Pfeiffer Estate Enabling Act of 1904 (4 Edw VII) (Qld)

4 Epw. VII., 1904. PFEIFFER ESTATE. Enabling Act. 8767 PFEIFFER ESTATE. An Act to enable Joseph Hyrom Elliott and Georch 4 Edw. VII. Heinrich Justus Pfeiffer and other the Trustees THEEsPTFAETIFEFER or Trustee for the time being of the Will ACT OF 1904. and Codicil of Friedrich Pfeiffer, deceased, to Acquire, Hold, and Deal with certain Shares in The Day Dawn Freehold Consolidated Gold Mines, Limited, and for other purposes in connection with the profitable Management or Realisation of the Estate of the said Friedrich Pfeiffer, deceased. [ASSENTED TO 1ST DECEMBER, 1904.] W HEREAS Friedrich Pfeiffer, late of Charters Towers, Preamble. in the State of Queensland, freeholder, deceased, , duly made and executed his last Will and Testament bearing date the fifth day of September, one thousand nine hundred, whereby he appointed John Nicholas Millett, of Charters Towers aforesaid, accountant, and Joseph Hyrom Elliott, of Charters Towers aforesaid, accountant, to be his Executors and the Trustees of his said Will, and, after the devise and bequest of certain real and personal property and the bequest of an annuity of three hundred and twelve pounds per annum to his wife, Mary Agnes .Pfeiffer, during her widowhood and without power of alienation or anticipation such annuity to be paid out of his residuary estate, he devised and bequeathed all the residue of his real and personal estate whatsoever and 'wheresoever of or to which he should at his death be seised, possessed, or entitled, or over which he should have a power of appointment or disposition by will, unto and to the use of the said John Nicholas Millett and Joseph Hyrom Elliott, their heirs, executors, and administrators respectively, upon trust that they the said John Nicholas Millett and Joseph Hyrom Elliott, or the survivor of them, or the heirs, executors, or administrators respectively of such survivor, or other the Trustees or Trustee for the time being of his said Will (and who were thereinafter generally referred to as his Trustees), should, in such manner and under such stipulations and upon such terms and conditions in all respects as they should

8768 PFEIFFER ESTATE. Enabling Act. 4 EDW. VII., in their absolute and uncontrolled discretion think fit, sell, collect, or otherwise convert into money (accord- ing to the nature of the premises) all such parts of the same premises as should not consist of money, and might buy in or rescind or vary any contract for sale or of any other description and resell without being. answerable for loss, and might for the purposes aforesaid_ or any of them execute and do all such assurances and things as they should in such discretion as aforesaid think fit, and should, after payment of his funeral and testamentary expenses and certain legacies and legacy duty, invest the moneys to be produced by such sale, collection, and conversion, and all other moneys arising from or forming part of his residuary estate, in or upon any of the public stocks or funds or Government securities of any of the Australasian States, or upon freehold, lease- hold (other than mining or miner's homestead leaseholds),. or chattel real securities, in any of the said States, or in or upon the stocks, funds, shares, debentures, debenture stock, mortgages, or securities of any Corporation, Com- pany (other than a mining company), or public body or authority, municipal, local, commercial, or otherwise, in any of the said States, or in or upon any of' the invest- ments authorised by " The Trustees and Executors Act of 1897 "* (but not in any other mode of investment), and might from time to time vary or transpose such invest- ments into or for others of any nature thereby authorised at their discretion, and should stand possessed of the same trust premises and of the investments for the time being representing the same and the income thereof, in trust for his four children, Frederick Pfeiffer, Charles William Pfeiffer, Catherine Regina Elizabeth Pfeiffer, and IVIagde- line Pfeiffer, who being sons or a son should attain the age of twenty-eight years, or being daughters or a daughter should attain that age or should marry under that age (subject, if marrying under the age of twenty-one years, to. - the consent of her guardian or guardians), in equal shares, provided, however, that the income of the expectant share of any such son should be paid to him after he should have attained the age of twenty-one years until he attained the age of twenty-eight years, and that his Trustees should retain the share of each of his said. daughters of and in the residuary trust funds upon trust to pay the income thereof to his same daughter from and after the attainment by her of the age of twenty- * 61 Vie. No. 10, supra, page 6359.

