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.

We welcome support from everyone in Hawkes Bay. However, please understand that we can only count one vote per ICP, but we will count ALL ICPs.