HISTORY OF THE TRUST

Evening Post, Volume CVI, Issue 31, 6 August 1923, Page 7

HISTORY OF THE TRUST

TRUSTEES ANC AfiVtSORY COMMiTfBE.

The Thbftias George Macarthy Trust ahses out of the last will and testament of tlie late- Thdmas George Macarthy, of Wellington, fci-eiVer, who died at Wellington on the 19th August, 1912. The Public. Trustee bf the Dominion of New Zealand ife appointed sole executor and truetee ill the will, and probate waii

granted to the Public Trustee on the 22nd August, 1912.

To indicate the estate is a very largo and valuable one, it will suffice to mention that for death duty 'purfciSses it was valued at approximately £379,000. The assets comprise hotel properties, city and suburban residential properties, a number of valuable business blocks, in Wellington city and elsewhere, other freehold lands, mortgages, shares in various companies registered in the Dominion, and the City and Phoenix brewery in Tory street, Wellington managed by the Public Trustrje. The will directs that subject to certain dispositions of specific porti'onß of the properties, one-half of the annual incomefrom the residuary estate fjhall he pai(3" to the widow of the testaior, and the other half of the annual income shall be applied to and for such cha'fitable and educational purposes or institutions in the provincial district of Wellington in such manner and in such -shares as a special board of trustees naimed in the will shall, direct, their decis'ton to 'be final. On the termination of the trusts, other than that in favour of •charitable, etc., institutions or purposes, the whole estate becomes available for the charitable and educational purposes referred to above at the discretion, of the "board of trustees. :

The Boaard of Trustees, consists of.'.'— His Excellency the Governor-General" of the Dominion for the time being-, ike Prime Minister of the dominion-for the tune being., the Romam 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 the Thomas George Macarthy Act, 1912, the Board of Trustees referred to T-pu i° ctorPorate(i «nder the title -of ' Xhe Board of Governors of the Thomas Ixeorge Macarthy Trust," with' perpetual succession and. a common seal, and clothed with additional powers a;ia rights deemed expedient and proper to facilitate the effectual carrying out of the trusts of the will. ■ • .■

The Act also ga.ve the Board of Governors power to appoint an advisory committee to examine the claims frSm' charitable and educational institutions" and to recommend to the Board of 'Governors'the distribution for each year ct the sum available.

The Advisory Committee, until 1921. consisted of Mr. C. P. Skerrett. X C Mr. E. P, Bunny, and the late Hon'if. G. W. Aitken, M.L.C. The Board of Governors, on the 2nd August, 1921, resolved -upon the reeonstitution of the advisory committee, and such committee now consists of the following- Lady Jacobina Luke, 0.8. E., Mr. A. R. Atkinson, Mr. E. P. Bunny, Mr. C. P Skerrett, X.0., Mr. G. A. Troup, Mr. J. W. Macdonald, the Public Trustee.