23 Mar 2020
PUBLIC TRUST v CANCER SOCIETY OF NEW ZEALAND INCORPORATED [2020] NZHC 615 [23 March 2020]
- Citation
- [2020] NZHC 615
- Court
- High Court
The Court declared the trust deed reference to the Royal Society for the Prevention of Cruelty to Animals intended the Royal New Zealand Society for the Prevention of Cruelty to Animals Incorporated based on the settlor's statutory declaration and surrounding circumstances; the 20% accumulation clause (cl 4.3(b)) is invalid under the rule against accumulations but the Court, exercising inherent jurisdiction, declared it invalid and noted that once the Trusts Act 2019 comes into force trustees will have a discretion to accumulate income consistent with the trust's terms.