DIRECTION TO A TRUSTEE
INVESTMENT NOT BELOW 5 P.O. EFFECT OF RECENT LEGISLATION WELLINGTON, Sept. 6. A case of interest to trustees respecting investments under unusual circumstances was heard before Mr Justice Reed in the Supreme Court. The parties were the Public Trustee and V. Lowe and others, and the matter concerned the powers of the trustee under the will of the late Edward William Lowe. The will directed that the residuary estate might be invested in Government, local-body or other securities yielding not less than 5 per cent., but excluded mortgages of land. As the result of tho recent legislation the securities stipulated no longer yielded 5 per cent., and the questions asked the Court were whether the trustee could invest in such securities notwithstanding the lower yield of interest, and also whether in the exceptional circumstances he could be permitted to invest in mortgages of land. His Honour reserved his decision. > *
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Hawke's Bay Tribune, Volume XXIII, Issue 227, 7 September 1933, Page 9
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153DIRECTION TO A TRUSTEE Hawke's Bay Tribune, Volume XXIII, Issue 227, 7 September 1933, Page 9
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