Regulation 52 – The Wind-Up Provision

The original Trust Deed in included a power to revoke the trust established on the 23 December 1913.

The revocation provision Regulation 33 was renumbered to Regulation 52 in the consolidation Deed of Variation dated 6 May 1958.

Regulation 52 is shown below.

To lawfully wind-up the trust established on the 23 December 1913 in the State of South Australia requires:

  • (i) a unanimous resolution of the Directors of the “Successor Company” which is now SABmiller plc, as well as,
  • (ii) the unanimous consent in writing of the Trustees.
  • However the Trustees must by law be lawfully appointed to the office of trustee to be able to exercise any of the powers provided in the Trust Deed, including the power to consent to the wind-up of the trust and the disposal of the Trust Estate (“the Fund”).

    The Trustee must act in good faith and decide that in the circumstances that the winding-up of the occupational pension trust is in the best interests of the members and beneficiaries of the trust.

    It it was proposed that the members and beneficiaries be transferred to another Fund, and then the trust to be wound-up, such a proposal would require an Enactment of the Parliament of South Australia, as confirmed by the Elder’s Trustee and Executor Company Act 1971 (SA).

    To date there has been no such enactment.

    Furthermore the lawfully appointed natural person trustees were unlawfully removed from office on the 20 December 1982 and their have been no lawfully appointed trustees since

    In order to lawfully wind-up this occupational pension trust five natural person trustees resident in South Australia, must be re-instated to the office of trustee in accordance with the terms of the trust as properly construed.

    It is only then that one of the conditions imposed by Regulation 52 can be complied with.

     
    Regulation 52 p44   Regulation 52 p45   Regulation 52 p46
    facebooktwittergoogle_plusredditpinterestlinkedinmailby feather