New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Winding up charitable trust

Legal area

Court

17 Jul 2018

FRIENDS OF THE AUCKLAND ART GALLERY ACQUISITIONS TRUST v FRIENDS OF THE AUCKLAND ART GALLERY INCORPORATED & ORS [2018] NZHC 1768

Citation

[2018] NZHC 1768
Court

High Court

The Court has jurisdiction under s 64(1) Trustee Act 1956 to approve textual variations to a charitable trust deed to confer on trustees the powers sought where expedient for management and administration, and it is an appropriate exercise of discretion in this case to add clauses permitting capital expenditure on artworks and gifting remaining assets to the Foundation given the financial situation, stakeholders' consensus, and consistent charitable purpose.
13 Jul 2010

BAY FOUNDATION A CHARITABLE TRUST INCORPORATED UNDER THE PROVISIONS OF THE CHARITABLE TRUSTS ACT 1957 HC WHA CIV-2010-488-78

Citation

openlaw-ac1ce1eb_d5b4_430e_8584_8d637389f139.pdf
Court

High Court

Because the Foundation had ceased operations following revocation of its gaming licence, trustees properly resolved to wind up, surplus funds exist, the Department and Attorney-General do not oppose, and the court accepts that the parties' agreed distribution meets the Foundation's obligations, it is just and equitable under s25 to place the Foundation in liquidation and appoint liquidators and to direct equal distribution of surplus funds to the three named charities; disputed creditor claims do not bar the orders and, if genuine, would themselves support winding up for insolvency reasons.