Deed

TRUST DEED
THE FAMILY TRUST

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 Contents

1 Definitions and interpretation...........................................................................................................5

1.1 Definitions...................................................................................................................................5
1.4 Interpretation.............................................................................................................................6
2 Establishment of TRUST.....................................................................................................................8
3 Paramount provisions: complying with The Trustees Incorporation Act Cap 165 Law....................9
3.1 Trustee must comply..................................................................................................................9
3.2 Deemed compliance...................................................................................................................9
3.3 Trustee’s consent required where necessary............................................................................9
4 Purpose of the TRUST........................................................................................................................9
5 Participating in the TRUST.................................................................................................................9
5.1 Participation................................................................................................................................9
5.2 Cessation of membership.........................................................................................................10
5.3 Special arrangements...............................................................................................................10
6 Contributions...................................................................................................................................10
7 Trustee.............................................................................................................................................10
7.2 Trustee’s obligations.................................................................................................................11
7.3 Absolute discretion...................................................................................................................11
7.4 General Powers.........................................................................................................................11
7.5 Authorised Persons...................................................................................................................11
7.6 Confidentiality...........................................................................................................................11
7.7 Tax.............................................................................................................................................11
7.8 Payments to Trustee.................................................................................................................12
7.9 Liability of Trustee....................................................................................................................12
7.10 Reliance on opinions, advice or information..........................................................................12
7.11 Action notwithstanding interest.............................................................................................12
8 Investments of TRUST......................................................................................................................13
9 Changes to Deed..............................................................................................................................13
10 Accounts and Records....................................................................................................................13
10.1 Accounts and records..............................................................................................................13
10.2 Auditor....................................................................................................................................13
10.3 Accounts..................................................................................................................................13
10.4 Surplus and Deficiency............................................................................................................14
10.5 Determination of Surplus or Deficiency.................................................................................14

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11 Benefits..........................................................................................................................................14
12 Forfeiture.......................................................................................................................................15
12.1 Automatic forfeiture of benefits.............................................................................................15
12.2 Forfeiture at discretion of trustee..........................................................................................15
12.3 Exception to forfeiture............................................................................................................15
12.4 Application of forfeited benefits............................................................................................15
13 Adjustment of Benefits..................................................................................................................16
14 Discharge and release....................................................................................................................16
15 Payment of death benefits............................................................................................................16
16 Payments under Superannuation Law..........................................................................................17
17 Recoupment...................................................................................................................................17
18 Pension...........................................................................................................................................17
19 Transfers.........................................................................................................................................17
19.1 Transfers..................................................................................................................................17
19.2 Transfers under the Superannuation Law..............................................................................17
20 Termination of TRUST....................................................................................................................18
20.1 Termination of TRUST.............................................................................................................18
20.2 Application of TRUST..............................................................................................................18
21 General...........................................................................................................................................18
21.1 Proper Law..............................................................................................................................18
21.2 Notices....................................................................................................................................18
Signing page........................................................................................................................................19

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THE FAMILY TRUST

(Trustee)
(Member)
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Print address:

(Member)
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(Member)
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(Member)
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(Member)
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Recitals
1 The Trustee wishes to establish a Family Trust for the benefit of the Members under the terms of this Deed.

2 The Trustee is willing to act as trustee of the Trust for the purposes mentioned in this Deed and on the terms of
this Deed.

This deed witnesses as follows:

1 Definitions and interpretation

1.1 Definitions
The meanings of the terms used in this deed are set out below.

Term Meaning
Account any account established and maintained under this Deed.

Attorney Power to delegate in writing the exercise of all or any of the powers or discretionary authorities hereby
conferred on the Trustee and execute any powers of attorney or other instruments necessary to effectuate such
purpose.

Auditor the person appointed under the Trust Deed

Authorised Person a person who is or has been:

1 a director, officer or employee of the Trustee;

2 an agent or Qualified Adviser appointed by the Trustee to give assistance in the administration and
operation of the TRUST; or

3 any other person authorised by the Trustee in writing to carry out an act relating to the administration
and operation of the Trust.

Benefit a benefit payable under the TRUST as provided in clause 11(a)

Benefit Arrangement a Trust or benefit arrangement which can pay money to the Trust, or
which the Trust can pay money to, without breaching The Trustees Incorporation Act Cap 165 Law.

Term Meaning
Borrowing Power to borrow money upon such terms with or without security or interest as the Trustee deems fit
and to give, or to authorise the giving of security by mortgage, charge (whether fixed or floating) or otherwise
over the asset.

