22 Jul 2015
NZ GUARDIAN TRUST CO LTD v PRESBYTERIAN SUPPORT (UPPER SOUTH ISLAND) [2015] NZHC 1693
- Citation
- [2015] NZAR 1488
- Court
- High Court
The Court may modify the perpetual accumulation clause under s10 Perpetuities Act or its inherent jurisdiction without an identifiable paramount charitable intention so long as lawful nearest purposes can be discerned from the will; here the nearest purposes are the named charities in clause 5(b)(iii), and the appropriate modification is to limit accumulation of 10% of net annual income to 80 years, after which clause 5(b)(iii) ceases to apply and the trustee is not obliged to vest the capital but may continue to invest and apply trust funds.