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Colonial Cases

Re the Recreation Fund, 1870

[trusts]

Re the Recreation Fund

Supreme Court of China and Japan
18 February 1870
Source: The North-China Herald, 22 February 1870

 

LAW REPORTS

H.B.M. SUPREME COURT.

Before C. W. GOODWIN, Esq.

Shanghai, 18th Feb., 1870.

Re the RECREATION FUND.

This was a petition to the Court by Messrs. Forbes, Groom and Reid, as trustees of the Recreation Fund.

  1. To decree the appointment of a trustee or trustees in lieu of those now existing, or otherwise.
  2. To make an order vesting in him or them, all the property and monies of or belonging to the said Shanghai recreation Fund.
  3. The declare the trusts upon which the same shall be held by the trustee or trustees, and the powers vested in him or them for the management, investment and realisation and re-investment of the said property and funds for the furtherance of the objects of the said trusts, and for the appointment of a new trustee or trustees in case necessity for the same shall arise.
  4. And to make such further decree or order and to give such further relief in the premises as the nature of the case may require.

Mr. RENNIE  explained that the Petitioners prayed, on behalf of the Recreation Fund, for the appointment of a new trustee - whom they wished to be the Chairman of the Municipal Council;; and also for a judicial opinion as to the power vested in him.  The Petition was made under the Trustees Act of 1850 and 1852.  Mr. Rennie quoted authority to show that the Court had power to grant the request; and after a long discussion, of which we hope to give a sketch in our weekly issue,

The COURT finally decided that new trustees be appointed in lieu of the five gentlemen nominated in April 1863; that these trustees consist of the Chairman for the time being of the Municipal Council, and the following four gentlemen - Messrs. F. B. Johnson, F. A/. Groom, David Reid, and F. B. Forbes; the Committee to have power to fill up vacancies that may occur by absence, death, or refusal to act, so long as three remain; if only two remain, application to be made to the Court; the property to be vested in five trustees.

The COURT further expressed an opinion that these trustees were justified in doing their best, under the circumstances in which the Trust is placed, to realise the same, either by purchase of the Club, and re-mortgage of the same, or otherwise as they may be advised.  2nd, - That, as soon as they have realised the same, they pay to the shareholders the sum of $50 per share under the original arrangement; and that they devote the balance to such purposes of public recreation as seem naturally to fall within the original intent of the donors.

Published by Centre for Comparative Law, History and Governance at Macquarie Law School