7Provisions which must be included in trust deed and form of provisions

7 Provisions which must be included in trust deed and form of provisions

(1) For paragraph 52ZZZWC(2)(b) of the Act, the trust deed must include provisions dealing with each of the matters mentioned in column 2 of the table in subsection (2). (2) For paragraph 52ZZZWC(2)(c) of the Act, the provision in the trust deed dealing with a matter mentioned in column 2 for an item of the following table must be in the form of the clause of the model trust deed mentioned in column 3 for that item.

<table cellspacing="0" cellpadding="0" style="width:417.2pt; margin-left:6.55pt; border-collapse:collapse"><thead><tr><td style="vertical-align:top"></td><td colspan="3" style="width:405.95pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Provisions to be included and form of provisions</span><span></span></p></td></tr><tr><td style="vertical-align:top"></td><td style="width:46pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Column 1</span></p></td><td style="width:258.65pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Column 2</span></p></td><td style="width:79.9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Column 3</span></p></td></tr><tr><td style="vertical-align:top"></td><td style="width:46pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Item</span></p></td><td style="width:258.65pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Matter</span></p></td><td style="width:79.9pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.35pt; padding-left:5.35pt; vertical-align:top"><p class="TableHeading"><span>Clause of model trust deed</span></p></td></tr></thead><tbody><tr style="height:17.85pt"><td style="vertical-align:top"></td><td style="width:56.7pt; border-top:0.75pt solid #000000; vertical-align:top"><p class="TableParagraph" style="margin-top:2.3pt; margin-right:5.35pt; text-align:center"><span>1</span></p></td><td style="width:269.35pt; border-top:0.75pt solid #000000; vertical-align:top"><p class="TableParagraph" style="margin-top:2.3pt; margin-left:5.3pt"><span>Date on which trust is made</span></p></td><td style="width:90.6pt; border-top:0.75pt solid #000000; vertical-align:top"><p class="TableParagraph" style="margin-top:2.3pt; margin-left:21.25pt; text-align:center"><span>P.1</span></p></td></tr><tr style="height:18pt"><td style="vertical-align:top"></td><td style="width:56.7pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>2</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Parties to the trust</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>P.2</span></p></td></tr><tr style="height:18pt"><td style="vertical-align:top"></td><td style="width:56.7pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>3</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Description of the Principal Beneficiary</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>1.1</span></p></td></tr><tr style="height:18pt"><td style="vertical-align:top"></td><td style="width:56.7pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>4</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Declaration of trust</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>1.2</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>5</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Name of trust</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>1.3</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>6</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Application of operative provisions</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>1.4</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>7</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Duration of trust</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>1.5</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>8</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Exclusion of settlors</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>1.7</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>9</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Primary and other purposes of trust</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>2.1</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>10</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Priority of Principal Beneficiary</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>2.2</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>11</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Power to accumulate income</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>2.4</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>12</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Contributions</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.1</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>13</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Non-acceptable contributions</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.2</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>14</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Restrictions on use of trust funds</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.3</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>15</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Prohibition on borrowing</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.4</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>16</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Further prohibitions with regard to related parties</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.5</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>17</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Prohibition on lending to Principal Beneficiary</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.6</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>18</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Donor register</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>3.7</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>19</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Qualifications of the trustee</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>5.1</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>20</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Extent of trustee responsibility</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>5.5</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>21</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Powers of trustee</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>6.1</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>22</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Standard of care</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>6.2</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>23</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Investment strategy</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>6.3</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>24</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Requirement to keep accounts</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>8.1</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>25</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Financial statements and reporting</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>8.2</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>26</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Audit requirements</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>8.3</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>27</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Amending the trust</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>9.2</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>28</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Definitions</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>9.3</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>29</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Interpretation</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>9.4</span></p></td></tr><tr style="height:18pt"><td colspan="2" style="width:57.25pt; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>30</span></p></td><td style="width:269.35pt; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Applicable law</span></p></td><td style="width:90.6pt; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>9.5</span></p></td></tr><tr style="height:18.1pt"><td colspan="2" style="width:57.25pt; border-bottom:0.75pt solid #000000; vertical-align:top"><p class="TableParagraph" style="margin-right:5.35pt; text-align:center"><span>31</span></p></td><td style="width:269.35pt; border-bottom:0.75pt solid #000000; vertical-align:top"><p class="TableParagraph" style="margin-left:5.3pt"><span>Execution</span></p></td><td style="width:90.6pt; border-bottom:0.75pt solid #000000; vertical-align:top"><p class="TableParagraph" style="margin-left:21.25pt; text-align:center"><span>E.1</span></p></td></tr></tbody><tbody><tr style="height:0pt"><td style="width:0.55pt"></td><td style="width:56.7pt"></td><td style="width:269.35pt"></td><td style="width:90.6pt"></td></tr></tbody></table>