21 JULY NEW ZEALAND GAZETTE 2365

3. Donation commitments

Donations approved but not paid—
Unconditional ................................................................................... $90,000 $181,000
Conditional ...................................................................................... 3,500 18,000
$93,500 $199,000

4. Revaluation Reserve

Revaluation of shares .............................................................................. $61,270,000 —

5. Cash at Bank

Trust bank current account ....................................................................... $7,353 $14,592
Trust bank call account ........................................................................... 12,000 —
Petty cash ........................................................................................... 69 —
Short term deposit ................................................................................. 525,000 352,607
$544,422 $367,199

6. Shares in Trust Bank New Zealand Limited

Shareholding in Trust Bank New Zealand Limited—
Held at the beginning of the year—(ordinary shares of $1 each, fully paid) ................... 8 700 000
Two for one share split 1 February 1994 .......................................................... 17 400 000
Shares now held—(ordinary shares of 50c each, fully paid) ................................... 34 800 000

Market value—
The market value of shares at 31 March 1994 ($2.30) ...................................... $80,040,000 N/A

Restrictions on Disposal
Regional community trusts have agreed to an embargo on any sale of their shares (other than as part of the offer or among the participating community trusts) for at least 12 months following flotation.

Relationship with Trust Bank New Zealand Limited
The 9 regional community trusts together hold approximately 78 percent of the capital of Trust Bank New Zealand Limited. This means that, as a group, they retain control of the Trust Bank Group.

The Trust Bank Eastern and Central Community Trust holds 2000 shares outright and 34 798 000 are held by Community Trusts Nominees Limited which acts as a bare trustee and has legal ownership of these shares while the community trust retains beneficial ownership. This holding of 34 800 000 shares represents 10.3 percent of the total shareholding in Community Trusts Investments Limited and Community Trusts Nominees Limited. Community Trusts Nominees Limited is required to act for the participating community trusts, including the exercise of the voting rights attached to the shares, in the manner directed by Community Trusts Investments Limited. The directors of Community Trusts Investments Limited and Community Trusts Nominees Limited are the same.

Community Trusts Investments Limited is owned by the participating community trusts in proportion to their present individual shareholdings in Trust Bank New Zealand. The articles of Community Trusts Investments Limited, together with a deed of trust entered into by the participating community trusts, are the mechanisms adopted to regulate the ongoing relationship of the participating community trusts and to manage their collective shareholding in Trust Bank New Zealand.

7. Government Stock

New Zealand Government stock maturing 15/02/95 @ 10 percent .............................. 6.09 $230,000 $230,000
New Zealand Government stock maturing 15/11/95 @ 8 percent ................................. 6.31 233,000 233,000
New Zealand Government stock maturing 15/11/96 @ 9 percent ................................. 6.43 255,000 —
New Zealand Government stock maturing 15/07/97 @ 10 percent ............................... 6.47 218,000 218,000
New Zealand Government stock maturing 15/07/98 @ 8 percent ................................. 6.53 255,000 —
Nominal value .................................................................................... 1,191,000 681,000