No. XXIII. NEW ZEALAND. SETTLEMENT of a sum of Money transmitted to Trustees OF MONEY IN Recite death of leaving widow settlor's son, and children. That settlor mitted money THIS INDENTURE, made the day of, BETWEEN Parties. A. B., of, in England, Esq. (settlor), of the one part, and C. D., and E. F., both of in New Zealand, gentlemen (trustees), of the other part: WHEREAS G. B. (a son of the said A. B.) lately died in New Zealand, leaving H. B. his widow, and leaving also four children by the said H. B.: AND WHEREAS the said A. B. has lately transmitted the sum of £ to the has transsaid C. D. and E. F. to the intent that they may stand possessed to trustees. thereof upon the trusts and with and subject to the powers and provisions hereinafter expressed concerning the same: NOW Witnessing THIS INDENTURE WITNESSETH, that IT IS HEREBY Settlor directs AGREED AND DECLARED, and in particular the said A. B., in trustees to hold consideration of his natural love and affection for the objects of following the settlement intended to be hereby made, doth hereby direct and declare, that the said C. D. and E. F., their executors, administrators, and assigns, shall stand possessed of the said sum of £['PON the trusts and with and subject to the powers and provisions expressed in the following articles (that is to say) : part. money upon trusts. invest money, 1. THE said C. D. and E. F., or the survivor of them (herein- Trustees to after called "the trustees or trustee "), shall invest the said sum of £ in their or his names or name or under their or his control upon any government real or personal securities, whether (a) The New Zealand Trustee Act, 1883, embodies most of the provisions contained in English Acts in relation to trustees, including provisions for the appointment of new trustees, that receipts of trustees shall be sufficient discharges, and for indemnity of trustees. NEW ZEALAND. OF MONEY IN in the United Kingdom or in New Zealand, as the trustees or trustee shall in their or his discretion think fit, and may from time to time vary the said securities for any other securities of the like nature. The said sum of £ and the securities upon which the same shall from time to time be invested are hereinafter called the "trust fund." During minority of youngest child, income to be applied for benefit of widow and children at discretion of trustees. When youngest child one, annual sum to be paid to widow during widow hood. Subject to annual sum, trust fund to go to children equally. 2. THE trustees or trustee shall during the minority of the youngest child for the time being of the said G. B. deceased, apply the whole or such part as they or he shall think fit of the income of the trust fund for or towards the support, maintenance, and benefit of the said H. B. and the children of the said G. B. deceased, or any one or more exclusively of the other or others of them the said H. B. and the said children, in such manner in all respects as the trustees or trustee shall in their or his absolute discretion think fit, and shall accumulate the surplus (if any) of the said income by investing the same and the resulting income thereof in manner aforesaid, to the intent that the accumulations shall be added to the principal trust fund and follow the destination thereof, with liberty nevertheless for the trustees or trustee at any time or times to resort to the accumulations of any preceding year or years, and apply the same for the support, maintenance, and benefit of the said H. B. and the said children or any one or more of them. 3. IF the said H. B. shall be living and shall not have married again at the time when the youngest child for the time being of the said G. B. deceased attains the age of twenty-one years, the trustees or trustee shall thenceforth out of the income of the trust fund (including the said accumulations, if any) pay to the said H. B. the aunual sum of £ during her life if she shall so long continue the widow of the said G. B. deceased. 4. SUBJECT to the annual sum provided by Article 3, if and while the same shall be payable, the trust fund (including the said accumulations, if any) shall when and so soon as the youngest child for the time being of the said G. B. deceased attains the age of twenty-one years, go and be divided among all the children of the said G. B. deceased, who being sons shall attain the age of twenty-one years, or being daughters shall attain that age or marry, in equal shares, and so that the share of each such child shall be a vested and transmissible interest in NEW ZEALAND. such child being a son upon his attaining the age of twenty-one oF MONEY IN years, or being a daughter upon her attaining that age or marrying (which shall first happen), notwithstanding that he or she may die before the period of distribution. trustees, with widow, and after her death or second marriage at their discretion to raise money for 5. THE trustees or trustee may at any time or times during Power to the minority of the youngest child for the time being of the consent of said G. B. deceased, with the consent in writing of the said H. B. during her widowhood, and after her second marriage or death (which shall first happen) at the discretion of the trustees or trustee, raise out of the trust fund any sum or sums of money advancement and apply the same for the advancement or benefit of any child of children. of the said G. B. deceased, and any sum or sums of money so applied for the advancement or benefit of any child shall be taken in part satisfaction of the ultimate share of such child in the said trust fund. If no child attains a vested interest, trust fund to revert 6. If no child shall attain a vested interest in the trust fund, the same (including the said accumulations), shall, subject to the trusts and powers herein before declared and contained, to settlor. revert to and be held in trust