✨ Trust Regulations
1302 NEW ZEALAND GAZETTE, No. 56 26 APRIL 2011
(b) transfer the New Zealand Units received in respect of applications by the Trust to the relevant Beneficiary.
Distributions if Eligible CFL Land will not be transferred
6.2 As soon as reasonably practicable after the Trustees are satisfied that, as a result of a Treaty of Waitangi settlement, Eligible CFL Land is not transferred to a person referred to in clause 6.1, the Trustees must:
(a) determine the number of New Zealand Units that the Crown is entitled to receive in respect of that land; and
(b) transfer the New Zealand Units received in respect of applications by the Trust to the Crown.
7. INTERESTED TRUSTEES
Disclosure of interests
7.1 A Trustee will be interested in a transaction to which the Trust is a party if the Trustee:
(a) is a party to, or will derive or may derive a material financial benefit from, that transaction;
(b) has material financial interest in another party to the transaction;
(c) is a director, officer or trustee of another party to, or person who will or may derive a material financial benefit from the transaction, not being a party that is wholly owned by the Trust;
(d) is the parent, child or spouse, civil union partner, or de facto partner of another party to, or person who will or may derive a material financial benefit from the transaction; or
(e) is otherwise directly or indirectly materially interested in the transaction.
7.2 As soon as a Trustee becomes aware of the fact that he or she is interested in a transaction or proposed transaction with the Trust, he or she must disclose to his or her co-trustees at a meeting of the Trustee:
(a) if the monetary value of the Trustee’s interest is able to be quantified, the nature and monetary value of that interest; or
(b) if the monetary value of the Trustee’s interest cannot be quantified, the nature and extent of that interest.
7.3 A disclosure of interest by a Trustee must be recorded in the minute book of the Trust.
Interested Trustee may not vote
7.4 A Trustee who is interested in a transaction entered into, or to be entered into, by the Trust may not vote on a matter relating to the transaction, but may:
(a) attend a meeting of Trustees at which a matter relating to the transaction arises, and be included among the Trustees present at the meeting;
(b) sign a document relating to the transaction on behalf of the Trust; and
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NZ Gazette 2011, No 56
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Forestry Emission Unit Trust Details
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🏢 State Enterprises & InsuranceTrust, Forestry, Emission Units, Beneficiaries, New Zealand Units, Distributions, Treaty of Waitangi, Interested Trustees