the family to purchase the shares.
various dividends declared.
of the preceding transactions had worked so as to displace V’s beneficial
interest in the buy-back option.
and trust co held the shares on trust for V’s estate.
declared in favour of the children and therefore the dividends belonged in the
gap in the beneficial ownership. So there was a resulting trust for Mr V. But
as soon as the option was exercised and the shares registered in the trustee’s
name, there was created a valid trust of the shares in favour of the children’s
settlement. Not being a trust of land, it could be created without writing’.