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2 corrections, most recently by anonymous - Show corrections

MR. SAMUEL HORDERN'S  

WILL.  

PROPERTY LEFT TO FAMILY.  

DISPOSAL OF THE BUSINESS.

NO LITIGATION.

The will of the late Mr. Samuel Hordern of Sydney, merchant, bears date June 16 of the present year, while a codicil, altering to some extent the disposition in the original   will, bears date July 9. The testator ap- points his son, Samuel Hordern, John Felix Booth, of Stanmore, near Sydney, real estate manager, and his sons, Anthony Hordern, and Lebbeus Hordern, when they shall re- spectively attain the age of 21 years, to be executors of the will; and his wife, Jane

Maria Hordern, during her life, to be the

guardian of his infant children, the trustees after her death to be the guardians. A legacy of £200 is left to Mrs. Hordern, to

be paid as soon as conveniently may be after   the death of testator, and Retford Hall, his residence, is left to his wife for life, or during her widowhood, together with the cottage and lodge thereon, the grounds, and furniture and effects. After her death or re-marriage testator's son, Anthony Hordern, is to have the right to a life residence in and use of the house and grounds. After his death Lebbeus Hordern is to have it, also for life; then Samuel Hordern. After the deaths of his sons, the daughters, according to seniority, are to have the right of resi- dence for life. Neither the sons nor daugh- ters are to have the right to let or demise the lands. During the lives of these per-   sons the expenses of upkeep, rates and taxes, insurance, servants' wages, and so on shall be defrayed out of the estate. It is en- joined that those who shall become entitled to the possession of the premises shall make the place their principal place of residence,

and shall not be absent from there more

than two years at any one time, unless their absence is caused by considerations of health of themselves or their families. An inven- tory of the furniture and so on in the house is to be made, and delivered to the persons eligible to reside in the house, and after they have signed it the trustees shall not be liable for the preservation of the goods.

The residue of the estate, both real and personal, is devised upon trust to the trus- tees to sell the personality and invest the proceeds. Until the sale or disposal of the business of Anthony Hordern and Sons, tes- tator's son, Samuel Hordern, is to be man- ager at a salary of £5000 a year, in addi- tion to any other benefits to which he may be entitled under the will. After his death or retirement, the trustees are empowered to carry on the business. The trustees are not to interfere with Samuel Hordern's dis- cretion in the management of the business during his occupancy of the position of manager. After his death or retirement any one or more of them may be appointed

manager.

Out of the income of the residuary real and personal estate, or the investments for the time being representing the same, tes- tator's wife is to have an annuity of £2400 for life, or during widowhood, or until she may dispose of some portion of it. John Booth, of Dowling-street, Moore Park, is left £240 a year; Mrs. Sarah Ann Maria Booth, wife of John Booth, a like sum. Tes- tator's daughter, Minnie Watson, is left an annuity of £2100, his other daughters an- nuities of £2400 each. The income of the re- sidue is left to the sons, except John Booth Hordern. The income of the sons' shares is to be held upon trust until their major- ity, and in the event of their deaths their sons shall receive the father's portion on their attaining the age of 21 years. In case of none of the sons attaining their major- ity, the daughters shall take their brothers' parts. If any of his sons should die, either during the testator's lifetime, or after-

wards, his or their widows were to receive £480 a year. This sum is increased by codicil to £1200. Any daughters of his sons should receive £480 a year after the death of their father. Like provision is made for  

the children of testator's daughters. Dur-

ing the minority of his sons, £480 a year shall be applied for their maintenance, and any surplus income is to be invested. It is   testator's desire that each of his sons shall adopt some profession or business. None of the real estate, except such as he pro-

vides for in his will, shall be sold until his last surviving child's youngest child shall attain 21 years of age. The usual powers are given to bring lands under the Real Property Act, and to lease the real es- tate, except Retford Hall, to expend moneys in improving vacant land, or in rebuilding thereon. Instructions are given as to di- rections in which trust funds may be in- vested. One paragraph of the will reads: " I authorise my trustees, as soon as they conveniently can do so, after my death, to   convert my said business of Anthony Hor- dern and Sons into, or sell to, a company limited by shares, upon such terms, and in such manner as my trus- tees shall in their uncontrolled dis- cretion, think fit, and for that purpose I authorise and empower my trustees to sell, transfer, convey, and to assure to such company all or any part or   parts of my real estate as shall at my death be used in connection with my said business." This includes the London premises, also the establishment at Brick- field-hill, and the various factories, warehouse, and stables. The trustees may accept fully or partially-paid-up shares or debentures or any other interests or securities of any such com- pany as the consideration or part of the con- sideration for the transfer of the business. Power is given to appoint new trustees. It is the testator's desire that Mr. Thomas Read, of Sydney, solicitor, shall continue solicitor to the estate as long as he shall practise as a solicitor, Mr. Vero Read to be employed af- terwards. Mr. John Felix Booth is to be retained as real estate manager.

Another paragraph of the will says:—"Pro- vided always, and I do hereby direct and de- clare, that if any person or persons entitled to any share or benefit under my will or any codicil thereto shall go to law and dispute the validity thereof, or do any act, deed, or thing whereby or by reason whereby my said will or any codicil thereto or any dispositions contained therein may be impeached, set aside, or prejudicially affected, then and in every such case all benefits, devises, and be- quests in favour of such persons respectively who shall act as aforesaid shall cease and be void to all intents and purposes whatso-

ever."

The codicil, dated July 9, of the present year, raises, as already mentioned, the an- nuity of any son's widow from £480 to £1200, to be paid out of the portion of such son. In the event of any difference between the trus- tees as to placing the business under a limited liability company, then the eldest son for the time being shall determine the matter. In case of his death, or refusal, or inability to act some member of the New South Wales equity bar, of not less than 10 years' standing, to be nominated by Mr. Thomas Read and Mr. Vero Read, shall settle the matter, his decision to be binding upon all the beneficiaries. If any disagreement arise amongst the trustees as to the general management of the estate, Mr. Samuel Hordern, or the decision of a majority of the trustees, providing Mr. Samuel Hor- dern be one of the majority, shall prevail, if that Mr. Samuel Hordern is in the State of New South Wales.

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