Fletcher’s Fields Limited (FFL) sought the court's opinion and direction regarding the sale of its rugby fields and the distribution of proceeds.
FFL argued the fields were held in a non-charitable purpose trust for promoting rugby.
The court confirmed the existence and validity of this non-charitable purpose trust, finding that FFL held the fields as trustee for the promotion and playing of rugby.
The court also determined that FFL was unambiguously entitled to the sale proceeds and, upon dissolution, was obliged and entitled to distribute the remaining net proceeds to its shareholders, all of whom are not-for-profit corporations, as a return of share capital.