1904. PFEIFFER ESTATE. _Enabling Act. eight years, or from and after her marriage as aforesaid, k whichever should first happen, during her life, for her sole and separate use, but without power of anticipation, and gave certain directions as to the disposition of the said •shares of his said children and the income thereof upon the happening of certain events and contingencies in the said Will referred to, and declared that it should be lawful for his Trustees to defer and postpone the sale, conversion, and collection of the whole or any part or parts of his said real and personal estate thereinbefore devised and. bequeathed in trust for sale respectively so long as to his Trustees should in their absolute and uncontrolled discre- tion seem proper, and empowered his Trustees during such interval of postponement to manage and to let upon lease (as in his said Will authorised) or from year to year, and to make out of the income or capital of his said real and personal estate any outlay which his Trustees might consider proper for renewals of leases or grants, improve- ments, repairs, insurance, calls on shares, premiums on policies, or otherwise for the benefit or in respect of his real or personal estate, and declared that the net rents and profits or other income produced from every or any part of his said real or personal estate previously to the conver- sion or collection thereof pursuant to the trusts therein- before declared, should be applied in the same manner in all respects as if the same were income proceeding from such investments as were thereinbefore directed or authorised, and declared that his Trustees should have the fullest powers of determining what articles of property passed under any 'specific bequest, and of apportioning blended trust funds, and of determining whether any moneys were to be treated as capital or income, and generally of determining all matters as to which any doubt, difficulty, or question might arise under or in relation to the execution of the trusts of his said Will or any Codicil thereto, and declared that every determination of his Trustees in relation to any of the matters aforesaid, whether made upon a question formally or actually raised or implied in any of the acts or proceedings of his Trustees in relation to the premises, should bind all persons interested under his said Will and should not be objected to or questioned upon any ground whatsoever, and declared that the Trustees for the time being of his said Will might retain any shares or stock in any Company, or any bonds or debentures of any such Company or of any public body whatsoever, or any funds, 8769

8770 PFEIFFER ESTATE. Enabling Act. 4 EDW. VII., securities, or investments whatsoever, of which respectively he might be possessed at the time of his death, and that the property so retained and the annual income thereof should be held upon the trusts and with and subject to the powers, provisoes, and declarations therein declared and contained concerning the said trust moneys, stocks, funds, and securities of which trusts were thereinbefore declared and the income thereof, but that nothing therein contained should authorise his Trustees to make any investments of any description other than those therein- before expressly authorised, and declared that all the powers, authorities, and discretions by his said Will expressed to be vested in or given to the Trustees thereof, whether by that or any other designation, should devolve upon and be exercisable by the said John Nicholas Millett and Joseph Hyrom Elliott and the survivor of them, and the heirs, executors, and administrators respec- tively of such survivor (according to the nature of the property), or other the Trustees or Trustee for the time being of his said Will, and appointed the said John Nicholas Millett and Joseph Hyrom Elliott, or other the Trustees or Trustee for the time being of his said Will, guardians and guardian of his infant children during their respective minorities: And whereas on the seventeenth day of April, one thousand nine hundred and one, the said testator, Friedrich Pfeiffer, duly made and executed a Codicil to his said last Will and Testament, whereby he revoked the appointment in his said Will contained of the said John Nicholas Millett as a Trustee and Executor thereof and one of the guardians of his infant children, and appointed his nephew, Georch Heinrich Justus Pfeiffer, of Charters Towers aforesaid, fitter, to be a Trustee and Executor of his said Will and guardian of his infant children in the place of the said John Nicholas Millett with all the estates, trusts, and powers by his said Will vested in or given to the said John Nicholas Millett as a Trustee or Executor thereof (jointly with Joseph Hyrom Elliott therein named), or intended so to be, to the intent that his said Will should take effect as if, in every devise and bequest upon trust, and in the devise of estates vested in him as a trustee or mortgagee in his said Will contained, and generally throughout his said Will, the name of the said Georch Heinrich Justus Pfeiffer had been substituted for that of the said John Nicholas Millett, and in all other respects he confirmed his said Will:

