Trust Deed
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TRUST DEED AVATAR MEHER BABA TRUST AUSTRALIA
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The Deed of Trust as amended on the 18 day of October 2018 by Resolution of the Trustee.
BETWEEN WILLIAM IAN LE PAGE of 48 Meher Road, Kiel’s Mountain, Queensland
4559 ("the Settlor”)
AND MEHER HOUSE PTY LIMITED ACN 608 788 772
of 12 Kalianna Crescent, Beacon Hill New South Wales 2100 (“the
Trustee")
BACKGROUND
1. As declared by Avatar Meher Baba: The Avatar is always One and the Same, because God is always One and the Same, the Eternal, Indivisible Infinite One who manifests Himself in the Form of Man as the Avatar, as the Messiah, as the Prophet, as the Ancient One-the Highest of the High. This Eternally One and the Same Avatar repeats His manifestation from time to time, in different cycles, adopting different human forms and different names, in different places, to reveal Truth in different garbs and different languages, in order to raise humanity from the pit of ignorance and help free it from the bondage of delusions.
2. The Trustee has agreed to act as trustee of this Trust by its execution of this deed.
OPERATIVE PROVISIONS
3. DEFINITIONS
3.1. In the interpretation of this deed unless otherwise indicated by the context and subject matter:
(a) “Associate” has the meaning outlined in section 78A of the Income Tax Assessment Act (1936) as if the reference to the “donor” in that section were a reference to the person who under this deed is referred to in relation to the Associate.
(b) “Donor” means the donor of a gift to the Trust;
(c) “Eligible Charity” means a fund, authority or institution:
i. Which is charitable at law; and
ii. Gifts to which are deductible under item 1 of the table in section 30-15 of Income Tax Assessment Act (1997);
(d) “Meher House" means the Sydney property located at 12 Kalianna Crescent, Beacon Hill New South Wales 2100 being the property contained in identifier 3/526750;
(e) “Meher Baba” means Merwan Sheriarji lrani late of Poona, India known as Avatar Meher Baba;
(f) “Trust” means the trust established under this deed.
(g) “Trust Fund" means Meher House at Sydney and includes the original contribution of the Settlor of the assets of the trust and all further money or property paid to or received by the Trustee of the Trust and all assets, accretions and investments of the Trust received or made from time to time;
(h) “Trustee” means the originally named trustee and such trustee as may be appointed from time to time under the provisions of this deed.
(i) “Avatar's Abode" means the Queensland Property located at 48 Meher Road, Kiel's Mountain, Queensland 4559 which is held in Trust as a Place of Pilgrimage dedicated to Avatar Meher Baba and available to all who follow Avatar Meher Baba and to all who wish to know more about Avatar Meher Baba.
3.2. Interpretation
In this Deed wherever the context requires:
(a) words importing the singular shall mean the plural and words importing any gender
include any other gender;
(b) any schedules to this Deed form part of this Deed and have the same force and effect as
if fully set out in this Deed; and
(c) in this deed headings are included for ease of reference and shall not effect interpretation.
4. ESTABLISHMENT OF TRUST
4.1. Name of Trust
The Trust shall be known as Avatar Meher Baba Trust Australia.
4.2. Appointment of Trustee
The Trustee shall be the trustee of the Trust.
4.3. Declaration of Trust
The Trustee hereby declares that;
To establish within Australia a non-sectarian and non-profit religious Trust devoted and dedicated to the name and spiritual purposes of Avatar Meher Baba, and to the dissemination of his teachings, without supplanting professed religious convictions or beliefs, but for the enhancement and strengthening of the spiritual life.
To hold in perpetuity, the property known as Meher House Sydney to be held solely as a Place of Pilgrimage for all who love and follow Avatar Meher Baba and for all who know of him and wish to know more.
In accordance with Avatar Meher Baba's wish that both properties, Avatars Abode and Meher House Sydney, be linked, accordingly Avatar Meher Baba Trust Australia will support in word and deed, the purpose of the Avatar's Abode Trust as circumstances demand. With the agreement of the Trustees of both Trusts in the future, and when it is feasible and practical, both properties will be incorporated within one Trust, named as determined by the Trustees.
