23 Nov 2006
GUNSON AND IMMS V BANICEVICH AND ANOR HC AK CIV 2003-404-913
- Citation
- openlaw-9755056d_c25c_4d31_a5b3_1cdc5e2aeb61.pdf
- Court
- High Court
The trustees were obliged to offer the option to the grandsons at the fair market value of the shares assessed by the chartered accountant as at the option date (the March 2004 Hagen share valuation based on the August 2003 Kerr farm valuation), offered as soon as practicable after the option date; trustees had no power to retrospectively reset that valuation in 2006 except to correct manifest inaccuracy, and trustees' exercise of discretion over licence terms must be reasonable and consistent with the testator's intent.