POWERS OF TRUSTEES
INVESTMENTS FROM ESTATE EFFECT OF RECENT LEGISLATION. (Per United Press Association.) WELLINGTON, September 0. A case of interest to trustees respecting investments made in unusual circumstances was heard before Mr Justice Reed in the Supreme Court to-day. The parties were the Public Trustee v. Lowe and others, and the matter concerned the powers of the trustee under the will of Edward William Lowe. The will directed that the residuary estate might he invested in Government, local body, or other securities yielding not less than 5 per cent., but excluded mortgages of land. As a result of the 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 Honor reserved bis decision.
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Otago Daily Times, Issue 22052, 7 September 1933, Page 10
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154POWERS OF TRUSTEES Otago Daily Times, Issue 22052, 7 September 1933, Page 10
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