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By an indenture of that date (hereinafter called "the settlement") he conveyed certain property of which, it was recited, he was the full owner (and there is no evidence or allegation that he was anything less) to himself and plaintiffs Nos. 1 and 2 as trustees upon the following trusts:

1. To collect the income thereof.

2. To pay outgoings including insurance premia.

3. To pay for repairs.

4. To pay during the settlor's life one-third of the net residue of the trust income to the settlor, one-third to plaintiff No. 1 and one-third to plaintiff No. 2, provided that if either or both of the two latter should predecease the settlor, his or their share of income should be paid to the settlor. It is observable that so far the settler had made no final disposition of the corpus of which (had the settlement stopped at this point) there would have been a resulting trust to the settlor at the latter's death. Actually, however, the settlement proceeded to declare the following further trusts to take effect on and after the death of the settlor, viz. upon trust:

5. To divide the trust properties into two equal parts.

6. As to one such part, called "Ardeshir's Trust Fund ",

(a) to pay the net income thereof to Ardeshir for life,

(b) after the death of Ardeshir absolutely for all Ardeshir's sons in equal shares, provided that if Ardeshir should predecease the settlor, Ardeshir's trust fund should only be divisible amongst Ardeshir's sons at the settlor's death, this proviso being of course essential in order to make the 6th and 4th trusts consistent with one another.

7. As to the other such part called "Rustomji's Trust Fund" on precisely similar trusts to those of Ardeshir's trust fund, substituting Rustomji for Ardeshir.

3. It was then provided that if Ardeshir and Rustomji should each predecease the settlor without male issue him surviving, the trusts should determine and the trust property should belong to the settlor absolutely. The settlor then took absolute power to revoke or vary the settlement in whole or in part for his own benefit.

4. Provision was then made for postponement of payment of corpus and income to minors for their advancement, out of income or corpus and for investment of income not required for such advancement and payment over of accumulations on majority. Apart from a power to appoint new trustees, the remaining clauses of the settlement are immaterial.

14. If the disposition of corpus now under consideration had not been made, there would on Rustomji's death have been a resulting trust for the settlor absolutely and therefore the "whole of the remaining interest of the settlor" in Rustomji's trust fund was nothing less than full ownership. It seems to me, therefore, apart from authority, that the gift to Rustomji's male issue is invalid.

15. This is the more unfortunate, because had the settlor been a little less ambitious he could by following the third illustration to Section 114 of the Indian Succession Act, 1925, have achieved substantially what he wanted, unless indeed a recent decision of their Lordships of the Privy Council, of which more anon, must be held to have repealed the proposition of law there stated by the Legislature.