CENTRAL BANK EXECUTOR Vs. HORMUSJI NUSSERWANJI MADRASWALLA

JUDGEMENT

(1.) THIS is an Originating summons taken out by the plaintiff-Co. which is the present Trustee of the Deed of Settlement executed by one Maneckji Ratanji Bharucha on 22nd April 1942 for the determination of certain questions that have been framed in it.

(2.) BY clause 2 of the said Deed of Settlement dated 22nd April 1942, the settlor provided that the net income of the trust estate was to be paid by the Trustees to himself for life. By clause 4 thereof, it was provided that from and after the death of the Settlor, the Trustees were to pay the net income to the Settlor's sister Banubai, if she be then living, for the term of her natural life. Clause 5 of the said Deed provided that, from and after the death of the said Banubai, or in ease she predeceased the Settlor then, on the death of the Settlor, the Trustees were to divide the Trust premises into two equal parts and hold them upon certain trusts thereafter specified. Clause 6 provided that one of those parts was to be held in trust for the issue of the said Banubai, but if the said Banubai died without leaving any issue, the Trustees were to hold the same upon trust to pay the net income thereof to her husband for life, and, in default of such husband, to apply the net income for the benefit of the Settlor's brother Ardeshir, if he be then alive, for his life, and, in default of the said Ardeshir, to transfer the said part of the Trust premises to the Parsi Panchayat Board at Surat for the benefit of a certain infirmary situated there. Clause 7 of the said Deed provided that the net income of the other part of the Trust premises was to be paid to the Settlor's brother Ardeshir, if he be then alive, and thereafter for the benefit of the wife and children of the said Ardeshir. Clause 8 of the said Deed provided that, from and after the death of the said Ardeshir and the said Banubai, the Trustees were to hold the said Trust premises upon certain other trusts in favour of the issue of the said Ardeshir, but if the said Ardeshir were to die leaving no issue and no widow, the said part of the Trust premises was to be transferred to the Parsi Panchayat at Surat for the benefit of a certain technical institute situated in that town. Clause 18 of the said Deed is in the following terms:

(3.) IT may be mentioned that the Settlor's brother Ardeshir died unmarried on 10th May 1956, and the Settlor's sister Banubai also died unmarried on 22nd October 1957.