STUDENTS OF TRUTH.

Star (Christchurch), Issue 4994, 5 July 1894, Page 2

STUDENTS OF TRUTH.

. ♦ Interest on Debentures. At the Chtistchurch Magistrate's Court to-day a civil action in which Elizabeth Mary Ingram sued the Students of Truth Society or Trust Board was heard before Mr E. Beetham, S.M. Mr Yon Haast appeared for plaintiff and Mr Bruges for defendants. The statement of claim set forth that plaintiff Bued to recover from the defendants the sum of £12, interest due on six debentures, copies of which were annexed to the claim, which was made up as follows : — Six months' interest, due on Feb. 5, 1894,, on three debentures of £5 each, dated Feb. 5, 1892, £4 10a ; six months' interest, due on May 26, 1894, on two debentures of £50, dated May 26, 1892, £3} six months' interest, due June 7, 1894, on three debentures of £50 each, dated Dec. 7, 1891, £4 10s; total, £12. Mr Haast read a copy of one of the debentures issued to the plaintiff. It read as follows:— "The Students of Truth Building Fund, Chrietchnrch, Sept. 3, 1892.— This debenture is issued to Elizabeth Mary Ingram by the undersigned as trustees acting for and on behalf of the Students of Truth. The bearer hereof is entitled to the repayment of £50 (the receipt of which iB hereby acknowledged) on the expiration of three years from the date hereof, unless the debenture is drawn for repayment prior to that time. Interest at the rate of six per cent per annum will be paid on this debenture by the trustees on behalf of the Students of Truth, in half-yearly payments. All liability of the trustees with regard to thid debenture is restricted to the amount of funds in their hands belonging to the Students of Truth. Frederick Turvey, W. Bainbow, H. Stringleman, T. J. Edmonds, C. A. Gawen, T. Burnham, On B. Hart, C. Doggan, trustees." Mr Haast stated that the interest on the debentures issued to the plaintiff had been paid up to last year. The trustees had admitted the amount of claim, but he understood that the defence would be that there were no funds to pay the interest. The last clause in the oopy of the debentures stated that the liability of the trustees was restricted to the amount of funds in their handß. Ha then went on to explain that the ground on which the Temple of Truth was situated was purchased for £1100 on March 2, 1892, by eight trustees, who paid £100 in cash and gave a mortgage of £1000 to the vendors. On August 2, 1893, the trustees leased the temple and dwelling-house to A. B. Worthington. The deed registered in the Public Deeds Office, Ohristchuroh, in respect to the Temple of Truth property, sets forth that the trustees of the Students of Truth let to Arthur B. Worthington, teacher of the Students of Truth, for twenty years, from Sept. 21, 1892, the property known as the "Templo of Truth," for the rental of £240 per annum payable halfyearly. The conditions of this lease were "that the property shall be devoted to' the propagation of the teaching of the Students of Truth, Bible interpretation as set forth in the published volume or book j called 'The Worthington Lectures,' and taught by the lessee (A. B. Worthington) herein in the claBS rooms of the Students of Truth in Christchurch, never departing .from the said 'Holy 'Bible as the T^asis of such teaohing and propaganda, provided, however, that the said lessee shall have the right and privilege to let the auditorium thereof for such purposes as in bis judgment

are not improper or inconsistent with ' a temple or place dedicated to the worship of Almighty God." On April) 14, 1893, Mra Simeon sold to Charles ' Dnggan and C. A. Gawen the land opposite the Temple for £1000, to be held ; oti trusfc by the Students of Truth, and on ' trust, to let, sell, or mortgage with the consent of A. B. Worthington during his life. The amount raised for building the . Temple by these debentures was £4880, ' and the sum of £700 was subscribed. ! The plaintiff produced the debentures issued to her by defendants. She invested money in this way upon the advice of A. B. Worthington. Paid the money in two sums of JEISO and one Bum- of £100, mating a total of £400. Had written and applied to the trustees for interest on these debentures. (The letters wece produced.) Mr Beetham said one of the letters written by G. Simpson to the plaintiff admitted that the interest was due, but there was no money in the hands of the trustees, and they regretted their inability to pay. In reply to Mr Beethan?, Mr Bruges admitted that the plaintiff held the debentures from the trustees to the extent mentioned in the statement of claim. The interest on the debentures had been paid by the old trustees up to Sept. 19, ' 1893, and a subsequent payment was made ■ to plaintiff by Worthingtou in January, ' 1894. The Trust Board was incorporated on Nov. 2, 1893. | Upon the suggestion of Mr Beetham, the case was adjourned till two o'clock to i enable learned counsel to come to some ' agreement as to what points they would > admit on both sides. • I On resuming at two o'clock Mr Haast recalled the plaintiff, who stated that she j paid the £400 to Worthington, who gave \ her two debentures; Mr Duggan gave her , the other six debentures. A sinking fund i was started by the students, and the i debenture holders were invited to pay off • the interest on the debentures. Witness ] agreed to pay 30a a year for the purpose of paying off the interest, on her debentures. [Left sitting.]