A Decade of Interest

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  • POI #2
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The occupational pension trust established on the 23 December 1913 in the State of South Australia was administered lawfully for seven decades from 1913 to 1982.

The terms of this trust had been varied from time to time in accordance with the Power of Amendment provided in the original Trust Deed that established the trust.

The Power of Amendment provided in the original Trust Deed had been renumber to Regulation 50 in the consolidation Deed of Variation dated 6 May 1958.

The last Deed of Variation that recited Regulation 50 and complied with its provisions was dated 15 February 1977.

Over the next decade a number of “Red Flag” documents were executed that require closer examination.

The documents of interest are quickly identified by the signatories to the purported amending instruments.

  Decade of Interest #1  

The documents dated 26 August 1986 and 15 December 1989 have been executed by the purported corporate Trustee Elders Superannuation Limited resident in Victoria instead of by five Natural Person Trustees resident in South Australia.

Decade of Interest #2  

Two different Powers of Amendment appear in these documents, purported Rule 1.9.1 and purported Rule 1.13.1

Decade of Interest #3  

However assuming that Regulation 50 could be replaced by the new purported Powers of Amendment, there would need to be a number of additional amending instruments to repeal the previous Power of Amendment and to add the new Power of Amendment to the terms of the trust.

Decade of Interest #4  

There is no evidence that the “missing” amending instruments were ever executed.

More information of the “missing” amending instruments can be found here.

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