PFEIFFER ESTATE. 1904. Enabling Act. And whereas the said testator died on or about the eleventh day of March, one thousand nine hundred and three, without having altered or revoked his said Will and Codicil, which were duly proved in the Supreme Court of Queensland at Townsville in solemn form of law on the eighteenth day of July, one thousand nine hundred and three, by the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer, the Executors therein named: And whereas Mary Agnes Pfeiffer, the wife of the said testator, and the testator's said children, Frederick Pfeiffer, Charles William Pfeiffer, Catherine Regina Elizabeth Pfeiffer, and Magdeline Pfeiffer, survived him and are still living, and the said Frederick Pfeiffer attained the age of twenty-one years on the fourteenth day of May, one thousand nine hundred and three, but the said Charles William Pfeiffer, Catherine Regina Elizabeth Pfeiffer, and Niagdeline Pfeiffer have not attained the age of twenty- one years: And whereas the gross value of the testator's real and personal estate as estimated for probate amounted to two hundred and ninety-six thousand three hundred and nine pounds one shilling and one penny, whereof the said real estate amounted to seven thousand two hundred and twenty pounds fifteen shillings: And whereas the testator's said personal estate con- sisted in part of shares in divers Joint Stock Companies registered under " The Companies Acts, 1863 to 1893," aannd carrying on at Charters Towers aforesaid the business of mining for gold, and especially of shares in two such Companies, namely, The Day Dawn Freehold Consolidated Gold Mines, Limited, and the Mills Day Dawn - United Gold Mines Company, Limited: And whereas the said Day Dawn Freehold Consolidated Gold Mines, Limited, was formed by the testator in the month of September, one thousand eight hundred and ninety-six, and duly registered with a capital of one hundred and fifty thousand pounds in one hundred and fifty thousand shares of one pound each, of which one hundred thousand shares were fully paid up and fifty thousand shares were contributing, with power to consoli- date and divide its capital into shares of larger amount than its existing shares, or to convert its paid-up shares into stock, also with power to increase its capital and to issue any portion thereof, and also on any increase of * 27 Vie. No. 4, supra, page 144; and Amendments, see supra, pages 1561, 3720, 40.82, 4518, and 4802. 8771

8772 PFEIFFER ESTATE. Enabling Act. 4 EDW. VII, capital to issue the whole or any part of such increased capital as ordinary, preference, guaranteed, or deferred shares or shares with such other rights, privileges, or conditions attached thereto as the general meeting of members authorising such increase of capital might prescribe: And whereas the principal object for which the said Company was formed was to seek and work valuable deposits of gold which were believed to exist at very considerable depths in certain freehold lands in Charters Towers aforesaid, namely, allotments one to five inclusive and nine to fourteen inclusive of section twenty-one, allotments one, three, four, eight, nine, ten, thirteen, fourteen, fifteen, and sixteen of section forty-seven, allot- ments one to nineteen inclusive of section twenty, allot- ments three to fifteen inclusive of section forty-six, allotments one to seventeen inclusive of section thirty-one, and allotments one to fourteen inclusive of section thirty, all in the county of Davenport, parish and town of Charters Towers aforesaid, and as consideration for the right to work such deposits the respective owners of the said freehold lands accepted and were allotted certain fully paid-up shares in the said Company: And whereas the testator applied for and was allotted the whole of the fifty thousand contributing shares in the said Company, and was also allotted forty-two thousand six hundred and forty-three fully paid-up shares therein, and the whole of the said contributing shares and the whole of the said fully paid-up shares were held by the testator at the date of his death, and still are part of the testator's estate, and were estimated for probate as of the value of twenty-five thousand pounds and twenty-eight thousand two hundred and fifty pounds nineteen shillings and nine- pence respectively: And whereas up to the date of the testator's death calls upon the said contributing shares, amounting in the aggregate to seventeen shillings and ninepence per share, had been made and had been duly paid by the testator, and a further call of sixpence per share having been made before the said date the same was duly paid by the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer as such Executors on the sixteenth day of March, one thousand ni-e hundred and three: And whereas in or about the month of January, one thousand nine hundred, the mining operations of the said Company became successful by the discovery of valuable

