ISAAC NISSIM SILAS Vs. OFFICIAL TRUSTEE OF BENGAL

JUDGEMENT

(1.) This summons was taken out by the plaintiffs for the determination of this question, namely, whether the trust created by the first plaintiff Isaac Nissim Silas can be revoked by the settlor with the consent of his wife and two sons who along with the settlor are stated to be the only beneficiaries.

(2.) This trust was created by Issac Nissim Silas the settlor by an Indenture of Trust dated 1-4-1931. The Official Trustee of Bengal has been made a trustee and the property was conveyed to the trustee to be held by him upon trust set out in the said indenture.

(3.) The trust was a family trust created for the benefit of the settlor and his wife, his sons and their children to be born. At the date of the trust the settlor's family consisted of his wife, and his three sons, Elias, Jacob and Nissim. The trust deed provides that the trustee after making provision for meeting the necessary expenses, namely, the payment of the rates and taxes of the Corporation and the costs of repair will pay the balance of the income to the settlor during his life time, thereafter to his wife thereafter to his three sons in equal shares. Disposition was made of the remainder in favour of the sons children that may be born and remain alive at a certain period subject to certain contingencies. After making provision for himself and his wife the settlor sets out the trust in favour of the sons and their children on the following terms :