Business Day a day on which banks are open for business in Uganda
Sunday or public holiday in Uganda.

Child includes a step-child, ex-nuptial child and an adopted child.

Custodian Power to appoint any person as custodian to hold legal title for any asset acquired or to be acquired
by the Trustee in such terms as the Trustee thinks fit.

Deed this trust deed, anything deemed to be included under The Trustees Incorporation Act Cap 165, and any
arrangement, agreement, approval, rules or procedures effected pursuant to, or as specifically provided
for by, any provision of this trust deed.

Deficiency the deficiency determined by the Trustee in accordance with The Trustees Incorporation Act Cap 165

Dependant
1 a Spouse;
2 a Child; and
3 any other person who in the opinion of the Trustee is or was at the relevant time a dependant of a Member
within the meaning of The Trustees Incorporation Act Cap 165.

Employee has the meaning given to it under Employment Law

TRUST the indefinitely continuing THE FAMILY TRUST established by this Deed, and known by the name
specified in clause 2(a) of this Deed.

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TRUST Expenses both the direct and incidental costs and expenses of the establishment, operation,
Management, administration, investment

1 Definitions and interpretation

Term Meaning and termination of the Trust, including a Tax, insurance costs and any fees or charges imposed
on or paid by the Trustee in connection with the TRUST.

Insurer a life insurance company selected by the Trustee.

Life Assurance

Member the member who is a party to this Deed and any other person who is admitted by the Trustee to
participate in the Trust.

Non-Account Based
Policy an insurance policy (whether in respect of an individual Member or group of Members) effected by the
Trustee with an Insurer, as provided in the Deed in order to provide benefits under the TRUST.

Power a power, right, discretion, remedy or authority of any nature, and without limiting the forgoing in any way,
includes the Borrowing Power, the Attorney Power and the Custodian Power.

Qualified Adviser a person considered by the Trustee to be capable of giving advice in relation to any matter or
question, whether by virtue of formal qualifications or experience in business or otherwise, including an
accountant, barrister, solicitor, actuary, medical practitioner, Insurer, investment manager or other qualified
person.

Qualifying Income
Stream
an income stream that complies with The Trustees Incorporation Act Cap 165

Regulator in relation to a matter, the applicable person (as the context requires) who exercises a statutory
function in relation to the matter under The Trustees Incorporation Act Cap 165 Law.

Release Authority a release authority for the purposes of the Income Tax Assessment Act.

Reserve Account the account or accounts of that name maintained in respect of the Trust in accordance with
clause 10.3.

Tax includes any Government impost (including a tax, levy, charge, surcharge or duty) which is or might become
payable in any respect in connection with the Trust, this Deed or anything done or which may be done under this
Deed.

Tax Act the Income Tax Assessment Act 1936 and/or the Income Tax Assessment Act 1997, as the context
requires.

1.4 Interpretation
In this Deed:
(a) a reference to a ‘person’ includes any company, partnership, joint venture, association,
corporation or other body corporate and any government authority but the words ‘natural
person’ have their normal meaning;

(b) a reference to a statute includes a regulation, by-law, requisition or order made under that
statute and any amendment to or re-enactment of that statute, regulation, by-law, requisition
or order for the time being in force;

(c) a reference to a section of or a regulation under a statute includes any amendment to,
replacement of or re-enactment of that section or regulation and any other section of or
regulation under the statute required to give meaning, force or effect to the section or
regulation;

(d) subject to any contrary provision in this Deed, a reference to this Deed, or any other deed,
agreement, instrument or contract, includes a reference to this Deed, that other deed,
agreement, instrument or contract, respectively, as amended, supplemented or varied from
time to time;

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 (e) if a party comprises two or more persons, the covenants and agreements on their part
bind and must be observed and performed by them jointly and each of them severally and
may be enforced against any one or any two or more of them;

(f) headings in this Deed are for convenience and identification of clauses only and do not
otherwise affect its interpretation;

(g) where appropriate:

(1) words denoting the singular include the plural;
(2) words denoting the plural include the singular; and
(3) words denoting a gender include each gender;

(h) a covenant by a party not to do or omit to do any act or thing includes:

(1) a covenant not to suffer that act or thing to be done or omitted by any agent or
employee of the party; and
(2) a covenant to do everything necessary to ensure that the act or thing is not done
or omitted to be done; and
(3) all matters which are stated as being included in the ambit of an expression are
without limitation to the breadth and generality of that expression.