PFEIFFER ESTATE. 1904. _Enabling Act. deposits of gold in the said freehold lands at a depth of eighteen hundred feet or thereabouts, and between the said lastmentioned date and the month of May, one thousand nine hundred and two, the said Company paid certain dividends, but thereafter the successful mining operations of the said Company were delayed owing to the fact that the respective portions of land aforesaid were and still are separated by public roads, goldmining leases whereof were and still are held by the Mills Day Dawn United Gold Mines Company, Limited, which Company was and still is also the holder of goldmining leases comprising lands adjacent to the said freehold lands and to the said public roads, and it became necessary for the profitable working of the said lands of The Day Dawn Freehold Consolidated Gold Mines, Limited, to obtain a license to make drives through and under the said roads, and for that purpose to convert the tenure of the said lands from freehold to goldmining leasehold: And whereas the testator from the formation of the said lastmentioned Company to within a short time before his death, acted as Chairman of Directors of the said Company, and took an active part in connection with the aforesaid negotiations, which were not completed at the date of his death: And whereas goldmining leases in respect of the said lands were not issued until the twenty-seventh day of December, one thousand nine hundred and two, the eleventh day of February, one thousand nine hundred and four, and the twenty-first day of March, one thousand nine hundred and four, and such license to make the said drives was not issued until the twentieth day of May, one - thousand nine hundred and three: And whereas, by reason of the pendency of the said negotiations and of the fact that the testator held so large a number of shares in the said Company, it was not possible for the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer, as such Executors and Trustees, to realise on the said shares in the testator's estate without very great loss, and it was therefore considered necessary by them to retain the same for the time being: And whereas since the testator's death further calls on the contributing shares of the said Company, amounting in the aggregate to one shilling and ninepence per share, have been duly made, and have been duly paid by the said Executors and Trustees in pursuance of the powers contained in the said Will and Codicil, so that the 8773

8774 PFEIFFER ESTATE. Enabling Act. 4 EDW. VII., whole capital of the said Company was called up, and without an increase of capital it became impossible to further carry on the mining operations of the said Corn- pany or further work the valuable deposits of gold known to exist in the said lands: And whereas, at an extraordinary general meeting of the members of the said Company held on the nineteenth day of May, one thousand nine hundred and three, the following extraordinary resolution was passed, and at a subsequent extraordinary general meeting of the said members held on the sixteenth day of June in the said year the said resolution was duly confirmed, and on the eighteenth day of June aforesaid the said resolution was duly registered, namely :— (i.) That the capital of the Company be increased to two hundred thousand pounds by the creation of fifty thousand additional shares of one pound each ranking for dividend, and in all other respects pars passu with the existing shares of the Company; (ii.) That the said fifty thousand additional shares be offered, in the first instance, to the members of the Company in proportion as nearly as may be to the number of shares held by them respectively and upon the footing that the said shares be issued at one shilling on applica- tion and one shilling on allotment and the balance by calls not exceeding one shilling per share to be made at such times as the General Board may think fit, but at intervals of not less than twenty-seven days, and that such offer be made by notice specifying the number of shares to which the member is entitled and limiting a time within which the offer if not accepted by payment will be deemed to be declined; That the General Board be authorised to dis- pose of any shares offered to a member under the last preceding clause and declined or not accepted by him within such specified time to such persons and upon such terms as the General Board may think fit: And whereas under the terms of the said resolution the said Executors and Trustees were offered in respect of the testator's estate thirty thousand eight hundred and eighty-one of the said fifty thousand additional shares in

