Failure of compliance of these conditions will cause this special bequest to lapse at which instance it will form part of the residue of the trust.’ (Underlining supplied for emphasis). [13] Clauses 12 and 13 of the will direct the trustees to deal with the trust capital and income in their discretion; that until the death of the first appellant the income and capital of the trust be applied for the maintenance or other benefit of the first appellant - even if it causes the trust funds to be depleted prior to the first appellant’s death. Egerer Senior specifically directed that of his many assets, the trustees should where possible continue to trade with Hotel Thule until in their discretion they wish to sell the business, liquidate it or stop trading. He expressed the that in the event that Wolfgang ‘wish’ Balzar resigns from the employment of Hotel Thule, he recommend’ that the ‘strongly trustees sell the business of the Hotel or stop trading with it. He then specifically stated in respect of Hotel Thule: further direct that Hotel Thule will also be reduced to cash to best advantage upon the ‘I date of termination of the [Egerer Family Trust], if not already sold or closed down. I direct that my trustees shall award the amount of 3.5% Wolfgang Balzar the …to …upon date Hotel Thule is reduced to cash to best advantage, calculated on the net share value (My emphasis) of my shares in Ploen Development (Pty) Ltd.’ [14] The consequence is that in the will, Egerer Senior had appointed more than one additional trustee of the Egerer Family and bequeathed financial benefits to persons who do not fall under any class of beneficiary (capital or income) as defined in the trust deed.
Failure of compliance of these conditions will cause this special bequest to lapse at which instance it will form part of the residue of the trust.’ (Underlining supplied for emphasis). [13] Clauses 12 and 13 of the will direct the trustees to deal with the trust capital and income in their discretion; that until the death of the first appellant the income and capital of the trust be applied for the maintenance or other benefit of the first appellant - even if it causes the trust funds to be depleted prior to the first appellant’s death. Egerer Senior specifically directed that of his many assets, the trustees should where possible continue to trade with Hotel Thule until in their discretion they wish to sell the business, liquidate it or stop trading. He expressed the ‘wish’ that in the event that Wolfgang Balzar resigns from the employment of Hotel Thule, he ‘strongly recommend’ that the trustees sell the business of the Hotel or stop trading with it. He then specifically stated in respect of Hotel Thule: ‘I further direct that Hotel Thule will also be reduced to cash to best advantage upon the date of termination of the [Egerer Family Trust], if not already sold or closed down. I direct that my trustees shall award the amount of 3.5% …to Wolfgang Balzar …upon the date Hotel Thule is reduced to cash to best advantage, calculated on the net share value of my shares in Ploen Development (Pty) Ltd.’ (My emphasis) [14] The consequence is that in the will, Egerer Senior had appointed more than one additional trustee of the Egerer Family and bequeathed financial benefits to persons who do not fall under any class of beneficiary (capital or income) as defined in the trust deed.
Egerer%20v%20Executrust%20(Pty)%20Ltd%20(SA%2042-2016)%20[2018]%20NASC%20(6%20February%202018).docx