1.5 Severance
If necessary, in order to avoid any provision of this Deed or this Deed being made invalid by a law, the
provision may be read down or severed to preserve the validity of the provision or this Deed as the
case may be.

1.6 State Trustee Acts

To the extent legally possible, and unless the Trustee otherwise determines, this Deed is not subject
to the Trustee Act of the State or Territory in which this Deed is executed or any of its equivalents in
any of the States or Territories of Australia.

1.7 Business Day

When the day or last day for doing an act is not a Business Day, the day or last day for
doing the act will be the next following Business Day.

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2 Establishment of TRUST
(a) A TRUST to be known by the name THE FAMILY TRUST, is established as an indefinitely
continuing superannuation TRUST with effect from the date of this Deed.

(b) The Trustee agrees to act as trustee of the TRUST.

(c) The TRUST is vested in, controlled and administered by the Trustee in accordance with
this Deed and the Superannuation Law.

(d) The Trustee holds the assets of the TRUST on the trusts of and subject to this Deed.

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3 Paramount provisions: complying with The Trustees
Incorporation Act Cap 165 Law
3.1 Trustee must comply
The Trustee must comply with the requirements of the The Trustees Incorporation Act Cap 165 Law
and is fully empowered (without being obliged) to comply with any provision or standard of the
The Trustees Incorporation Act Cap 165 Law which is not a requirement.

3.2 Deemed compliance

The Trustee is deemed to comply with the The Trustees Incorporation Act Cap 165 Law if the
Regulator is satisfied that compliance has occurred or determines that the TRUST will be treated as if
compliance has occurred.

3.3 Trustee’s consent required where necessary

If a provision of this Deed would otherwise be void because it:
(a) subjects the Trustee to direction by another person; or

(b) permits a person to exercise a discretion without the consent of the Trustee, the Trustee's
consent is required for the giving of the direction or the exercise of the discretion.

4 Purpose of the TRUST

The sole or primary purpose of the THE FAMILY TRUST is to grow the assets of the TRUST and to
generate revenue annually for distribution to the named beneficiaries according to the annual agreed
allocation, by the members, from the total revenues after all expenses and tax liabilities are paid.

5 Participating in the TRUST

5.1 Participation
(a) A person who is eligible under to receive benefits from the TRUST may by completing a form
prescribed by the Trustee apply to become a Member.

(b) The Trustee may not without unanimous approval of existing members of The FAMILY TRUST
(1) accept the application unconditionally;
(2) accept the application subject to conditions with Power to later vary or remove any such
conditions;
(3) delay consideration of the application; or
(4) reject the application, and where the application is accepted under clause 5.1(b)(1) or
clause 5.1(b)(2), the applicant becomes a Member from the date of such acceptance or such
other date as determined by the Trustee.

(c) The Trustee must refuse an application for membership if the admission of the applicant as a
Member would cause the TRUST not to be a self-managed FAMILY TRUST.

(d) Before the Trustee makes a decision under clause 5.1(b), the Trustee may to the extent permitted
by the The Trustees Incorporation Act Cap 165 Law request the person applying for membership with
the TRUST to provide all relevant information and evidence and sign all documents as may be
required by the Trustee.

(e) The Trustee must deal with a person's application money:

(1) pending the processing and acceptance of that application; and
(2) where the application is refused, in a manner consistent with the Superannuation Law.
(f) The Trustee may determine that a person who has not applied for membership in accordance with
this clause 5 is a Member on and from a date determined by the Trustee although that person is not
required to contribute to the TRUST without his or her prior consent.

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(g) Notwithstanding clause 5.3(b)(2), a Member has no right to claim any interest in, or exercise any
right in relation to, any particular asset of the TRUST.

(h) Where a Policy is effected in respect of a Member, the Benefits of the Member must be
determined in accordance with the terms and conditions of that Policy.

(i) Each Member irrevocably appoints the Trustee his or her attorney to do anything permitted or
required by this Deed.

(j) Any condition properly imposed under this Deed in respect of a Member, and
any consent, approval or agreement given or made by a Member, is binding on:
(1) the Member concerned;
(2) an heir or executor of the Member; and
(3) a person who is or would otherwise have been entitled to claim a benefit in respect of the
Member or upon the occurrence of an event or circumstances affecting the Member, and this
Deed takes effect accordingly.

(k) Each Member is bound by this Deed and all approvals and acts under this Deed in relation to the
Member.

