R7.98 - The Macgeorge Bequest

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Recitals-

1. Norman Macgeorge late of 25 Riverside Road, Ivanhoe, in the State of Victoria, Artist and patron of the arts who died on 2 September 1952, devised and bequeathed to his trustees his
   
   ‘house and land known as Number 25 Riverside Road, Ivanhoe and all my household furniture furnishings and effects therein or used in connection therewith and all my books’ upon trust for the University subject to the right of his wife May Ina Macgeorge to reside therein and enjoy the use thereof during her lifetime and further directed his trustees to stand possessed of his residuary estate ‘Upon Trust to pay the income derived therefrom to my wife during her life and from and after her death Upon Trust as to both capital and income for the University of Melbourne.’
   
2. In his will he declared-
   
   ‘(but without imposing any trust) that it is my wish that the University of Melbourne will utilize my house and land known as Number 25 Riverside Road Ivanhoe and the contents thereof and also any other property or assets which it may receive under my Will for such purposes as I may have expressed to it during my lifetime whether verbally or in writing.’
   
3. May Ina Macgeorge, the widow of Norman Macgeorge, who died on 27 August 1970, devised and bequeathed all her residuary estate, after provision for certain legacies and an educational trust fund,
   
   ‘Upon Trust as to both capital and income for the University of Melbourne to be held by such University as an accretion to and to be utilized for the same purposes as the property and assets devised and bequeathed to such University by the will of my late husband Norman Macgeorge, and in the knowledge (but without imposing any trust) that it will pay regard to any wishes which I may have expressed to it during my lifetime.’
   
4. During his lifetime, Norman Macgeorge expressed on behalf of himself and his wife May Ina Macgeorge a desire that the property at 25 Riverside Road, Ivanhoe should be used for the benefit of-
   
   ‘students of the faculty of Arts with special emphasis on those studying Fine Arts, Literature, History of Philosophy’ and ‘for the postgraduate in all the arts rather than for the undergraduate who has not yet acquired sufficient knowledge either at an accredited art school or the University.’
   
5. The house property at 25 Riverside Road, Ivanhoe has been transferred to the University together with its contents of furniture, furnishings, books and works of art, the whole presently valued at $50,000.
   
6. Assets of the combined residuary estates of Norman Macgeorge and May Ina Macgeorge consisting of cash and securities were received valued at $112,574 and re-valued at $677,867 at 31 December 1994.
   
7. At 13 September 2004 the capital of The Macgeorge Bequest fund was $2,182,601.83 and the income was $321,866.72.

It is provided as follows-

1. The house property and contents and the sum and any accumulations and additions to the sum constitute the assets of ‘The Macgeorge Bequest’ (‘the bequest’) which must be dealt with or invested as Council may from time to time determine.
   
2. There must be a committee of management comprising-
   1. the vice-chancellor or nominee;
   2. the vice-principal and chief financial officer;
   3. the dean of the faculty of Arts or nominee;
   4. the Herald professor of Fine Arts or nominee;
   5. the dean of the faculty of Architecture Building and Planning or nominee;
   6. not more than two members having a special interest in the arts appointed annually by Council; and
   7. not more than two members who may be co-opted annually by the committee.
      
3. The committee must, subject to the direction of Council, manage the property and its use and must report to and advise Council on the administration of the bequest and has authority to expend its income on behalf of Council. All reports and advice to be submitted to Council by the committee must be made through the Endowments and Trusts Committee.
   
4. The net annual income of the bequest is available-
   1. to maintain, restore and improve the house property and grounds at 25 Riverside Road, Ivanhoe and to preserve and replace where necessary the contents thereof;
   2. to establish a ‘Macgeorge Fellowship’ to which Council may, from time to time, on the recommendation of the Committee, appoint a person associated with the arts as the ‘Macgeorge Fellow’ (‘the fellow’), appointed on such conditions and to perform such duties as Council may determine from time to time;
   3. to pay the expenses in part or in whole of providing at the University, lectures, seminars, exhibitions and other gatherings of a like nature relating to the study of the arts;
   4. to provide in the house property residential accommodation on a short term basis for the fellow and other persons, as Council may from time to time determine, who are pursuing an independent study of a branch of the arts; and
   5. for such other purposes relating to the study at the postgraduate level of the arts, including the fine arts, as Council may from time to time determine.
      
5. If at any time the income is insufficient to provide for the purposes specified in section 4, Council may at any time and from time to time direct that the capital assets of the bequest be resorted to in order to provide for such purposes.
   
6. Council on the recommendation of the committee of management may appoint a resident caretaker of the property for a period which, on each appointment, must not normally exceed two years.