Vaurorry of Trust of 1917.
Counstu: Mr, John MeNelll for Plainti; Me. M." Reader-Herns for. Defendant Trustees and. Crown "Advocate appeared in Person.
Judgment delivered on August 8 by Judge P. Grant Jones, (Judgment for Plainti@y Permission for the trustees of a certain fund, which was set aside nineteen years ago by the Shanghai Yacht Club for the purpose of providing prizes to be competed for by members of the club, to be used for any other purpose was granted by Judge P, Grant Jones as a result of Sudgment delivered in chambers fon Aug. 8 in H.M, Supreme Cnurt in the case of the originating summons brought by the Shanghai Yacht Club against Arthur Lefevre-Anderson, Charles Eugene Lintithac, James Noll, and. Victor Priestwood, Crown Advocate, The trustees were also given permission to hand over the capital income of the fund and the securities representing the same to the club or anyone appointed by the lub to receive them. Mr. John Me~ Neill appeared for the plaintiffs, and Mr, M. Reader-Harris for the detend-ant trustees. The Crown Advocate appeared in person, Delivering judgment, his Lordship 'That deed, as executed by the three trustees on March 15, 1917, set forth that the sum of Tis! 4,120.78, being the Club's profit on sale of its land, had been invested in the purchase of $6,500 six per cent. Internal Loan 1915 Bonds' of the Chinese Government, which bonds were then deposited in the Hongkong & Shanghai Bank at Shanghai in the name. the three trustees who thereby acknowledged that they held the bonds and all income and interest arising therefrom, or from the investments which' the sum of Tls. 4,120.78 Light for the time being be invested, upon trust to appropriate and use the same as and for the sole purpose of providing prizes to be competed for by members of the Club," as 10 the number and value of which in any one year the trustees were to have an unfettered discretion. A similar discretion was conferred upon the trustees as to (1) the investments Inwhich the fund should be invested and the changing of any such Investments, and (2) the manner and ime of application of the fund for the use and benefit of the Club as aforesaid." Power to appoint new trustees was vested in the surviving for continuing trustees or trustee, and finally it was provided that should the Club lose the right to fy. the Blue Ensign or be dissolved the fund should be applied to such charitable objects as the trustees should "in their absolute discretion" determine.
Text read from the printed page and cleaned; old type leaves the occasional error.