Whereas William Telford, late of Otanomomo, farmer, deceased, died on 11 July 1947, leaving a will dated 16 December 1946, which will was duly proved by Jane Telford, Doris Emmerson Telford, Henry Lawrence Cook, and Norman William Allan, the executors therein named, in the Supreme Court of New Zealand, and probate thereof was granted to them by and out of the said court at Dunedin in the Otago and Southland District on 25 July 1947:

And whereas by his said will the said testator bequeathed certain life interests in his residuary estate to his wife and his sisters the said Jane Telford and Doris Emmerson Telford (inter alia), and expressed the wish that on the termination of such prior trusts the portions of the Otanomomo Estate described in Schedules 1 and 2 in which the deceased was entitled to an equal undivided one-third share and interest as tenant in common with his sisters the said Jane Telford and Doris Emmerson Telford should be used as a stud farm for the purpose of encouraging and promoting the breeding of pure-bred Romney sheep and Hereford cattle, and in order to give effect to his said wishes he empowered and authorised his trustees, but not so as to impose a binding trust upon them and so far only as they could do so while keeping within the scope of charitable objects, to join with the owners of the other shares of the said portion of the Otanomomo Estate hereinbefore referred to in transferring and assigning the same and the live and dead stock thereon at the date of such transfer and assignment to the Government of New Zealand, or to any incorporated society or body of persons in New Zealand, to be held and used by the said Government or by any such society or body of persons for the purposes of a stud farm, and on and subject to such trusts, terms, and conditions as his trustees in their absolute and uncontrolled discretion should think fit to impose in order to give effect to his said wishes, and he declared that if his trustees should make and give any transfer and assignment of the said land and live and dead stock in pursuance of the power and authority and discretion thereby conferred upon and vested in them they should not thereafter be responsible for the trust property so transferred and assigned or to see that the trusts established in respect thereof were duly performed and observed by the transferee and assignee thereof, and he further directed his trustees to hold the ultimate residue of his trust estate, including all his property both real and personal in respect of which the foregoing trusts of his said will should for any reason fail or should not be legally capable of taking effect or should not be carried into effect and the investments for the time being representing the same, upon trust to apply the net annual income which should arise therefrom for both or either as his trustees should think fit of the following purposes that is to say:

Firstly for the purpose of encouraging and promoting improvement in sheepbreeding in New Zealand, and secondly for the purpose of promoting and assisting research work which might be carried on by or under the supervision or control of any public hospital or University or University College in New Zealand into the causes and cure of diseases and ailments of the human body, and he further expressed the wish to his trustees that if the said portion of the Otanomomo Estate and the live and dead stock thereon should be transferred and assigned to the Government of New Zealand or to any such society or persons in accordance with the power, authority, and discretion vested in his trustees as aforesaid, and if his trustees should be satisfied that the trusts on which the said property was held were being faithfully performed, then his trustees in distributing the income from the ultimate residue of his estate should regard the continuance and the proper carrying on of the said property as being of primary importance and should give favourable consideration (but not so as to impose any trust or obligation on his trustees) to the making of the annual grants to assist in the carrying on of the said property and in the importing of stud Romney sheep from Kent in England for use on the said property and generally for assisting and promoting the trusts in respect thereof, and he expressed the further wish that, notwithstanding the foregoing trusts and provisions of his will, the dispositions and trusts which his trustees were empowered and authorised to make and establish as aforesaid should be made and established as soon as possible after his death, and he accordingly authorised and empowered his trustees, but with the consent in writing of his said wife so long as she should remain his widow, to join with his said sisters or their personal representatives in making and establishing the said dispositions and trusts at any time after his death whenever they should think fit so to do:

provided always and he declared that, if the said dispositions and trusts should be made and established during the lifetime of his said sisters or either of them the residence and the gardens and adjoining portions of the said Otanomomo Estate at the time of the execution of his said will occupied or used by his said sisters, being the land described in Schedule 2 should be excluded from any dispositions or trusts so made or established by his trustees, and should be held by his trustees in trust for his said sisters as joint tenants and for their own use and benefit absolutely:

And whereas the said Doris Emmerson Telford died on 12 April 1956, leaving a will dated 18 August 1947, which will was duly proved by the said Jane Telford and Norman William Allan (2 of the executors and trustees therein named) in the Supreme Court of New Zealand, and probate thereof was granted to them by and out of the said court at Dunedin in the Otago and Southland District on 12 June 1956, full power and authority being reserved to the said court to grant like probate and administration to the said Henry Lawrence Cook, the other executor in the said will named, whenever he should appear before the said court and sue for the same, but no such application has been made by the said Henry Lawrence Cook to the said court:

