GENEROUS TRUSTEES.

Gisborne Times, Volume VIII, Issue 505, 19 August 1902, Page 3

GENEROUS TRUSTEES.

SEEK TO ArPLY PROFITS TO A

DONATION,

By telegraph—Press Association —

Dunedin, last night. A meeting of the Dunedin Savings Bank Trustees was held to day. The following resolution was passod : “ That the Dunedin Savings Bank, having by the investment of its deposits realised profits to at least the undermentioned amount in excess of 10 per cent, on the aggregate amount of its deposits, the Trustees of the said Bank hereby, pursuant to the powers in that behalf contained in the Savings Bank Profits Act of 1878, declaro that the sum of X6,u00 shall be paid over to the University of Otago to bo dealt with by the said University in accordance with the provisions of tho said Act. The foregoing resolution is subject to the approval of tho Governor in Council and to tho necessary legislation being obtained at the instauco of tho University of Otago, extending tho interpretation of an institution under the above mentioned Act, so that it shall cmbraco tire University; that upon the University of Otago applying for such legislation tho Trustees will give them assistance.”

Before effect can be given to the resolution, which was carried on the castingvote of tho Chairman, against an amendment, tho consent of the Governor in Council is necessary, also legislation to amend the Bavings Banks Profits Act. IS7S, by widening tho meaning of institution.