HISTORY OF THE TRUST

Evening Post, Volume CIV, Issue 2, 3 July 1922, Page 8

HISTORY OF THE TRUST

TRUSTEES AND ADVISORY

COMMITTEE.

Tho Thomas George Macarthy Trust arises out of the last will and testament Vif the late Thomas George Macarthy, of WellingtpnI,' brewer, who died' at 'Wellington on-the 19th August, 1912.1 The 'Public Trustee of the Dominion 'of New Sealand is appointed sole executor and 'trusteo in the will,' and probate was granted to the Public Trustee on the '22nd August, 1912,; . ," To, indicate the estate is a very large -*nd valuable- one,' it will suffice to mention that for death duty purposes it was, ,;valj}ed ,4., approximately £379,000. The '-assets comprise hotel properties, city and suburban residential properties, a numTlser"'6f~valua:ble business' blocks in Wellington City, other freehold lands, mort- ' gages, shares in various companies regis- " tered.iri the Dominion, and the City, and •Phoenix Brewery in Tory-street, Wel- .' lington, managed by the, Public Trustee. ') The will directs that, subject to cer.tain' dispositions 'of specific portions of tlie properties, one-half of the annual income from, the residuary estate shall be ;paid .to the -widow of the testator (now \ Mrs. Macarthy-Reid, of Wellington), and I tho other half of the annual income shall bo applied to and for such charitable and ! educational purposes or institutions in " the Provincial District of Wellington in such manner and in such shares as a special board of trustees named in the , will shall direct, their decision to be 'final. On the termination of the trusts -.as to the disposition of certain properties iand the payment of one-half of the annual income to the testator's widow, the whole estate becomes available for the ..charitable and educational purposes re- ', lerreil to above at the discretion of tha „'board of trustees. .The board of trustees consists of:— His Excellency the Governor-General of tho Dominion for the time be- ." ' ing j ' Tho Prime Minister of the .Dominion for the time being;'■•' i; ■ The Roman Catholic Archbishop or Bishop for the time being,of the Arch-diocese or Diocese of Wellington. ■ ■■" . , . ; The Mayor of. Wellington for the time '. being. , By tho Thomas George' Macarthy .'Act, 1912, the board, of trustees re- ! f erred to was incorporated under the 1 litlo of "The Board of Governors of the ' Thomas 'George Macarthy Trust," with , perpetual succession and a common seal, -arid clothed- with certain additional ■ powers and rights deemed expedient and proper to facilitate the effectual carryingjoub of the trusts o£ the will. • This Act also gave tho Board of Gov- * ernors,power to appoint an advisory com- ■; niittee to examine the claims from charit- - able and educational institutions, and to '. recommend to tho Board of Governors . the distribution for each year of tho sum available Which, in round figures, is "£6500. ".., The advisory committee until last year consisted of- Mr., C. P. Skerrett, K.C., Mr. R. P. Bunny,' and the lato Hon. J. :iC. W. Aitken, .M.L.C. The Board of ..Governors, on 22tid August, 1921, resolved upon tho rcconstitution o£ the advis- ■ ory- committee, and such committee now consists of the following:— - Lat!y",7acobina Luke, 0.8. E.; : Mr. A. R. Atkinson; - Mr. B. P.. Bunny; ."' Mr. C. P. Skerrett, K.C.; .:' Mr. O. A.Tioup; 1' Mr. J. \V. MiicdonaW, Public Trustee.