17 Dec 2003
DOREEN MARY FITZGERALD AND RODNEY ARTHUR MILLS V ARNOLD GERARD FITZGERALD, MARIE ROSE MILLS, DANIEL ANTHONY FITZGERALD, THERESE MARY MUGGERIDGE, ANGELA MARY KISER, PATRICIA MARY MUGGERIDGE AND LOUISE MARY BUGLER CA CA86/03
- Citation
- openlaw-66f7c613_dae5_4b42_85e0_8a2a3c8fec4f.pdf
- Court
- Court of Appeal
The Court held clause 1(c)(4) vests net annual income arising after each beneficiary attains 21 equally as tenants in common; however trustees' annual determinations under clauses 3 and 4 can and did operate to retain part of income as a reserve so that retained accumulated income did not vest in the beneficiaries; therefore Salmon J's orders were set aside and the appeal allowed.