PFEIFFER ESTATE. 1904. Enabling Act. the said Company, and the said Executors and Trustees, after the most careful consideration of the whole circum- stances, were satisfied that it would be to the best interests of the testator's estate to accept the said shares, and they accordingly applied for and were on the tenth day of July, one thousand nine hundred and three, allotted the same, and have made the payments in respect thereof by the said resolution prescribed, and have since that date made certain other payments for calls duly made in respect of the said additional shares: And whereas the said Executors and. Trustees have from time to time paid to the said Company in respect of the said additional shares sums amounting in the aggregate to nine thousand two hundred and sixty-four pounds six shillings out of the testator's estate, and further calls may from time to time be made in respect of the said shares: And whereas doubts have arisen whether under the powers contained in the said Will and Codicil the said Executors and Trustees were authorised to purchase the said. additional shares in the said Company and to make the payments hereinbefore mentioned in respect of the same, and it is desirable to set such doubts at rest and to validate the purchase of the said shares and the said pay- ments in respect of the same, and to authorise the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer as such Executors and Trustees and the survivor of them, and the heirs, executors, and administrators of such sur- vivor, and other the Trustees or Trustee for the time being of the said Will and Codicil, to make out of the testator's estate any further payments in respect of the said shares which may from time to time become due and payable: And whereas it may become necessary for the profitable management or realisation of the testator's estate to enter into agreements or contracts with persons or Companies carrying on the business of gold mining in lands adjacent to the lands of the said Company, and in especial with the Mills Day Dawn United Gold Mines Company, Limited, and for that purpose it is desirable that power should be given to the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer as such Executors and Trustees and the survivor of them, and the heirs, executors, and administrators of such survivor, and other the Trustees or Trustee for the time being of the said Will and Codicil, to make such further investments in the shares of The Day Dawn Freehold Consolidated Gold Mines, Limited, and such investments in the shares of such other Company or 8775

8776 PFEIFFER ESTATE. Enabling Act. 4 EDW. VII., Companies registered under " The Companies Acts, 1863 to 1896," and carrying on or formed for the purpose of carrying on the business of gold mining at Charters Towers aforesaid in the lands now in the possession of The Day Dawn Freehold Consolidated Gold Mines, Limited, or in adjacent lands as may be necessary or proper for ensuring the objects aforesaid, and as may be approved by the Supreme Court of Queensland: And whereas it is desirous to enable the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer as such Executors and Trustees and the survivor of them, and the heirs, executors, and administrators of such sur- vivor, and other the Trustees or Trustee for the time being of the said Will and Codicil, to hold the said additional shares in the said last-mentioned Company and all other the said investments and the annual profits and income arising therefrom upon the trusts declared by the said Will and Codicil and hereinloefore mentioned, and to confer upon the said Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer as such Executors and Trustees and the survivor of them, and the heirs, executors, and adminis- trators of such survivor, and other the Trustees or Trustee for the time being of the said Will and Codicil, all proper and necessary powers in that behalf: Be it therefore enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of Queens- land in Parliament assembled, and by the authority of the same, as follows :- Interpreta- tion. 1. In this Act the expression "Trustees" means and includes Joseph Hyrom Elliott and Georch Heinrich Justus Pfeiffer, the Executors and Trustees appointed by the Will and Codicil of Friedrich Pfeiffer, deceased, and the survivor of them, and the heirs, executors, and administrators of such survivor, and all or any other Trustees or Trustee for the time being of the said Will and Codicil. Previous purchase of shares and payments validated. 2. The purchase by the Trustees on the tenth day of July, one thousand nine hundred and three, of :thirty thousand eight hundred and eighty-one additional shares of one pound each in The Day Dawn Freehold Consolidated Gold Mines, Limited, and the payment by the Trustees out of the estate of the said Friedrich Pfeiffer, deceased, of * 27 Vic. No. 4, supra, page 144; and Amendments, see supra, pages 1561, 3720, 4182, 4518, 4802, and 5908.

