In Re Nairn (deceased) Logan v Nairn - [1935] NZLR s. 134

Will — Construction — Powers of Trustees — Trust for Sale and Conversion with Power at discretion to Postpone — Investment of Income of Proceeds for Wife’s Lifetime with Life Interest to her — Proviso that Rents and Profits from Unconverted Estate payable to Person for time being entitled to Income had Conversion taken place — Sheep-farming Business carried on by Trustees until better Market Conditions should prevail — Profits made during First, Second, and Sixth Years — Losses sustained during Third, Fourth, and Fifth Years — Whether Trustees entitled to set off Net Profits against Losses in carrying on the Sheep-farming Business — Whether such Profits payable without Deduction to Life-tenant.