THE HEPPLE FUND

New Zealand Times, Volume XXXVII, Issue 8342, 31 January 1913, Page 8

THE HEPPLE FUND

TERMS OF TRUST SETTLED BY

COURT

A matter of public interest came before his Honor Mr Justice Chapman yesterday on a petition by the Public Trustee to the court under the Public Trust Office Amendment Act of last year for directions as to the trusts upon which the moneys lately raised for the benefit of the Hepplo family should be held. Under section 4of the Act abovementioned it is provided that in any case where a fund is raised by public or private subscription for the benefit or relief of any person or persons, the same may be placed in the Public Trust Office, and the Public Trustee may recognise as a committee any persons whom ho believes to have Seen appointed as such by a substantial number of subscribers. After conferring with this committee the Public Trustee may axiply to the court for directions as to the administration of the fund and for that purpose may submit a scheme which the court has power to confirm or alter as it thinks fit. On the application of any persons interested the court may at any time alter or amend the scheme at first adopted. The present application was the first of its kind under the statute, which enables these matters to be placed without expense upon a proper legal footing—a thing formerly often difficult to accomplish. His Honor directed that the Hepplo moneys be invested by the Public Trustee, and that during Mrs Hepple’s lifetime the income and so much of the capital as the Public Trustee should from time to time think fit be applied for the maintenance and benefit of Mrs Hepplo and the children. After the death of Mrs Hepplo the fund is to he similarly applied for the children’s benefit till the youngest attains the ago of twenty-one years, when it is to be divided among all the children in equal shares.

This order was made at the request of the majority of the committee' appointed in respect of the fund. At first it was understood that Mrs Hepplo’s interest in the fund was to cease on her remarriage, but it was afterwards agreed that the question should be left at large, it being pointed out that the Public Trust Office Amendment Act, 1912, gave the committee or any one of them power to apply to the court at any time for a variation of the trust.

The court reserved leave to the At-torney-General, the Public Trustee, any member of the committee, and any person claiming interest under the fund to apply to the court to have the order varied or for directions.