New Zealand Acts

MAORI FISHERIES ACT 2004 - SECT 96

96 Contents of trust deed of Te Wai Maori Trust

1 To enable Te Wai Maori Trustee Limited to carry out the purpose of Te Wai Maori Trust, the trust deed must provide—

a) that the directors of Te Wai Maori Trustee Limited are entitled to be paid fees and reimbursing allowances or actual and reasonable expenses in accordance with the provisions included in the annual plan of Te Ohu Kai Moana Trustee Limited under section 37(f) and (g) ; and

b) for the powers of investment of the directors of Te Wai Maori Trustee Limited (and any prohibited investments); and

c) for the manner in which the trust deed may be varied and any restrictions on the way it may be varied; and

d) for the directors to commission an audit of Te Wai Maori Trustee Limited under section 105 ; and

e) for the directors to determine—

i) the circumstances when distributions may be made in accordance with section 98 ; and

ii) in relation to any trust income not distributed in a financial year, a policy for capitalising, carrying forward, or creating reserves from that income; and

f) for the circumstances when Te Wai Maori Trust may be terminated; and

g) on termination of that Trust, for the payment of the trust funds, in the percentages specified in column 3 of Schedule 3 ,—

i) to each mandated iwi organisation that has charitable status; or

ii) in the case of a mandated iwi organisation that does not have charitable status, to an entity with charitable status nominated by the mandated iwi organisation, for the benefit of the relevant iwi and its members; or

iii) if no mandated iwi organisation exists or no nomination is made under subparagraph (ii), to an entity with charitable status nominated by Te Ohu Kai Moana Trustee Limited to benefit the relevant iwi and its members.

2 The trust deed must prohibit Te Wai Maori Trustee Limited from—

a) undertaking any business other than what is necessary for the purpose of the Trust; and

b) expending or distributing trust capital, except on termination of the trust.

3 The trust deed may—

a) include any other matter that is not inconsistent with this Act or the constitution of Te Wai Maori Trustee Limited; and

b) be amended, subject to—

i) the purpose of Te Wai Maori Trust:

ii) the manner of its variation and any restrictions specified in the trust deed:

iii) the constitution of Te Wai Maori Trustee Limited:

iv) this Act.

4 A provision of the trust deed or an amendment to it has no effect to the extent that it is inconsistent with this Act.