To acquire by purchase, lease, devise, bequest, gift or otherwise such property real or personal whether improved or unimproved in any state of Australia and to improve, develop, sell, mortgage, lease or sublet such property as may be necessary or advisable to carry on the purposes and activities of this Trust. Meher House however cannot be sold, mortgaged, leased or sublet under any circumstances.
The Trustee will seek donations from which a Reserve Fund will be created after expenses are met, and the Trustees will each year determine the % of the reserve Fund that can be used for the purposes of the Trust, while maintaining the purpose of the Reserve Fund as an Emergency Fund for extraordinary needs.
Additional funds can be raised as necessary for particular purposes.
As deemed advisable, support the initiation and continuation of Avatar Meher Baba Centers in various parts of Australia.
Initiate, support and encourage as deemed advisable, educational, literary, medical and cultural activities conducted in the name of Avatar Meher Baba.
Make gifts of real and personal property for religious, charitable and conservation purposes.
As deemed practical, initiate, support and encourage activities and programs based on Avatar Meher Baba‘s example of love and service to those in need.
4.3A Meher House as place of pilgrimage and of activities in the name of Avatar Meher Baba
In pursuing the objects and purposes of the Trust in clause 4.3, including to hold Meher House as a place of pilgrimage, to initiate, support and encourage educational, literary, medical and cultural activities conducted in the name of Avatar Meher Baba, and to initiate, support and encourage activities and programs based on Avatar Meher Baba‘s example of love and service to those in need, the Trustee is to make Meher House available as a meeting place for all who love and follow Avatar Meher Baba and as a centre for activities, programs and events in the name of Avatar Meher Baba and for all who love and follow Avatar Meher Baba and for all who know of him and wish to know more.
4.4. Duration of Trust
The term of the Trust shall be in perpetuity or any earlier date as required by law.
4.5. Always subject to clause 4.6, the Trust may be terminated, or merged or incorporated with another trust, upon the unanimous resolution of all of the Directors of the Trustee at a meeting of directors upon which due notice is given resolving that the Trust be terminated and be at an end or that the Trust be merged or incorporated with another trust.
4.6. On termination of the Trust
In the event that this Trust shall end or shall otherwise be terminated the Trust Fund shall be transferred:
(a) if the trustee for the time being of the Avatar’s Abode Trust consents, to Avatars Abode Pty Limited ACN 010 423 686 as trustee of the Avatar's Abode Trust or such subsequent trustee of that trust as shall be duly appointed at any time to hold such assets under the terms of the Avatar's Abode Trust made by deed dated 29th April 1984; or
(b) to the trustee of such other Eligible Charity having objects and purposes similar to those of the Trust, as the Trustee determines.
5. TRUSTEE TO BE REIMBURSED
The Trustee is entitled to be reimbursed from the Trust Fund for all expenses incurred or payments properly made by it in respect of the Trust.
6. RECORDS
6.1. The Trustee:
(a) must keep proper books of account relating to the Trust setting out fully its assets and the income and the payment thereof;
(b) must keep or cause to be kept proper minutes of its determinations relating to the Trust;
(c) may employ such accountants, auditors, managers, brokers, agents or solicitors and others for such purposes and at such times and on such terms as the Trustee shall consider proper.
7. DUTY TO ACT
Upon receipt by the Trustee of any asset into the Trust Fund by acquisition, gift, bequest or otherwise the Trustee may apply both capital income therefrom in or towards any of the objects of the Trust as it may otherwise in its absolute discretion determine or it may accumulate the income until it can in its opinion by usefully applied for all or any of such objects.
8. TRUST VARIATIONS
8.1. Except as specifically provided in this deed, the Trustee shall have power to alter, revoke or add to any of the provisions of this deed and make new provisions to the exclusion of or in addition to any of such provisions. Any such alteration, revocation or addition to the provisions of this deed shall be subject in like manner to be altered, revoked or added to and any such alteration, revocation or addition under this clause may be effected in such manner as the Trustee may think fit (including a resolution of the Trustee) PROVIDED THAT:
(a) no such alteration, revocation or addition shall result in the assets comprised in the Trust or the income of the Trust being payable to the Settlor or to the Trustee; and
(b) no such alteration, revocation or addition shall have the effect altering or limiting the purposes and objects of their Trust referred to in clause 4.3.