5.2 Cessation of membership

(a) A Member ceases to be a member of the TRUST when all the Benefits of the Member are
paid or otherwise satisfied or dealt with under this Deed.

(b) If no contributions are made in relation to a Member, that Member ceases to be a Member
at the discretion of the Trustee or as otherwise set out in this Deed.

5.3 Special arrangements

(d) The Trustee is not liable for:
(1) acquiring, delaying acquiring, retaining or failing to dispose of; or
(2) the performance of or for any loss attributable to,
any separate investment referred to in clause 5.3(c).

6 Contributions
(a) Any person permitted by the may contribute in respect of a Member in a manner as permitted by
The Trustees Incorporation Act Cap 165 Law.
(b) The Trustee in its absolute discretion may determine what contributions and other amounts may or
must be paid to or accepted into the TRUST.
(c) The Trustee may repay from the TRUST any contribution or other amount paid to it in error.

7 Trustee
7.1 Removal and appointment of Trustee
(a) Any person permitted to do so by The Trustees Incorporation Act Cap 165 Law may act as a
Trustee or as a director of a Corporation which is the Trustee.

(b) The Members may, at any time, remove any Trustee from office or may appoint an additional or
substitute Trustee of the TRUST in writing.

(c) A trustee holds office until:

(1) the Trustee becomes a disqualified person under The Trustees Incorporation Act Cap 165
Law or is otherwise disqualified from that office by operation of law;

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 (2) the Trustee is removed from office by the Regulator or by the Members in accordance with
paragraph (b);
(3) the Trustee retires from office by giving 30 days’ written notice to the Members (or such
lesser period as the Members may agree); or
(4) if the Trustee is a natural person, that person dies or becomes of unsound mind.

(d) Despite anything to the contrary in this Deed, the composition, appointment and removal of a
Trustee must comply with The Trustees Incorporation Act Cap 165 Law, and any Trustee who holds
office must not act in any manner which may prejudice any existing or potential taxation concessions
of the TRUST.

(e) A retiring Trustee must transfer the assets of the TRUST and deliver the books and records
relating to the TRUST to the new or remaining Trustee.

7.2 Trustee’s obligations

The Trustee must perform and exercise the Trustee’s duties and Powers in the best interests of the
Members and in all respects in compliance with The Trustees Incorporation Act Cap 165 Law.

7.3 Absolute discretion

(a) Except as otherwise expressly provided in this Deed, the Trustee has absolute and
uncontrolled discretion in the exercise of any Power and is not required to justify the exercise
of, or failure to exercise, any Power.

(b) The Powers conferred on the Trustee by this Deed are additional to the Powers
exercisable by a trustee at law.

(c) Subject to The Trustees Incorporation Act Cap 165, any determination made by the
Trustee under this Deed to pay or apply any amount to or for the benefit of a Member or a
Member’s Dependant may at any time in the absolute discretion of the Trustee be varied,
altered, revoked or replaced.

7.4 General Powers

Except as otherwise expressly provided in this Deed, the Trustee has complete management and
control of the TRUST and may, without limitation, exercise all the Powers of a natural person in order
to:
(a) properly administer and maintain the TRUST;
(b) exercise any Power;
(c) perform its duties; and
(d) pay TRUST Expenses.

7.5 Authorised Persons

To the extent permitted by The Trustees Incorporation Act Cap 165, the Trustee may appoint or
remove any Authorised Person and pay the Authorised Person’s fees from the TRUST.

7.6 Confidentiality
Except to the extent reasonably necessary in the operation, management and administration of the
TRUST and in giving effect to this Deed, the Trustee and any Authorised Person must keep as
confidential all information which becomes known to that person in connection with the operation,
management and administration of the TRUST.

7.7 Tax
(a) Without affecting the generality of clauses 7.3 and 7.4, the Trustee may take any action which it
may consider appropriate in paying or taking account of any Tax including:
(1) reducing or otherwise adjusting the amount of any benefit payable from the TRUST;

(2) transferring a Tax liability to another person

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 (3) deducting amounts from accounts or from amounts before they are credited to accounts;
and
(4) establishing reserves and making provisions in the accounts of the TRUST for payments
from the TRUST to relevant governmental authorities.

(b) Without limiting clause 7.9(a), if Tax is payable by the Trustee on any payment to the Trustee
under clause 7.8, the Trustee is entitled to be indemnified in respect of the amount of that Tax.

