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Equity and Trusts

Equity and Trusts

QUESTION:

The Brighton Orchid Growing Society has one hundred members. The Society organised a fancy dress ball in order to raise money to build a new glass house. The event was very popular and raised ?10,000: ?5,000 from ticket sales; ?3,000 from a raffle on the evening and two ?1,000 donations from two local business women, Charlotte and Elizabeth.

Two weeks after the ball, Annabelle, a former president of the Society died and by her will left the Society ?1 million on the proviso that it was used for the purpose of cultivating orchids in Sussex and to erect a bronze statue of the Lady’s Slipper orchid – the most rare orchid in England.

One month later Sharp, the current president of the Society called a general meeting and proposed that the orchid growing was ecologically unsound and that the Society should be wound up with the assets distributed in equal shares amongst the members. This proposal was unanimously accepted and the treasurer was instructed to distribute the Society’s funds accordingly. With Annabelle’s bequest, the Society has surplus funds in excess of ?1m.

Annabelle’s daughter, Beatrice and some of the local people who attended the ball are very unhappy about this. Advise Beatrice and the local residents as to how the money is held by the club and what will happen to the surplus funds when the club is wound up.
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