8.2. Any determination under clause 8.1 may state the date from which the various alterations or additions take effect. This date may be earlier or later than the date on which the determination is made, and the variations, alterations or additions take effect from the date so stated. If no date is stated then the variations, alterations or additions take effect from the date the determination is made.
8A TRUSTEE MAY NOT BE A BENEFICIARY
8A.1 Notwithstanding anything else contained in this deed, the Trustee or any persons who have previously been trustees and each of them are absolutely prohibited from being a beneficiary under this deed or otherwise directly benefiting under this deed.
8A.2 In the case of a Trustee that is a corporation, such corporation may so act as Trustee notwithstanding that any director or shareholder of die Corporation may be a beneficiary under this deed, or who may otherwise receive a benefit under this deed. Any such person shall not be disqualified from benefiting under this deed by such office or shareholding, and subject to the Constitution of such corporation, may vote in respect of any matter concerning this deed.
8A.3 The Trustee hereby agrees and acknowledges that it shall have no beneficial interest whatsoever in any and all of the assets comprising the Trust Fund and the Trustee cannot become a beneficiary of the Trust and that this provision cannot be revoked or reversed.
9. LIABILITY OF TRUSTEE
9.1. The Trustee and its shareholders and directors are not liable for any loss or damage occasioned to the Trust Fund or to any person by:
(a) the exercise of any discretion or power conferred by this deed or by law on the Trustee or any failure to exercise any of those discretion or powers;
(b) any breach of duty or trust whatsoever unless it is proved to have been committed, made or omitted in personal, conscious and fraudulent bad faith; or
(c) any disclosure by the Trustee of any document, matter or thing relating to the Trust or the Trust Fund.
9.2. Where the Trustee acts in reliance upon the advice of any expert or professional obtained in relation to the interpretation of the provisions of this deed or any document or statute of any matter concerning the administration of the Trust, the Trustee is not liable to any other party in respect of any act done or omitted to be done by the Trustee in accordance with the advice.
10. INDEMNITY FOR TRUSTEE
10.1. The Trustee is entitled to be indemnified out of the Trust Fund against liabilities incurred by the Trustee in the execution or attempted execution or as a consequence of the failure to exercise any of the trusts, authorities, powers and discretions of this deed or by virtue of being the Trustee of the Trust.
10.2. The Trustee is entitled to be reimbursed from the Trust Fund for all money expended and debts incurred in the administration of the Trust.
10.3. The Trustee may apply the Trust Fund as it may decide to satisfy the rights of reimbursement or indemnity to which the Trustee is entitled.
11. RESIGNATION OF TRUSTEE AND APPOINTMENT OF NEW TRUSTEE
11.1. Any Trustee and any person who may succeed to that office may resign or renounce that office by notice in writing.
11.2. Upon the giving of any notice under clause 11.1, the Trustee ceases to be a Trustee or to be a person who may by succession become a trustee.
11.3. The Trustee may, at any time prior to the Trustee ceasing to be the Trustee under clause 11.2, in accordance with its constitution or other governing procedural requirements appoint another corporation (such corporation to have similar objects and constitution as the Trustee) as a new trustee of the Trust.
12. INCAPACITY OF TRUSTEE
12.1. The Trustee, being a company, must vacate that office and cease to act as such if that company enters into liquidation, whether compulsory or voluntary (other than in the case of a voluntary liquidation, solely or predominantly, for the purpose of amalgamation or reconstruction).
12.2. The Trustee, being an individual, must vacate that office and cease to act as trustee if that person is found to be of unsound mind or becomes subject to any bankruptcy law.