PFEIFFER ESTATE, 8177 1904. Enabling Act. the sum of nine thousand two hundred and sixty-four pounds six shillings, in respect of application and allotment 4 moneys and calls on the said shares, are hereby validated, and shall be deemed to have been duly made by the Trustees under the powers of investment contained in the Will and Codicil of the said Friedrich Pfeiffer, deceased. 3. So long as the said shares or any of them remain Further a part of the estate of the said Friedrich Pfeiffer, deceased, PaUthoeristesd. it shall be lawful for the Trustees to make out of the said estate all further payments that may from time to time become due and payable in respect of the said shares by way of calls or otherwise. 4. If at any time hereafter it becomes necessary or Power to proper for ensuring the profitable management or realisa- itsettfathse." tion of the estate of the said Friedrich Pfeiffer, deceased, and especially of so much thereof as may consist of shares in The Day Dawn Freehold Consolidated Gold Mines, Limited, that the Trustees should make further investments in the shares of the said Company, or investments in the shares of the Mills Day Dawn United Gold Mines Company, Limited, or of any other Company or Companies registered under "The Companies Acts, 1863 to 1896," and carrying on or formed for the purpose of carrying on the business of gold mining at Charters Towers in the lands now in the possession of The Day Dawn Freehold Consolidated Gold Mines, Limited, or in adjacent lands, the Trustees may, from time to time, without an action, apply by summons upon a written statement of the facts to the Supreme Court or a Judge. thereof, for the permission of such Court or Judge to make such investments. Notice of such application must be served upon and the hearing thereof may be attended by any persons interested in the application or such of them as such Court or Judge may think expedient. It shall be lawful for the Trustees to make such investments as are approved by such Court or Judge and to make out of the estate of the said Friedrich Pfeiffer, deceased, all such payments which may from time to time become due and payable in respect of such investments, and every such investment so approved shall thereupon be deemed to have been duly made by the Trustees under the powers of investment contained in the Will and Codicil of the said Friedrich Pfeiffer, deceased. * 27 Tie. No. 4, supra, page 144; and Amendments, see supra, pages 1561, 3720, 4182, 4518, 4802, and. 5908.

8778 PFEIFFER ESTATE—RAILWAYS AND TRAMWAYS. _Munro' s Tramway. 4 EDW. VII., The costs of every such application shall be in the discretion of such Court or Judge. CtIttohhnoeevbdeTeWiscrtihmulie, lslletdnasntoosdnf TathnhidertDyo 5 fa . tyheTovDhueaerswyaTnnordFtuhreseeitergehehionstlvdhsehuCsantomldnlrseseontdlaitdnamadntaedpddoeeGisgbsoheyldtsytsMh- eoedimnnoeesfus, nthLhdaiemerersistatehiidnde, powers hereinbefore contained, and of the annual profits and income of such shares and investments, upon and for the same trusts, intents, and purposes as are in the said Will and. Codicil contained with respect to the investments therein authorised to be made and the annual profits and income thereof. Short title. 6. This Act may be cited as " The Pfeiffer Estate Enabling Act of 19042' QUEENSLAND NATIONAL BANK, LIMITED, AGREEMENT. See BANKS. RAILWAYS AND TRAMWAYS. 4 Edw. VII. An Act to Authorise Duncan Munro to Complete THE MUNRO'S TRAMWAY and Maintain and Work a Tramway con- ACT OF 1904. structed and in course of construction by him from Hampton Railway Station, on the Crow's Nest Branch of the Southern and Western Railway, to Perseverance. [ASSENTED TO 14T El DECEMBER, 1904.] Preamble. W HEREAS Duncan Munro, of Toowoomba, in the State of (4ueensland, carrying on business at Too- woomba aforesaid and elsewhere as a sawmiller and timber merchant, under the firm-name of "A. & D. Munro," has, for the purposes of his said business, constructed a tram- way seven miles in length or thereabouts from Hampton Railway Station, on the Crow's Nest Branch of the Southern and Western Railway, to his sawmills, on Perseverance Creek, according to the route delineated. in the Schedule to this Act, and has for some time maintained and worked the same: And. whereas the said. Duncan Munro has, for the purposes of his said. business, found it necessary to extend the said tramway