29 Nov 2016
PRESBYTERIAN SUPPORT (UPPER SOUTH ISLAND) v THE NEW ZEALAND GUARDIAN TRUST COMPANY LIMITED [2016] NZCA 556
- Citation
- [2016] NZCA 556
- Court
- Court of Appeal
The Court held the Green Gables gift did not lapse because clause 5(b) of the will manifested a general charitable intention to benefit the elderly in the Nelson region; accordingly s32 variation was available and the trust was varied to direct income to Presbyterian Support for that purpose. The accumulation clause was amended to limit accumulation to 80 years (to comply with the Perpetuities Act) but the capital was not to be distributed at the end of that period; trustees may retain income administratively and invest prudently to maintain real capital value, and s32 was not engaged for the…