13. EXERCISE OF DISCRETIONS AND POWERS
13.1. Every power vested in the Trustee is exercisable at the absolute discretion of the Trustee.
13.2. Every discretion vested in the Trustee is absolute.
13.3. The Trustee may by instrument in writing, revocable or irrevocable, wholly or partially release, abandon or restrict any power conferred on the Trustees by this deed.
14. UNCOMMERCIAL TRANSACTIONS
14.1. Apart from payment or application under clause 4.3 or 4.3A, or a payment approved by the Commissioner of Taxation, no part of the Trust Fund or the income may be paid or applied, directly or indirectly, to or for:
(a) The Settlor;
(b) The Trustee;
(c) A Donor; or
(d) An Associate of the Settlor, the Trustee or a Donor;
By way of an Uncommercial Transaction.
14.2. In clause 15.1, an Uncommercial Transaction means the provision of a financial or other benefit on terms which would not be reasonable in the circumstances if the benefit were provided on an arm’s length basis and which as reasonable person in the position of the Trustee would not have entered into having regard to all the circumstances.
15. LAW OF TRUST
This deed is governed by the laws of the state of New South Wales, Australia.
16. TRUSTEE’S POWERS
The Trustee shall in the management and investment of the Trust Fund have such powers as the Trustee would have if the same belonged to the Trustee beneficially subject to the Trustee's compliance with all of the provisions of this Trust Deed. In particular, and without limiting the generality of this clause, the Trustee shall have the following powers in addition to those set out in Schedule 1:
(a) Investment - to apply and invest all moneys at any time forming part of the Trust Fund in any such investments whether involving liabilities or not or with or without security and upon such terms and conditions as the Trustee shall in its absolute discretion think fit including without diminishing the generality of the foregoing the subscription for the taking upon allotment and the purchase of any shares, options, rights, bonds, mortgages, debentures, obligations or securities of any government authority or company in any part of the world and the taking up and the acquisition of the whole or any part or share or interest (including a minority part or share or interest) in any business or partnership and the goodwill and assets thereof and the purchase or acquisition of any personal property wherever situated or any part or share or interest therein (including units in any unit trust) and notwithstanding that the same may not be income producing or be of a wasting or speculative nature and to exercise all rights and privileges and perform all duties and obligations incidental thereto:
(b) Property - to invest in, hold, use, purchase, construct, maintain, repair, renovate, reconstruct, sell, transfer, lease, exchange, take, and grant options or rights, mortgage, charge or discharge or otherwise deal with any real or personal property or any interest therein including the benefit of any leasing or other contracts to which the Trustee is a party and to hold and deal with chattels of every description, shares, debentures or securities in any company, units in any unit trust and any interest in any trust or partnership;
(c) Carry on Business - to carry on either solely or in partnership such trade or business as the Trustee shall in its absolute discretion think fit and for that purpose to borrow moneys and employ such moneys in or towards the carrying on of such business and without limiting the generality of the foregoing to:
i. purchase from time to time or at any time capital, equipment, plant, fixtures, good-will and stock-in-trade;
ii. to pay all outgoings and expenses in connection with the carrying on of such business;
iii. to effect improvements repairs and renovations to property in or on which such business is carried on whether or not such property forms part of the Trust Fund; and
iv. to employ managers and other persons to conduct the business.
(d) Sell - to sell for cash or on terms, lease hire, mortgage or otherwise turn to account such of the assets of the Trust Fund as the Trustee shall deem proper. Meher House may not be sold, leased, hire and should be held in Trust in perpetuity.
(e) Loans - to raise and accept loans and credit accommodation whether or not secured from any person or persons body or bodies including the Trustee PROVIDED THAT the Trustee shall in no case be entitled to any interest from the Trust Fund.
(f) To Reside - to permit any person to reside in any real estate owned by the Trust or have the custody and use of any chattels which or the proceeds of sale of which may for the time being be subject to the Trust upon such conditions as to payment of rent, rates, taxes and other expenses and outgoings and as to insurance, repair and decoration and for such period and generally upon such terms as the Trustee in its discretion thinks fit.