7.8 Payments to Trustee

(a) The Trustee, or if the Trustee is a company any directors of that company, must
not receive any remuneration from the TRUST or from any person for any duties or services
performed as Trustee, or as a director if the Trustee is a company, in connection with the
TRUST.

(b) The Trustee is entitled to be reimbursed for TRUST Expenses incurred by it in the
administration and operation of the TRUST.

(c) If the Trustee or an Authorised Person performs work for the TRUST in a personal
capacity, he or she is entitled to be paid from the TRUST all usual fees for work done by that
person or any firm in which that person is a partner or an employee, including anything which
could be done by an unqualified person.

7.9 Liability of Trustee

(a) To the extent permitted by law but subject to clause 7.9(b), the Trustee and each
Authorised Person is entitled to be indemnified from the TRUST in respect of any liability
(including for negligence) incurred while acting as Trustee or Authorised Person.

(b) Clause 7.9(a) does not apply where the person seeking indemnity was dishonest (being
guilty of actual fraud) or intentionally or recklessly failed to exercise, in relation to a matter
affecting the TRUST, the degree of care and diligence such person is or was required to
exercise.

(c) Without limiting clause 7.9(a), the Trustee may:

(1) effect or acquire an insurance policy in respect of any potential liability of the
Trustee or an Authorised Person; and

(2) pay from the TRUST premiums and other outgoings in respect of such insurance
policy.

7.10 Reliance on opinions, advice or information

The Trustee and each Authorised Person may rely on, and are not liable for acting on, any opinion,
advice or information obtained from a Regulator or a Qualified Adviser in connection with the TRUST.

7.11 Action notwithstanding interest

(a) Notwithstanding that a person is a Member or in any way associated with the TRUST,
such person may act as delegate, director, agent or adviser of the Trustee.

(b) Neither this Deed nor a fiduciary relationship created in equity or under
The Trustees Incorporation Act Cap 165 restricts any person from:
(1) acting as the Trustee, a director of the Trustee or as an Authorised Person;
(2) participating in the TRUST;
(3) doing business with the TRUST or the Trustee; or
(4) being involved with or interested in any person who participates in, or does
business with, the TRUST or the Trustee.

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8 Investments of TRUST
(a) Subject to The Trustees Incorporation Act Cap 165, the Trustee may invest, deal with or
deploy the assets of the TRUST in any manner or form which the Trustee may consider to be
a suitable investment for the TRUST as if it were the sole and absolute legal and beneficial
owner of those assets.

(b) The Trustee must at all times:

(1) maintain separate records to enable identification of the property of the TRUST; and
(2) use the property of the TRUST only for the purposes of the TRUST.

9 Changes to Deed
This Deed may be changed, amended, resettled, replaced or merged with any other trust either
prospectively or retrospectively by the Trustee by way of deed.

10 Accounts and Records

10.1 Accounts and records
(a) The Trustee must keep records and financial accounts of the TRUST as required by The
Trustees Incorporation Act Cap 165.

(b) The accounts and records prepared under clause 10.1(a) must be audited by the Auditor
annually and at any other intervals determined by the Trustee and the Auditor must certify to
the Trustee the result of each audit in writing.

(c) The Trustee must obtain any certificate from an actuary or Accountant firm that is required
by The Trustees Incorporation Act Cap 165.

10.2 Auditor
(a) The Trustee must appoint an auditor to audit the records and financial accounts of the TRUST
and to provide reports as required by the Superannuation Law.

(b) The Auditor may be removed by the Trustee and, if so, the Trustee must appoint another
person to act as Auditor.

(c) Each appointment of an Auditor will be on terms determined by the Trustee.

10.3 Accounts
(a) The Trustee may establish and maintain any Accounts it considers suitable including
Accounts to record the benefits of the Members. It must credit and debit those accounts with
any portion of any TRUST assets or any TRUST Expense it determines is attributable to
those accounts and may otherwise credit and debit those accounts with any other amount
and in any other manner it considers appropriate.

(b) Without limiting clause 10.3(a), the Trustee may establish and maintain Reserve Accounts in
which must be credited or debited as the case requires:
(1) any amount not required to meet current benefit liabilities;

(2) any amount which is forfeited or deducted from a benefit or from a Member’s interest in
the TRUST in accordance with this Deed and which is not otherwise applied as provided
in this Deed;

(3) TRUST Expenses to the extent determined by the Trustee that have not been deducted
from a Member's Account;

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 (4) any amount of the Surplus or Deficiency allocated to the Reserve Account by the Trustee
under clause 10.4(b); and

(5) any other amounts the Trustee determines should be credited or debited to the Account,
including in augmenting any Benefit actually or prospectively payable to or in respect of a
Member or a former Member or any Dependant of a Member pursuant to this Deed.

