✨ Trust Deed Details
1304 NEW ZEALAND GAZETTE, No. 56 26 APRIL 2011
Trustee will be bound to take, or liable for failing to take, any proceedings against a co-trustee for breach or alleged breach of trust.
- INDEMNITY
12.1 Each Trustee is indemnified from the Income of the Trust Fund for any loss or liability that he or she incurs in the carrying out or omission of any function, duty or power of the Trustees under this deed unless the loss or liability is attributable to his or her dishonesty or to the wilful commission or omission of an act known by him or her to be a breach of trust.
12.2 Each Trustee is indemnified by the Crown for any:
(a) cost incurred by him or her in defending any claim or proceeding against the Trustee for any liability that he or she incurs in the carrying out or omission of any function, duty or power of the Trustees under this deed; and
(b) loss or liability of the Trustee arising from the settlement of or judgment in any such claim or proceeding,
not being liability which is attributable to his or her dishonesty or the wilful commission or omission of an act known by him or her to be a breach of trust.
12.3 The indemnity provided under this clause only applies to the extent that the loss or liability incurred is not covered by the Trustees’ indemnity insurance (if any).
- PERIOD OF TRUST
13.1 The Trust established by this deed will continue unless earlier terminated until the expiration of sixty years from the date of this deed.
- WINDING UP
14.1 The Trustees may wind up the Trust if:
(a) all of the New Zealand Units have been distributed to the Beneficiaries; or
(b) the Minister for Climate Change Issues terminates the appointment of the Trustees.
14.2 On the winding up or dissolution of the Trust, the Trustees must:
(a) apply for the transfer of all remaining New Zealand Units from the Trust to the Crown or another person appointed under section 73 of the Act; and
(b) give or transfer all surplus Income after the payment of costs, debts and liabilities to the Crown.
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NZ Gazette 2011, No 56
✨ LLM interpretation of page content
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Forestry Emission Unit Trust Details
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🏢 State Enterprises & InsuranceTrust, Forestry, Emission Units, Indemnity, Trustees, Crown, Liability, Winding Up