9911796707
TMI Blog1976 (4) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... uty was levied in U. K. on his entire estate which included 1,167 ordinary shares of Spencer and Co. Ltd., as on its Madras register and 71,340 ordinary shares of that company on its London register and 2,780 " A " preference shares and 5,855 " B " preference shares on the company's London register. Mr. Oakshott has left behind him a will dated April 22, 1952. Executors have been appointed under the will. Soon after his death, the executors took into custody all the assets belonging to the deceased. In 1956 itself the executors got the shares in the Spencer and Company Ltd. transferred in their names. Mrs. Oakshott, the wife of the deceased, was one of the legatees under the will of her husband. She herself was domiciled in England. She die ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wards be applied as if the same were income arising from investments hereinafter directed to be made of the proceeds of the sale thereof and I express the wish but without the intent to create any legal obligation that my trustees so long as my holding of shares in Spencer and Company Ltd., forms part of my estate and on the sale of the whole or greater part thereof will take such steps as may lie within the powers of my trustees and necessary to be taken in order to afford adequate protection to the interests as employees of the many loyal employees of Spencer and Company Limited. 6. My Trustees shall out of the moneys to arise from the sale calling in and conversion of or forming part of my real and personal property pay my funeral and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ming an annuity of one hundred and fifty pounds during her life ; (b) to the said Mary Jones an annuity of two hundred pounds during her life ; (c) to the said Amy Langdon an annuity of two hundred pounds during her life. And I declare that such respective annuities shall begin from the death of my said wife and shall be payable by equal quarterly payments the first to be made at the expiration of three calendar months from the death of my said wife. And I also declare that no annuitant shall be entitled to receive the capital value of her annuity in lieu thereof. My trustees shall also pay out of the trust fund to the said Albert Price if in my employ or the employ of my said wife and not then under notice to leave given or rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... homas Anwyl Davies shall stand possessed of the capital and income of the such one equal moiety of the trust fund in trust for and if more than one equally between such of them my said son (if living at the death of the said daughter) and each of the children of my said son and of my said daughter who shall be living at the death of may said daughter and who being male shall attain the age of twenty-one years or being female shall attain that age or marry under that age ; (iii) If the trustees hereinbefore declared concerning the share of either child of mine in the trust fund shall fail or determine then subject to the trusts power and provisions herein declared and contained and to the powers by law vested in my trustees concerning the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us. The above clauses extracted from the will of Mr. Oakshott clearly show that Mrs. Oakshott did not have any interest in the shares of Spencer Co. Ltd. specifically. In paragraph 10 of the order of the Appellate Tribunal, it is stated : " It is an admitted fact that Mrs. Oakshott was not given specifically the shares in Spencer Co. Ltd." Clause 5 enabled the Trustees to apply the income from the assets of Mr. Oakshott and also any income arising from the investments made out of the sale proceeds of such assets for paying the legatees as provided for under the terms of the will. Clause 8 which alone deals with the payment of the amount to Mrs. Oakshott during her lifetime clearly states : " the income of the residues of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Spencer Co. Ltd. As a matter of fact, it is admitted that having regard to the terms of the will, Mrs. Oakshott herself could not have taken any action against Spencer Co. Ltd. for recovery of the dividend due and payable on the shares in question and her only remedy was against the executors of the will for payment to her out of the trust fund mentioned in clause 8 of the will. Under these circumstances, the Tribunal was right in stating that all that she was entitled to was to get the income from the moneys invested or the properties left after the payment to the specific legatees and after making provision for creating a fund for payment of annuities, the payment of debts and all the property charges and expenses incurred in the adm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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