth; Andrew Robert Gilchrist; Piers Anthony David Davies)

Applicant (trustees)

Procedural Posture

Application Under Trustee Act 1956 to Vary Trust Deed / Judgment Delivered (reserved and Delivered) 22 April 2008

Legal Issues

  1. 1 Whether the Court can approve variations on behalf of unborn and unknown beneficiaries under s64A Trustee Act 1956
  2. 2 Effect of Lawyers and Conveyancers' Act 2006 s372 dissolving district law societies on ex officio trustee appointments
  3. 3 Whether ex officio office-holders may nominate substitutes to act as trustees

Ratio Decidendi

The Court granted the requested variations because they were necessary to ensure effective administration in light of statutory change, they were consistent with and advanced the settlor's identified purpose, they did not substantially alter that purpose, and expanding investment powers to align with s13A permitted prudent diversification for the benefit of beneficiaries.

Court Disposition

Orders granted as sought; variations to clauses 3(c) and 3(f) approved and made in terms of the originating application

Orders

  • Variation of clause 3(c) to permit the president of the Auckland District Law Society and the Dean of the Auckland Law School to nominate persons to act as trustees and to address the dissolution of the Auckland District Law Society
  • Variation of clause 3(f) to expand investment powers to align with s13A Trustee Act 1956 allowing diversified investments