Appendix B Searches

c

pave Hot 2B

Ending of the trust

Before vesting day, the trustee may decide to whom to distribute trust fund on that day

24

Before the vesting day, the trustee has an absolute discretion to decide to distribute the
trust fund and any unapplied and undistributed income from it, in any proportions the
trustee decides, to any one or more persons who are named in the Schedule as
beneficiaries or who are members of any of the classes of eligible beneficiaries described
in the Schedule. The trustee has an absolute discretion to exclude a named beneficiary
or a member of a class of beneficiaries.

Failure to exercise discretion

25

D

If the trustee fails to exercise the trustee’s discretion in relation to the whole of trust fund

and any unapplied and undistributed income before the vesting day, the amounts in

respect of which the discretion has not been exercised will be held by the trustee in trust

successively for the persons described below and the trustee must, as soon as possible,
_ distribute those amounts in accordance with the following rules:

25.1 The trustee must distribute the amount to the named beneficiaries who are alive
on the vesting day. If there are more than one, the amount must be paid to
them as tenants in common.

25.2 If there is no named beneficiary alive on the vesting day, the trustee must _
distribute to the next of kin of the named beneficiaries the share that the
relevant named beneficiary would have received had all the named
beneficiaries been alive on the vesting day.

25.3 if there is no next of kin, the trustee must distribute the amount to such of the
entities listed in section 30-315(2) of the Income Tax Assessment Act 1997
(Cwlth) at the date of this deed, as are existing on the vesting day in equal
shares as tenants in common.

The trustee’s powers

Overriding general powers

26

The trustee has all the powers in relation to the assets of the trust that it is possible to
give a trustee, including all the powers that an individual would have as the legal and
beneficial owner of the assets.

Specific powers

27

The following specific powers are included in the trustee's overriding general powers and
do not in any way restrict the general powers contained in clause 26:

e to invest the assets of the trust and vary such investment at any time, and to
enter into and pay for those investments;

* to advance or lend money to any person, with or without any security being
provided;

e .to borrow and raise money from any person;

¢ to purchase, acquire, sell, transfer, dispose of or deal in any shares, stocks,