"3. Clause 4 provided for the beneficial interest in the Trust Fund to be divided into units of equal value and that no Unit Holder was to have an interest in the Trust Fund other than in its entirety or to be entitled to interfere in the exercise of the right of the Trustee as owner of the Trust Fund. This clause also stipulated that, except as provided by cl 11, no Unit Holder was to be entitled to require the transfer to him of any of the investments of the Trust Fund or any part thereof or of any property comprised in the Trust Fund. Provision was made (in cl 13) for determinations by the Trustee from time to time to distribute the net income of the Trust Fund to Unit Holders or to accumulate it as an accretion to the Trust Fund. (Emphasis added.) 4. The Trust Deed specified three mechanisms for distributions from the Trust Fund. First, cl 11 dealt with the commencement and determination of the trusts created by the Trust Deed. As soon as practicable after the Vesting Day, as defined in cl 1, the Trustee was obliged to convert into money the investments in property constituting the Trust Fund and to divide the proceeds, upon the registered holders delivering up their certificates to the Trustee for cancellation, among the Unit Holders in proportion to the number of units of which they were respectively registered. At its discretion, and at the request of any Unit Holder, the Trustee was empowered to transfer to that Unit Holder any assets of the Trust Fund in specie in satisfaction or part satisfaction of its entitlement upon termination of the trust (cl 11(b)). The term `Vesting Day' was defined in cl 1(g) as meaning the first to occur of three days. The first was the twenty-first anniversary of the death of the last survivor under a Royal lives clause, the second sixty years, and the third such earlier day as the Trustee might appoint in its absolute discretion. It is conceded by the respondent, the Commissioner of Stamps (the Commissioner) that, upon a distribution in accordance with cl 11, the Unit Holders would not have `surrendered' or `renounced' their beneficial interests... 7. The significant provisions made by the Trust Deed for the exercise of powers and discretions by the Trustee with respect to distributions to Unit Holders support the description of the trusts established by the Trust Deed as discretionary trusts[26]. Clause 4 denied any entitlement to Unit Holders to require a distribution, other than pursuant to cl 11. Of the methods for distributions specified in the Trust Deed, only the first, that in cl 11 for distributions after the Vesting Date, conferred upon Unit Holders rights not dependent upon or preconditioned by a requirement of consent by the Trustee or the exercise of a power vested in the Trustee. Accordingly, any scope for the operation of the rule in Saunders v Vautier[27] was limited. (Emphasis added.) 8. However, all three methods of distribution, including that provided by cl 34, shared a significant characteristic. Within the charter of rights and obligations established by the Trust Deed, they were the only means for the working out and effectuation of the rights or interests of the Unit Holders in respect of the Trust Fund. A redemption under cl 34 did not yield up those rights and interests so as to discard them or to swell the interests of any remaining Unit Holders. Rather, the redemption effectuated, fulfilled or realised those rights and interests[28]. Upon a favourable exercise of the Trustee's discretion under cl 34, the Unit Holder in question had, at least, an absolute right to the price for the redemption... 34. The use of terms such as `beneficial interest' is apt to mislead when applied to beneficiaries' interests in a discretionary trust. As effected by cl 4 of the Trust Deed, the Unit Holders were denied any specific interest in any item of property held in the Trust Fund[29]. Rather, the rights enjoyed by Budget and Galaxy as Unit Holders were, upon favourable exercise by the Trustee of its discretion conferred by cl 34, transmuted by the redemption process into the entitlement to the price arrived at by the valuation for which cl 36 provided. This, as indicated earlier in these reasons, was in fulfilment of the rights of Budget and Galaxy, not the `surrender', in the sense of that term in the definition of `transfer' in s 71(15) of the Act, of a beneficial interest or potential beneficial interest in or in relation to the assets represented by the Trust Fund." (Emphasis added.)