✨ Trust Deed Details
26 APRIL 2011 NEW ZEALAND GAZETTE, No. 56 1303
(c) do anything else as a Trustee in relation to the transaction, as if he or she were not interested in the transaction.
7.5 If a Trustee contravenes clauses 7.2 or 7.4, his or her vote or other decision will not be counted.
7.6 If the Trustee who is interested in the transaction or proposed transaction with the Trust is the chairperson, then another Trustee must assume the role of chairperson in respect of the transaction.
8. TRUSTEES’ POWERS
8.1 The Trustees have the power to do:
(a) all lawful things that are necessary or desirable in their opinion for the carrying out of the purposes of the Trust; and
(b) without limiting (a), those things specified in the First Schedule,
and may exercise them either alone or with any other person(s).8.2 Despite anything to the contrary in this Deed, the Trustees do not have the power to invest and/or trade New Zealand Units. New Zealand Units must be held passively on trust.
9. ADVICE OF COUNSEL
If the Trustees are in doubt over any matter relating to the administration of the Trust Fund, or over the exercise of any power vested in them, they may obtain and act upon the opinion of a barrister of the High Court of New Zealand of at least 7 years’ standing. And they may act upon the barrister’s opinion without being liable to any person who may claim to be beneficially interested in respect of anything done in accordance with that opinion. This right to obtain and act upon a barrister’s opinion, however, will not restrict the Trustees’ right to apply to the High Court of New Zealand for directions.
10. PROVISION OF INFORMATION
10.1 As soon as reasonably practicable after the Trustees have been notified of the Minister’s final determination under section 77 of the Act, the Trustees will Publish information from the final determination.
10.2 For the purposes of enabling future Beneficiaries to identify the number of New Zealand Units that attach to Eligible CFL Land the Trustees will provide the Office of Treaty Settlements and Land Information New Zealand (or successor) with an estimate of the number of New Zealand Units that attach to parcels of Eligible CFL Land as and when requested by the Office of Treaty Settlements or Land Information New Zealand.
11. LIABILITY OF TRUSTEES
A Trustee will be liable only for any loss attributable to his or her dishonesty or to his or her wilful commission or omission of an act that he or she knows to be a breach of trust. In particular, no
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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, Trustees' Powers, Legal Advice, Information Provision, Liability