(g) To Borrow - to borrow and raise money in such manner and on such terms and conditions as the Trustee may in its discretion think fit and to secure the repayment of any money so borrowed or raised or to be borrowed or raised and any interest and charges and the payment of any debt or liability incurred and the performance and observance of any contract, covenant, obligation or other engagement entered into or to be entered into any guarantee given or to be given by the Trustee or any prior trustee hereof in either case in their capacity as trustee of this Trust by mortgage or charge over all or any of the investments or property forming part of the Trust Fund or in any other manner whatsoever which the Trustee may in its discretion think fit and with or without giving any other form of security or acknowledgment and to apply such money for any of the purposes for which either the income or the capital of the Trust Fund is for the time being applicable hereunder including the investment of money in any manner and no lender or other person shall be concerned to inquire as to whether the necessity for any such borrowing or raising has arisen or as to the purpose for which it is required or as to the application raised; and to purchase redeem or pay off any such mortgage charge or other security. Meher House cannot be mortgaged, compromised or be made liable in any way, by the acquisition of any loan made by the Trustees at anytime.
(h) Vote on Shareholdings - to exercise all the voting powers attaching to any share stocks debentures notes bonds or other securities (securities) at any time forming part of the Trust Fund.
(i) Surrender Securities - to surrender and deliver up any securities forming part of the Trust Fund for such consideration and upon such terms and conditions as the Trustee may approve to any company reducing its capital and the Trustee may receive such consideration in the form of cash securities or other assets as may be agreed between the Trustee and such company.
(j) Appoint Attorney - to appoint any attorney to execute any deed, agreement or document or to perform any act on behalf of the Trustee in any place.
(k) Legal Proceedings - to institute and defend proceedings at law and to proceed to the final end and determination thereof or compromise the same as the Trustee shall consider advisable,
(l) Moneys on Deposit - to place moneys forming part of the Trust Fund on deposit either on current account or at interest with any bank, and either in a separate account, or in a general trust account operated by the Trustee together with moneys forming part of any other trust fund of which the Trustee is also trustee.
(m) Draw Bills - to draw make accept endorse discount apply for execute and issue promissory notes, bills of exchange, bills of lading, documentary letters of credit, and other negotiable or transferable instruments.
(n) Employ Professionals - to employ a solicitor, accountant, broker or agent or any other person to transact any business or do any act required to be done in connection with the trusts hereof including the receipt and payment of money and whether requiring the exercise of discretion or not and to pay all proper fees charges commissions and disbursements in connection with or incidental to any such employment.
(o) Counsel's Advice - to take and act upon the opinion of any solicitor or counsel of not less than seven (7) years standing practising in the Supreme Court of New South Wales whether in relation to the interpretation of this deed or of any document or statute or as to the administration of the trusts hereof without being liable to any of the persons beneficially interested in respect of any act done by them in accordance with such opinion but nothing in this clause shall prohibit the Trustee from applying to the Court if it should think fit or shall prohibit any of the beneficiaries from so doing.
(p) Insurance - to invest or expend any Trust moneys in its hands in any policy of assurance or insurance upon the life of any natural person referred to as a beneficiary herein whether such person has an absolute, contingent or defeasible interest or an expectancy and to acquire any such policy by contract or assignment or otherwise and to maintain such policy by payment of premiums thereon.
(q) Guarantees - to guarantee, indemnify or to give guarantees or indemnities for the payment of money or for the performance of contracts or obligations by any person and otherwise to assist any person and to secure such guarantees or indemnities or the performance of same by charge or legal mortgage over any part or parts of the Trust Fund or otherwise.
(r) Rebates & Discounts - to determine in its absolute discretion that any deduction or rebate available to the Trustee or the beneficiaries for the purpose of income of capital taxes may be treated as an amount received or derived or an expense incurred by the Trust notwithstanding that for the purposes of trust law no amount would have been received or derived nor expense incurred.
(s) Nominees - to permit any asset of the Trust Fund to be held or registered in the name of any nominee of the Trustee and to deposit securities belonging to or related to the Trust Fund with any bank or solicitor.