(c) The Trustee may maintain within the Reserve Account any sub-account it considers suitable
and may credit or debit the relevant sub-account with any amounts which may be debited or
credited to the Reserve Account in accordance with this Deed.

10.4 Surplus and Deficiency

(a) At least once a year, and at any other times determined by the Trustee, the Trustee must:
(1) cause the TRUST (other than a Policy to the extent it provides insurance solely
against risk) to be valued; and
(2) subject to clauses 5.3(b)(2) and 5.3(c), determine the amount of the Surplus or
Deficiency in the TRUST which, in the opinion of the Trustee, it is appropriate to
allocate to each Member’s Account and Reserve Accounts, if any.

(b) The amount of any Surplus or Deficiency determined under clause 10.4(a) must be
apportioned between and allocated to each Member’s Account and Reserve Accounts, if any,
in the manner and on the basis determined by the Trustee, either generally or in any
particular case.

10.5 Determination of Surplus or Deficiency

In determining the Surplus or Deficiency from time to time:
(a) the Trustee must have regard to the income of the TRUST, appreciation or depreciation in the
value of the assets (including unrealised assets) of the TRUST, the liabilities (including
unrealised liabilities) of the TRUST, the TRUST Expenses and any other matters the Trustee
may consider appropriate; and

(b) subject to The Trustees Incorporation Act Cap 165, the Trustee may generally adopt
whatever assumptions, methodology and procedures the Trustee considers appropriate or
expedient, either generally or in any particular case, including:
(1) methodology and procedures concerning the method and basis of valuing particular
assets;

(2) the intervals at which valuations must be carried out; and

(3) the reserving or averaging of income.

11 Benefits
(a) The amount of a Benefit payable from the TRUST to or in respect of a Member is:
(1) the value of the accounts maintained in respect of the Member together with the proceeds
of any Policy received in respect of the Member; or

(2) otherwise as set out in this Deed or as determined by the Trustee in its absolute
discretion.

(b) A Benefit may be paid to a Member when the Member becomes entitled but must be paid to a
member when the Member is obliged under the Trust Deed to receive a benefit from the TRUST.

(c) The Trustee is not required to pay a Benefit unless the person claiming the Benefit:
(1) makes proper application to the Trustee in the form required by the Trustee;
(2) provides information to the Trustee as requested by it to substantiate such Benefit; and
(3) gives instructions in relation to the method of payment of the Benefit which are acceptable
to the Trustee.

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 (d) A Benefit is calculated as at the date the event which gave rise to the entitlement of the
Member occurred and may include any Surplus or Deficiency (as the case may be) if the
Trustee so determines.
(e) The Trustee may pay all or part of a Benefit by the transfer of an asset or assets.
(f) The Trustee may pay a Benefit of a Member, who in the Trustee's opinion is not capable of
receiving that Benefit or managing his or her affairs, to any person for the benefit of the
Member.
(g) Any amount held in the TRUST which is not allocated to any Member or to any account or
which may not or cannot be paid or which is not payable by the Trustee to any Member may
be dealt with as the Trustee determines for any purpose determined by the Trustee which is
permissible under The Trustees Incorporation Act Cap 165including:
(1) the reduction of contributions of a Member;
(2) to meet TRUST Expenses; or
(3) the augmentation of any Benefit actually or prospectively payable to or in respect of a
Member or a former Member or any Dependant of a Member pursuant to this Deed.

12 Forfeiture
12.1 Automatic forfeiture of benefits
(a) Subject to clause 12.3, a Member or any other beneficiary:
(1) who assigns or charges, or attempts to assign or charge, any interest in the TRUST to
which he or she may become entitled;
(2) whose interest in the TRUST, whether by their own act, operation of law or otherwise
would, but for this clause, become payable to or vested in any other person or organisation;
or
(3) who for any reason may be unable personally to receive or enjoy the whole or part of any
interest in the TRUST to which he or she may become entitled or, in the opinion of the
Trustee, is incapable of managing his or her affairs, must, subject to the Superannuation Law,
forfeit entitlement to all of his or her interest to which he or she may become entitled in the
TRUST or in any other situation permitted by the Superannuation Law, may forfeit entitlement
to all of his or her interest to which he or she may become entitled in the TRUST.
(b) For the avoidance of doubt, clause 12.1(a) does not operate to forfeit an entitlement as a result of
any action of the Trustee acting in accordance with the Superannuation Law, including but not limited
to any roll-over, transfer or allotment undertaken by the Trustee (including by way of contributions
splitting).