for the said A. B., his executors, administrators, and assigns. trustees to Zealand as an 7. THE trustees or trustee may at any time or times at their Power to or his discretion lay out the said trust fund (including the said purchase any accumulations) or any part thereof in the purchase of any real United Kingproperty in the or personal property in the United Kingdom or in New Zealand dom or New of what nature or kind soever, and the trustees or trustee shall investment. stand possessed of any property to be purchased as aforesaid, upon trust that they or he shall re-sell the same or any part thereof when and as they or he shall think fit, and shall stand possessed of the money to arise from such re-sale, upon the same trusts and with the same powers as are herein declared and contained concerning the said sum of £ hereby settled, including the aforesaid power of purchasing property, and shall in the meantime and until such re-sale pay and apply the rent or income arising from the property to be purchased as aforesaid to the person or persons and in the manner to whom and in which the income of the money laid out in the purchase of such property would for the time being be payable under the trusts of these presents if such purchase had not been made. 8. THE trustees or trustee may demise or let any land, or other property purchased under the aforesaid power and which NEW ZEALAND. OF MONEY IN shall remain unsold, for such term or terms of years at such rent or rents, and upon such conditions in all respects as they or he may think fit. Power to settlor to revoke and declare new of the widow or issue of deceased son of settlor. 9. THE said A. B. may at any time during his life by any deed or deeds, with or without power of revocation and new trusts in favour appointment, revoke either wholly or partially the trusts and powers hereby declared concerning the trust fund hereby settled, or the moneys or property for the time being representing the same, and by the same or any other deed or deeds may appoint and declare any new or other trusts or powers concerning the trust premises to which such revocation shall extend as to him shall seem meet: but so that such new or other trusts or powers shall be for the benefit of the said H. B. and the children and remoter issue of the said G. B. deceased, or some or one of them. IN WITNESS, &c. OF WIFE'S PROPERTY WITHOUT TRUSTS FOR CHILDREN. Parties. No. XXIV. SETTLEMENT of WIFE'S FREEHOLD and LEASEHOLD PROPERTY and other PERSONAL ESTATE upon TRUSTS giving the HUSBAND and WIFE a JOINT POWER of DISPOSITION, and subject thereto for WIFE for life, then for HUSBAND for life, and then for WIFE absolutely or her APPOINTEES, but WITHOUT any TRUSTS for CHILDREN. THIS INDENTURE, made the day of, BETWEEN C. D., of, &c. (intended wife), of the first part, A. B., of, &c. (intended husband), of the second part, and E. F., of, &c., G. H., of, &c., and I. K., of, &c. (trustees), of the third part. (Recite agreeRecital of title. ment for marriage.) AND WHEREAS the said C. D. is seised in fee simple of the freehold hereditaments described in the first schedule hereto, and she is possessed of the leasehold hereditaments described in the second schedule hereto for the residue of the terms of years subsisting therein respectively, and she is OF WIFE'S PROPERTY WITHOUT TRUSTS FOR CHILDREN. Agreement for also possessed of or entitled to the stocks, funds, and securities specified in the third schedule hereto: AND WHEREAS upon the treaty for the said intended marriage it was agreed that such settlement should be made as is hereinafter expressed, and with a view to the said intended settlement the stocks, funds, and settlement. securities specified in the third schedule hereto have been transferred into the names of or otherwise made to vest in the parties hereto of the third part before the execution of these presents: NOW THIS INDENTURE, made in consideration of the said intended marriage, WITNESSETH AND DECLARES as follows: of freeholds, to point, and subject thereto, for life, then for life, with to use of wife to husband 1. THE said C. D., as settlor, hereby conveys unto the said Conveyance parties hereto of the third part (hereinafter called "the trus- such uses as tees"), ALL those freehold hereditaments described in the first husband and schedule to these presents: TO HOLD the same unto the trustees jointly apin fee simple, TO THE USE of the said C. D. in fee simple until the said intended marriage, and after the said marriage To SUCH USES as the said A. B. and C. D. shall by any deed or deeds jointly appoint, AND in default of and until such appointment, wife in fee and so far as any such appointment shall not extend, To THE simple. USE of the trustees during the life of the said C. D. in trust for the said C. D. for her separate use (a) without impeachment of waste; AND after her decease TO THE USE of the said A. B. during his life without impeachment of waste, with remainder TO THE USE of the said C. D. in fee simple. remainder to 2. THE said C. D., as settlor, hereby assigns unto the Assignment trustees, THE leasehold hereditaments described in the second by wife of leaseholds. schedule hereto: TO HOLD the same unto the trustees for all the To trustees. residue now unexpired of the several terms of years subsisting therein respectively under the several leases mentioned and referred to in the said second schedule, subject nevertheless to the rents reserved by the said leases respectively and to the covenants and conditions in the said leases respectively contained, and on the lessees' part to be observed and performed; Nevertheless IN TRUST for the said C. D. until the said Upon similar intended marriage, AND after the solemnization thereof IN (a) It is not safe to omit the words "for her separate use" having regard to sect. 19 of the Married Women's Property Act, 1882. trusts. |