(t) Allocation of Capital & Income - to determine in its absolute discretion whether a particular amount received or derived or expense incurred (including an amount deemed to have been received or derived or an expense deemed to have been incurred by the Trustee should be allocated to corpus or income or partly on account of one and partly on account of the other having regard to the way such amount received or derived or expense incurred may be treated for the purpose of income or capital taxes it any payable by the Trustee or beneficiaries notwithstanding that such amounts may for the purposes of trust law be of an income or capital nature.
Nothing in this trust shall be interpreted as granting powers to the trustee to sell, mortgage, lease, rent, hire or constitute Meher House as guarantee of any loan or liability. Meher House shall be held in Trust in perpetuity.
SCHEDULE 1
TRUSTEE’S ADDITIONAL POWERS
1. PURCHASE AND PAY FOR INVESTMENTS
1A To make any investments for cash or in consideration of any annuity or otherwise and upon such terms and conditions as the Trustees think fit and may:
(1) Make any investment for a sum not greater than the amount of the Trust Fund for the time being; and
(2) Agree to pay for the investment wholly or in part from any future money which may come into its hands including dividends, profits, interest or other income paid or payable in respect of the investment.
1B VARY INVESTMENTS
To vary or transpose any investments into or for any others of any nature and to vary the terms of or property comprised in any security.
1C ACQUIRE POLICIES OF INSURANCE
(1) To effect or acquire any reversionary or deferred property or rights of any description or any life or life endowment or sinking fund or term or other policy of insurance of any nature (whether on the life of any Beneficiary or otherwise) and at or subject to any premium, whether single or payable periodically, and with or subject to any options, rights, benefits, conditions or provisions.
(1) To pay out of the income or capital of the Trust Fund as the Trustees think fit all sums payable for premiums or otherwise for the effecting or maintenance of any policy of insurance (whether owned by the Trustees or otherwise) or for the exercise or enjoyment of any option, right or benefit under it and any surrender of any policy is deemed to be a sale of that policy.
2. PAY OUTGOINGS
To pay out of the Trust Fund or the income of the Trust Fund all costs, charges and expenses incidental to:
(1) the management of the Trust Fund;
(2) the exercise of any power, authority or discretion contained in this deed; or
(3) carrying out or performing the Trust;
which the Trustees may incur including all income tax or other taxes payable in respect of the Trust Fund, costs in any way connected with preparation and execution of this deed and all money which the Trustees may be required to pay as settlement, gift, stamp or revenue duties in respect of the Trust Fund or this deed.
3. TAKE UP SHARES, UNITS OR SECURITIES
To take up by allotment or purchase any stock, shares, debentures, bonds, notes, units, sub- units, or other securities (including a minority share or interest) with or without deferred, restricted, qualified or special rights issued by:
(1) any company incorporated in any of the states or territories of Australia or elsewhere;
(2) any government, semi-governmental or municipal authority or corporation in any of the states or territories of Australia or elsewhere;
(3) any fixed, flexible or unit trust established in any of the states or territories of Australia or elsewhere; and
(4) any limited partnership established in any of the states or territories of Australia or elsewhere.
4. CORPORATE SECURITIES
With respect to any company or unit trust in which the Trustees holds shares, stocks, debentures, options, convertible notes, units or sub-units ("Securities") or is otherwise interested or concerned:
(1) to pay calls on Securities or permit Securities to be forfeited and sold;
(2) to purchase Securities and take up Securities of a new issue;
(3) to lend money to the company or unit trust whether secured by debentures or in any other way or not secured and either interest free or at such rate of interest and upon such terms as the Trustees thinks fit;
(4) to attend at meetings personally or by proxy, attorney or representative and vote at the discretion of the Trustees;
(5) to sell Securities at such price and upon such terms with or without security as the Trustees think fit;
(6) to assent to or join in any arrangement relating to the sale, transfer or exchange of any Securities or modifying any rights, privileges or interests in relation to the Securities;
(7) to agree to any scheme or arrangement for the increase or reduction of the value or amount of any Securities or of the capital of any company or unit trust of which the Securities fom1 the whole or any part or by which the Securities are substituted or given in exchange either wholly or partly for other Securities, whether in the same company or unit trust or not and for this purpose to deposit, surrender or exchange any script or documents of title relating to the Securities;
(8) to pay out of the capital of the Trust Fund or the income derived from the Trust Fund any contribution or incur any expense in connection the scheme or arrangement and generally to manage and deal with Securities as if the Trustees owned them beneficially;
(9) to agree, in respect of a winding up, with the liquidator of the company or unit trust or any member of the company or unit trust or any other person on the division or partition, in kind or specie, of the assets or property of any nature of the company or unit trust; and
(10) to accept any assets and property in payment or satisfaction of any interest of the Trustees in the company or unit trust, with power to pay any money by way of equality of division or partition.
