KING'S SCHOOL

New Zealand Herald, Volume LXXII, Issue 22224, 26 September 1935, Page 12

KING'S SCHOOL

NEW BUILDINGS PLANNED DIVERSION OF A TRUST SUPREME COURT APPROVES The erection of additional buildings in brick and concrete at King's Preparatory School, ftemuera, has boon made possible by an order of the Supreme Court, varying a trust created some years ago by Mr. C. T. Major, formerly headmaster of King's College, who is at present acting as headmaster of King's School. Early in 10:11 Mr. Major set aside a sum of money, to be held in trust to provide an endowment for scholarships under which a pupil of King's College could be sent annually for threo years' study at Oxford or Cambridge. In accordance with the terms of the trust the capital was to bo allowed to accumulate for a period of 20 years, and it was estimated that there would then be in hand a fund sufficient to provide the scholarships. Since the trust was founded nearly five years ago conditions have radically changed, and it lias been found that the universal heavy fall in the rates of interest has made it impossible for the fund to achieve what the donor expected of it. The accumulated fund woidd not bo sufficient to provide scholarships of the nature and 011 tho scale that Mr. Major contemplated. In view of the altered circumstances, therefore, and with the consent of all the parties concerned, Mr. Major recently sought the authority of tho Supreme Court to divert the trust from its original purpose to a different but closely related one. King's College receives many of its pupils from King's Preparatory School, and the school at the present time is in need of extended and more up-to-date accommodation. Mr. Major asked that the trust fund bo made available for building purposes at the school. The other interests concerned, tho Guardian Trust and Executors Company of New Zealand, Limited, as trustees of the settlement, the St. John's College Trust Board, as owners of King's College, tho original beneficiary under tho settlement, and the board of King's Preparatory School, tho beneficiary under the new scheme, were in entiie agreement with Mr. Major's proposal, and in tho circumstances the Court has given its consent to the terms of the trust being varied as desired.