Number, decisions and fees of Trustees
11. The minimum number of the Trustees shall be three and the maximum number shall be six, and three Trustees present at a Trustee Meeting duly convened shall constitute a quorum. The Trustees may elect one of their number to be Chairman, who shall hold office for the ensuing year or until earlier retiral but may be re-elected. At a Meeting of the Trustees every matter should be determined by a majority of the Trustees present and voting on the matter, provided that in the case of an equality of votes, the Chairman of the Meeting shall have a second or casting vote.
12. A Trustee or Trustees may be removed from office by resolution of the Trust at a duly convened meeting of the Trust. At such meeting a simple majority vote will suffice. The Chairman shall not have a casting vote.
13. No Trustee may serve as an employee (full-time or part-time) of the Trust, and no Trustee may be given any remuneration by the Trust for carrying out his/her duties as a Trustee. Any Trustee who is a solicitor, accountant or engaged in any profession may charge and be paid all the usual professional charges for business done by him or her or his or her firm, when instructed by the other Trustees to act in a professional capacity on behalf of the Trustees. However, at no time may a majority of the Trustees benefit under this provision and a Trustee must withdraw from any meeting of the Trustees at which his or her own instruction or remuneration or performance, or that of his or her firm, is under discussion.
14. Any Corporation may be appointed as one of the Trustees. It shall be competent for the Trustees to appoint a sole Corporate Trustee to act for the Trustees in their stead and in the event of the Trustees appointing a sole Corporate Trustee the above provisions regarding a minimum number of Trustees and majority decisions etc. do not apply. However, any sole Corporate Trustee must always have a minimum of 3 Directors, and may not be remunerated.
Accounts
15. The Trustees shall select a date (the "accounting date") to which the accounts of the Trust Fund will be drawn up annually. The Trustees shall cause to be prepared an Account of their intromissions with the Trust Fund, firstly for the period from the date of the commencement of the Trust to the accounting date and thereafter for each succeeding twelve month period ending with the accounting date. The Trustees shall be bound to submit each Account for independent examination by an individual or firm of accountants. The independently examined Account and a report on the affairs of the Trust for the same period shall be submitted to a meeting of the Trustees for approval.
Amendment
16. Any of the provisions of this Deed of Trust other than the provisions of Clause 4 and 5 hereof, and of this Clause, may from time to time be amended, altered or modified in any way and new provisions of any kind may be declared in addition thereto or in substitution therefor by Supplemental Declaration of Trust executed by the Trustees; but this Clause shall not authorise any alteration or modification of the provisions of this Deed which would operate to effect any change in its main purposes as provided in Clauses 4 and hereof.
Acceptance of Office
17. The Trustees hereby respectively accept office as Trustees hereunder as evidenced by their execution hereof.
IN WITNESS WHEREOF these presents consisting of this and the undernoted number of preceding pages are subscribed by us the Settlors at the undernoted place on the undernoted date before the witness hereto subscribing.
Number of Preceding Pages 6
Place of Signing
Date of Signing
(Signature) (Signature)
Witness (Signature)
Full Name of Witness
Occupation of Witness
Address of Witness