5. FUTURES CONTRACTS AND OPTIONS
(1) To engage brokers and commission agents, to vary and determine the terms of any engagement and, either directly or through any broker or agent in any market in any part of the world, to:
(a) buy, sell, open, close out or otherwise deal in futures contracts of any kind;
(b) enter into, vary, exercise, abandon or sell any put or call option or rights;
(c) place bids or make offers; or
(d) hedge and effect orders including buying, selling, straddle switch and stop- loss orders.
(2) To tender and take delivery of commodities and currencies which are the subject of any futures contracts or options and otherwise to do and perform all things so as to operate on, utilise or deal with the facilities or any stock or futures exchange.
6. DETERMINE CAPITAL OR INCOME
To determine:
(1) whether:
(a) any real or personal property;
(b) any increase or decrease in amount, number or value of any property or holdings of property; or
(c) any receipt or payment from, for or in connection with any real or personal property; is treated as and credited or debited to capital or to income and out of what part of the Trust Fund; and
(2) whether any expense or outgoing is borne by capital or income.
7. OPEN BANK ACCOUNTS
To open in the name of:
(1) the Trustees;
(2) a person as nominee of the Trustees; or
(3) the Trustees and another jointly;
any cheque, savings or other account with any bank or financial institution, wherever situated, which the Trustees thinks fit, with full power for the person in whose name the account is opened to operate on the account including power to sign, draw and endorse cheques and other negotiable or transferable instruments on the account and to close the account.
8. DO ALL THINGS INCIDENTAL
To take such action as the Trustees think fit for the protection of any part of the Trust Fund and to do all other things which may be incidental to the exercise of the powers and authorities conferred on the Trustees by this deed.
9. ACT UPON ADVICE
To obtain and act upon the opinion or advice of any financial adviser, lawyer, valuer, surveyor, broker, auctioneer or other expert or professional.
10. RECEIVE GIFTS
To receive property by gift inter vivos or by will or under the provisions of any other trust or otherwise and either from the Settlor or from any other person as an addition to the Trust Fund and to hold it upon the Trust and to administer the addition under the provisions of this deed.
11. DEAL WITH DISTRIBUTIONS FROM OTHER TRUSTS
To treat as income or as capital any amounts or property which the Trustees in its capacity as Trustees of the Trust Fund receives as a beneficiary under any other trust whether the amounts or property constituted capital or income under other trust or was distributed to the Trustees by the Trustees of other trust as capital or income.
12. PAY EXPENSES
(1) To pay or treat as a charge on income any amounts which may be treated by the Trustees as deductions for income tax purposes.
(2) So far as the amounts cannot be paid or met out of the income of the current Accounting Period, to borrow or raise money for the purpose of meeting them and to apply future income in meeting them or in discharging the charge on income.
(3) The Trustees is not required to apply capital to meet the whole or any part of the amounts.
13. SET ASIDE MONEY FOR ACCRUING OBLIGATIONS
To set aside out of capital or income of the Trust Fund such sums of money as may in the opinion of the Trustees be sufficient to meet any debt or obligation due or accruing.
EXECUTED as a deed.
SIGNED SEALED and DELIVERED
as Settlor by William Ian Le Page
EXECUTED by MEHER HOUSE PTY LIMITED (ACN 608 788 772) in accordance with Section 127 of the Corporations Act 2001: