WHEREAS Stephen Cole Moule (hereinafter called
“the testator”), late of Prebbleton, in the County of Selwyn and Colony of New Zealand, by his last will and testament, bearing date the twenty-seventh day of September; one thousand eight hundred and eighty-nine, directed the trustees thereof, after the death of his wife, Mary Moule, and the death of his only son, Stephen Cole Moule the younger, to pay and apply the net income of his trust estate for the benefit and maintenance of the Old Men's Home at Ashburton, being a charitable institution within the meaning of The Hospitals and Charitable Institutions Act 1885: And whereas it was further declared by the said will that the aforesaid provision for the benefit of the said institution was made on the express condition only that there should at all times for ever thereafter be paid out of the Consolidated Fund to the Board of the district having the control of the said charitable institution the annual subsidy of one dollar for every two dollars of the said net income to the extent of one thousand dollars in each year; and, further, that for the purpose of estimating the amount of the said annual subsidy the said net income of the said trust estate for each year applicable to the maintenance of the said institution should be deemed and taken to be a separate bequest for each year: And whereas the testator died on or about the fifth day of October, one thousand eight hundred and ninety, and probate of his will was granted by the Supreme Court of New Zealand to John William Overton and Robert McGregor, the trustees named therein: And whereas Mary Moule, the widow of the testator; died on or about the twenty-eighth day of July, one thousand eight hundred and ninety-two: And whereas Stephen Cole Moule the younger died on or about the fifteenth day of November, one thousand nine hundred, leaving him surviving a widow and three infant children: And whereas the trustees of the will of the testator have paid the net income of the estate to the Ashburton and North Canterbury United Charitable Aid Board, as the local body having the management and control of the said institution, and the said Board has received from the consolidated revenue of New Zealand the sum of one thousand dollars by way of subsidy, which is the maximum amount payable on any one bequest under the provisions of The Hospitals and Charitable Institutions Act 1885: And whereas it is expedient that the trustees of the said estate should have power to make provision out of the income of the estate for the maintenance, benefit, and advantage of the family of Stephen Cole Moule the younger during their lives: And whereas it is expedient that the trustees of the estate of Stephen Cole Moule should have power to pay to the local body or persons having the management and control for the time being of the Old Men's Home at Ashburton the residue and remainder of the net annual income derived from the trust estate of the testator, whether such annual subsidy be received by such local authority from the Consolidated Fund or not: And whereas the objects of this Act are not attainable otherwise than by legislation:
“one dollar for every two dollars” and
“one thousand dollars” were substituted, as from 10 July 1967, for the words
“ten shillings for every pound” and
“five hundred pounds” respectively pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).