12.2 Forfeiture at discretion of trustee

Subject to clause 12.3, where, in the opinion of the Trustee, a Member or any other beneficiary for
any reason may be unable personally to receive or enjoy the whole or part of any interest in the
TRUST to which he or she may become entitled or, in the opinion of the Trustee, is incapable of
managing his or her affairs, the Trustee may subject to the Superannuation Law, forfeit entitlement to
all of his or her interest to which he or she may become entitled in the TRUST.

12.3 Exception to forfeiture

Clauses 12.1 and 12.2 do not apply to cancel, forfeit, reduce, qualify or confer a discretion relating to
the beneficial interest of a Member or other beneficiary in the TRUST in the event that the Member or
other beneficiary becomes bankrupt, commits an act of bankruptcy or executes a deed of assignment
or deed of arrangement under the Bankruptcy Act 1966 or in any other event where the law prohibits
such an application.

12.4 Application of forfeited benefits

(a) Subject to The Trustees Incorporation Act Cap 165, any interest forfeited pursuant to clauses
12.1 or 12.2 must be credited to the Reserve Account.

(b) If a forfeiture occurs in respect of a Member pursuant to clauses 12.1 or 12.2 and, in the
opinion of the Trustee, the event or circumstance giving rise to that forfeiture has ceased to
affect that Member or that Member’s property, the Trustee may secure such benefit in respect

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 of that Member as the Trustee considers appropriate, having regard to any payment or
application which may have already taken place under clause 12.1(a).

13 Adjustment of Benefits
(a) The Trustee may adjust Benefits and rights in respect of a Member to take account of:
(1) any contributions which have not been paid;
(2) any TRUST Expense;
(3) any incorrect, inaccurate or misleading information supplied, or lack of information
supplied, in respect of a Member; or
(4) the extent to which an Insurer fails to provide insurance under a Policy, fails to pay or
reduces the payment of any insurance proceeds, defers the payment of any
proceeds, or imposes terms and conditions on which the insurance proceeds are
payable.
(b) The Trustee may deduct from a Member’s interest in the TRUST or from any money which would
be payable to or for the benefit of the Member, and may retain in the TRUST any amount determined
by the Trustee to be owing to the Trustee or the TRUST by that Member either solely or in conjunction
with any other person on any account whatever.

14 Discharge and release

The Trustee is completely discharged in respect of any payment or transfer in accordance with this
Deed by the payment or the transfer, including a payment or a transfer to a person the Trustee
believes in good faith is entitled to the payment or transfer.

15 Payment of death benefits

(a) A Member may, from time to time, give the Trustee a Death Benefit Nomination, which
regardless of the validity of the Death Benefit Nomination, has the effect of revoking any
previous Death Benefit Nomination of the Member.

(b) Subject to the terms of any Pension Benefit, if:

(1) a Member dies;
(2) the Member has provided a Binding Death Benefit Nomination;
(3) the Binding Death Benefit Nomination has not been revoked by the
Member; and
(4) payment in accordance with the Binding Death Benefit Nomination would not be in breach
of any Superannuation Law, the Trustee must pay the Member’s Death Benefit in accordance
with the Member’s nomination set out in the Binding Death Benefit Nomination.

(c) For the purposes of paragraph (b), if payment of a part of a Member’s Death Benefit, in
accordance with the Binding Death Benefit Nomination, would not be permitted under
Superannuation Law, then the Binding Death Benefit Nomination shall be deemed to have
been made only in respect of the other part of the Member’s Death Benefit.

(d) If:
(1) the Trustee is prohibited from paying a part or all of the Member’s
Death Benefit in accordance with a Binding Death Benefit Nomination;
or
(2) the Member has not given the Trustee a Binding Death Benefit Nomination in respect of a
part or all of a Member’s Death Benefit; the Trustee must pay that part of the Member’s Death
Benefit to the person or persons and in the proportions as determined by the Trustee.

(e) Subject to clause 15(f), the Trustee may pay a Member’s Death Benefit in any manner as
permitted by the Superannuation Law, including as a lump sum or as a Pension Benefit or
both.

