The Trust Deed

The Trust Deed is the fundamental and legal document that sets out the Rules which determine how the Trust should be operated.

In particular:

• Rule 3 sets out the Objects of the Trust, in other words its reason for being. In particular, and this is the fundamental and mandatory obligation of the Trustees . . . "the Trust must receive the shares in the company, and must hold the shares on trust for the benefit of the Consumers".

• Rule 4.4 sets out the options [the ONLY options] that the Trustees have when deciding on ownership

• Rule 4.8 sets out the procedure for the 5 yearly "ownership" reviews

• Rule 15 sets out the procedure for winding up the Trust, which must occur, at the latest, on 1 January 2072

• The trust deed itself clearly envisages and authorises the option of distributing the shares in Unison Networks to the beneficiaries. The Trust was NOT established with a purpose of holding the assets of Unison Networks in perpetuity.

Click on this button to see a copy of the Trust Deed

These are the Ownership Options set out in Rule 4.4

a) retain the shares in the Trust; or

b) dispose of a portion of the shares and retain the remainder in the Trust; or

c) dispose of all the shares.

Note: Option b) is an unacceptable compromise which provides no real benefit to Beneficiaries, while still retaining the same problems and costs of operating the Trust.