CHANGES TO THE PKW TRUST DEED For some time the Trustees of Parininihi ki Waitotara Trust have been considering amending the trust deed to improve its administrative processes. In order to make changes to the trust deed the Trustees must make an application to the Attorney General and High Court. The trust deed was written over 30 years ago and for the first time the Trustees are proposing two changes. This article introduces and explains both changes. First change
That the term of the shareholders representative is changed from one year to three years.
Rational
Currently the shareholder representative is elected annually at each AGM. By changing the shareholder representative term to three years they will serve for the same period as all other trustees.
Second change
To provide to the Trustees with a general power to vary the deed for administrative and management purposes.
Rational
Under the current deed the Trustees do not have the authority to make any administrative and management changes which might improve the Trust’s operations but must submit a proposal to the Attorney General and the High Court. This is a cumbersome, expensive and lengthy process which leaves control in the hands of the Attorney General. Providing the Trustees with a general power to vary the deed for administrative and management purposes allows Trustees more flexibility to make changes without resorting to lengthy and expensive Court processes. The original and fundamental purpose of the deed which is to support the cultural and education aspirations of beneficiaries are not affected by this variation.
Na to rourou, na taku rourou,ka ora ai te iwi Together we can achieve your community and economic aspirations
pwc.co.nz Brent Hulbert Partner 06 768 3820 Tino Levi Senior Associate 06 768 3873 Erena Taylor Associate 06 768 3840 Caleb Kahupukoro Associate 06 768 3813 PwC’s Manukura Māori Business Team
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