Thomas Taylor Trust Estate Act 1923 (NSW)

Thomas Taylor Trust Estate Act.

THOMAS TAYLOR TRUST ESTATE ACT, 1923.

An Act to enable the Trustees of the will and codicil of Thomas Taylor, late of Inverell, in the State of New South Wales, miller, deceased, to make provision out of his estate for the maintenance of his widow, Bertha Taylor, and of his daughter, Thelma Taylor; to dis- charge the said Trustees from certain breaches of the trusts of the said will and codicil; and for other incidental purposes. [Assented to, 21st December, 1923.]

AY WHEREAS Thomas Taylor, late of Inverell, in the

State of New South Wales, miller, deceased, died on the twenty-third day of September, in the year one thousand nine hundred, having duly made his last will and testament, probate whereof was duly granted to the executors therein named: And whereas by his said will, after bequeathing certain legacies not material to be herein mentioned, the said testator devised and bequeathed all his real and personal estate wheresover and whatsoever not otherwise disposed of unto and to the use of his trustees in the said will named, their heirs and assigns, for ever upon the following trusts, that is to say :—As to his mill property and machinery and mill business at Inverell aforesaid to carry on the said business and to pay any profits thereof into the estate account thereinafter mentioned: And whereas as to the rest and residue of his personal estate testator directed that his trustees should get in and convert the same into money with the exception of his household furniture and effects and buggy and horse and library

and

George V.

Preamble,

Thomas Taylor Trust Estate Act.

George V. and pay the proceeds of such sale getting in or conver-

sion into the Commercial Bank, Inverell, to the credit of an account to be styled 'The Estate Account" and from time to time invest such moneys as deposits in such bank: And as to the rest of his real estate to manage and let the same as therein mentioned and to receive the rents issues and profits thereof until his daughter Thelma should attain the age of twenty-five years or die whichever event should first happen and to make such payments thereout in the meantime for repairs insur- ance rates and taxes as to them should seem mect and to pay the net rents and profits thereof into the credit of the said estate account: And whereas the testator (inter alia) further directed that there should be paid to his wife Bertha 'Taylor out of the money thercinbefore directed as aforesaid to be paid into the bank to the said estate account until his said daughter attained the age of fourteen years the sum of one hundred and fifty pounds a year payable by equal quarterly instalments from the date of his death: And further directed that in the meantime his said wife should suitably maintain herself and his said daughter out of the said sum of one hundred and fifty pounds a year and that his said daughter should be educated at a public school: And further directed that on his said daughter attaining the age of fourteen his wife should be paid the sum of two hundred and fifty pounds a year by the like instalments as abovementioned and that she should thereout send his said daughter to some public Protestant College to be chosen by her it being his wish that his said daughter should proceed in due course to the Sydney University and ultimately take her Master of Arts degree if possible: And that should she wish it his said wife should pay out of the sail increased sum of two hundred and fifty pounds a year the reasonable expenses incurred by his said daughter in connection with her education at the said school and the University but that should his daughter decline or be unable by reason of ill-healzh or otherwise to proceed to the University on her leaving college the said amount to be paid to his said wife should be reduced to one hundred pounds per annum which should be paid to his said wife until his said daughter attained the age