COUNCIL AND TRUSTEE.
TROUBLE OVER A BEQUEST. (Fhom Oue Own Cobeespondent.) INVERCARGILL, July 9. The Feldwick bequest of £20,000 to the Invercargill Corporation for the purpose of developing the Queen’s Park has not yet been paid over, as the Public Trustee claimed what is known as the executor’s year. At the meeting of the council last night the town clerk was authorised to proceed to Wellington in order to make representations to the proper authorities on the subject. Cr Haggitt explained that the Public Trustee had offered to hand over to the council fixed deposit receipts for the amount, but the committee was of opinion that the council was not being treated fairly. There was a clause in the will sayin effect that in order to facilitate the wind-ing-up of the estate the trustee should have power to apportion to the beneficiaries cash mortgage and other securities representing the amount bequeathed. It was obvious that, if the trustee meant to take up that attitude, immediate action was necessary. If the course proposed to be adopted was carried out, it would mean that they would lose £BOO. Cr Ott expressed the opinion that it should be pointed out that the council was getting only 4 per cent, on the fixed deposit receipts. The corporation was being treated very badly indeed, and the residue of the estate was getting a benefit to which it was not entitled. The Mayor also expressed the opinion that the council was being unfairly treated. They were entitled to interest over the executor’s year, but it appeared that they were not .going to get it. The trustee had offered them £I2OO of the bequest on condition that they paid 5 per cent., and they were not going to do that. Cr Lillicrap pointed out that a large portion of the estate was represented on first mortgage on Southland properties, and he said that if thej' got those securities they would command a higher rate of interest than the fixed deposits. It was unanimously decided to send the town clerk to Wellington.
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https://paperspast.natlib.govt.nz/newspapers/OW19140715.2.151
Bibliographic details
Otago Witness, Issue 3148, 15 July 1914, Page 32
Word Count
344COUNCIL AND TRUSTEE. Otago Witness, Issue 3148, 15 July 1914, Page 32
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