HM Attorney General v Zedra Fiduciary Services (UK) Ltd [2022] WTLR 557
Wills & Trusts Law Reports | Summer 2022 #187The Attorney General applied for a cy-près scheme to be made pursuant to the Charities Act 2011, ss62 and 67 with respect to a charitable trust known as the National Fund. The defendant as trustee of the National Fund (the trustee) invited the court to direct an alternative scheme.
The National Fund had been established in 1928 for the purpose of the discharge of the National Debt. By the date of the hearing the National Fund held £600m, and the National Debt, as at the end of October 2021, was £2,277.6bn.
In its judgment of 20 November 2020 (...
H.M. Attorney General v Zedra Fiduciary Services (UK) Ltd & ors [2020] WTLR 1287
Wills & Trusts Law Reports | Winter 2020 #181In 1927 a partner (GF) in Barings Brothers & Co (Barings) transferred cash and securities of almost £500,000 (the National Fund) to Barings in anticipation of the execution of a deed of trust by Barings, which was executed on 9 January 1928 (the deed). Other donors, including Lord Dalziel, subsequently made further contributions to the National Fund. By clause 2 of the deed Barings held the National Fund as trustees upon trust to accumulate income and profits until the date fixed by the trustees as being the date when, either alone or together with other funds then available for the ...