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 (f) If permitted by Superannuation Law, the Trustee must pay a Member’s Death Benefit in the
manner specified in:
(1) a Binding Death Benefit Nomination covered by clause 15(b); or
(2) where clause 15(f)(1) does not apply, a signed and dated notice given to the Trustee by
the beneficiary of a Member’s Death Benefit.

16 Payments under Superannuation Law

The Trustee may (but is not obliged to) pay any Benefit where permitted by the Superannuation Law
and must pay any Benefit where required by the Superannuation Law.

17 Recoupment
The payment of a Benefit is subject to the following conditions:
(a) If the Trustee determines, after paying the Benefit, that the Trustee overpaid the amount of
the Benefit to which the recipient was legally entitled the recipient:
(1) must repay to the Trustee on demand such amount as the Trustee
determines should not have been paid to the recipient; and
(2) releases the Trustee from any loss or damage that the recipient may suffer as a
result of the Trustee making the overpayment; and

(b) If the Trustee does not receive in full the amount of the overpayment in clause 17(a)(1),
the Trustee may recoup that amount from the TRUST.

18 Pension
(a) The Trustee and a Member may agree on the Pension Benefit to be paid to the
Member and the manner in which it will be provided.

(b) If the Member and the Trustee do not agree on the Member's selection of the Pension
Benefit, the Trustee, in its sole discretion, must select the Pension Benefit, and purchase or
provide the same on the Member's behalf.

(c) The Trustee may, on being advised of an election by the Member under clause 11(c),
change the composition of the Member's Benefit as between lump sum and Pension Benefits
(as the case may be) to reflect that election, subject to this Deed, any relevant conditions
determined from time to time by a Regulator or the Superannuation Law.

19 Transfers
19.1 Transfers
(a) The Trustee may arrange for the transfer into the TRUST of cash or property with:
(1) the person responsible for a Benefit Arrangement; or
(2) a person who is or was a participant in a Benefit Arrangement, on conditions agreed
between the Trustee and the person.

(b) The Trustee may pay a benefit of a Member to a Benefit Arrangement with or
without the consent of the Member if the Superannuation Law permits.

19.2 Transfers under the Superannuation Law

The Trustee may, and if required by the Superannuation Law must, transfer benefits of a Member to a
Benefit Arrangement or to the Regulator in the circumstances contemplated by the Superannuation
Law.

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20 Termination of TRUST
20.1 Termination of TRUST
(a) The Trustee may terminate the TRUST in its absolute discretion.
(b) The TRUST must be terminated if there is no Trustee or the Superannuation Law requires.

20.2 Application of TRUST

Upon termination:
(a) the net proceeds of the TRUST, after meeting TRUST Expenses, must be applied to or
towards the payment of Members’ Benefits in such form and manner and in such amount as
the Trustee determines; and
(b) the Trustee may deal with any remaining money or property in the TRUST as it
determines in its absolute discretion.

21 General
21.1 Proper Law
This Deed is governed by, and takes effect and must be construed in accordance with, the proper law
of this Deed, which is the law of New South Wales.

21.2 Notices
Any communication in connection with the TRUST:
(a) must be either in writing or if given orally must conform to instructions given by
the Trustee;

(b) may be given to a Member:

(1) at his or her residential address as set out in the Member’s TRUST
membership application form; or
(2) at such other address last notified to the Trustee by the Member; and is deemed
to be received by the Member on the earlier of:
(3) 3 Business Days after the notice is sent by mail; and
(4) the day the notice is received at the appropriate address; and

(c) must be given to the Trustee at its address set out at the beginning of this Deed, or at
such other address as last notified to a Member by the Trustee, and is effective only when
received by the Trustee at the required address.

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Signing page
Executed as a deed this day of
Trustee
Signed sealed and delivered by
THE FAMILY TRUST
by
sign here ►
Director/Company Secretary
print name
sign here ►
Director
print name

Member
Signed sealed and delivered by
print name:
sign here ►
in the presence of sign here ►
Witness
print name
Signing page

Member
Signed sealed and delivered by
print name:
sign here ►
in the presence of sign here ►
Witness
print name

Member
Signed sealed and delivered by
print name:
sign here ►
in the presence of sign here ►
Witness
print name

Member
Signed sealed and delivered by
Name:
sign here ►
in the presence of sign here ►
Witness
print name

Member
Signed sealed and delivered by
Name:
sign here ►
in the presence of sign here ►
Witness
print name

Member
Signed sealed and delivered by
Name:
sign here ►
in the presence of sign here ►
Witness
print name

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