22 Dec 2005
BURNS V STEEL & ORS HC CHCH CIV-2005-409-1349
- Citation
- openlaw-f5258be0_f9ec_4e65_81dd_8af351e605d4.pdf
- Court
- High Court
Trustees holding the deceased's shares are not bare trustees and have active duties and discretions as executors and trustees; consequently the plaintiff, lacking an absolute vested entitlement to receive the shares in specie, has no right to direct the trustees as to timing or conduct of the company's pre-emption process or to direct how trustees exercise shareholder rights pending that process; however the plaintiff is entitled to interim dividends under the terms of the will.