And whereas by her said will the said testatrix bequeathed a life interest in her residuary estate to her sister the said Jane Telford, and on the death of her said sister (inter alia) she empowered and authorised her trustees, but not so as to impose a binding trust upon them and so far only as they could do so while keeping within the scope of charitable objects, to join with the owners of the other shares of a certain portion of the Otanomomo Estate (being the said lands described in Schedule 1 and 2) in transferring and assigning the same and the live and dead stock thereon at the date of such transfer and assignment to the Government of New Zealand or to any incorporated society or body of persons in New Zealand to be held and used by the said Government or by any such society or body of persons as a stud farm for the purpose of encouraging and promoting the breeding of pure-bred Romney sheep and Hereford cattle and on and subject to such trusts, terms, and conditions as her trustees in their absolute and uncontrolled discretion should think fit to impose in order to give effect to the premises, and she declared that if her trustees should make and give any transfer and assignment of the said land and live and dead stock in pursuance of the power and authority and discretion thereby conferred upon and vested in them they should not thereafter be responsible for the trust property so transferred and assigned or to see that the trusts established in respect thereof were duly performed and observed by the transferee and assignee thereof, and she directed her trustees to hold the ultimate residue of her trust estate including all her property both real and personal in respect of which the foregoing trusts of her said will should for any reason fail or should not be legally capable of taking effect or should not be carried into effect and the investments for the time being representing the same upon trust to apply the net annual income which should arise therefrom for both or either as her trustees should think fit of the following purposes that is to say:

Firstly for the purpose of encouraging and promoting improvement in sheepbreeding in New Zealand, and secondly for the purpose of promoting and assisting research work which might be carried on by or under the supervision or control of any public hospital or University or University College in New Zealand into the causes and cure of diseases and ailments of the human body, and she expressed the wish to her trustees that if the said portion of the Otanomomo Estate and the live and dead stock thereon should be transferred and assigned to the Government of New Zealand or to any such society or persons in accordance with the said power, authority, and discretion vested in her trustees, and if her trustees were satisfied that the trusts on which the said property was held were faithfully performed, then her trustees, in distributing the income from the ultimate residue of her estate, should regard the continuance and the proper carrying on of the said property as being of primary importance and should give favourable consideration (but not so as to impose any trust or obligation on her trustees) to the making of annual grants to assist in the carrying on of the said property and in the importing of stud Romney sheep from Kent in England for use on the said property and generally for assisting and promoting the trusts in respect thereof, and she further declared that it was her wish that, notwithstanding the foregoing trusts and provisions of her said will, the dispositions and trusts which her trustees were empowered and authorised to make and establish as aforesaid should be made and established as soon as possible after her death, and she accordingly authorised and empowered her trustees to join with her said sister or her personal representatives and the executors of the will of her said brother in making and establishing the said dispositions and trusts at any time after her death when they should think fit so to do, and she declared that, if the said dispositions and trusts should be made or established during the life of her said sister, her share and interest in the said residence and the gardens and adjoining portions of the said Otanomomo Estate at the time of the execution of her said will occupied and used by her said sister and herself (being the land described in Schedule 2) should be excluded from any dispositions or trusts so made or established by her trustees, and should be held by her trustees in trust for her said sister for her own use and benefit absolutely:

And whereas in the events which happened it has now become impossible to establish a stud farm for the purpose of encouraging and promoting the breeding of pure-bred Romney sheep and Hereford cattle on the said portion of the Otanomomo Estate in strict conformity with the wishes expressed by the said William Telford deceased in his said will, and the trustees of the said will have been advised and believe that the establishment of a stud farm on the said property for the purpose of encouraging and promoting the breeding of pure-bred Romney sheep and Hereford cattle would not be in the best interests of the farming industry in New Zealand:

And whereas the said Jane Telford as the owner of an equal undivided one-third share and interest in the said lands and the said live and dead stock thereon is anxious that a trust should be established on the said lands and with the said live and dead stock thereon which will be of benefit to the farming industry in the Provincial District of Otago and Southland and has represented to the trustees that such purpose could best be achieved by vesting the said land and the live and dead stock thereon in the Telford Farm Training Institute established under this Act:

And whereas the trustees and Nettie Irene Telford, the widow of the said William Telford deceased, are of opinion that the aims and objects of the Telford Farm Training Institute established under this Act are desirable in the interests of the farming industry and are in keeping with the spirit of the wishes expressed and authorities contained in the wills of the said William Telford deceased and Doris Emmerson Telford deceased and are desirous that the title to the said land and live and dead stock should be vested in the said Telford Farm Training Institute as provided and on the conditions set out in this Act, and that the terms of the wills of the said William Telford and Doris Emmerson Telford should be varied as in this Act provided.