An Act to vary certain trusts declared by Lady Annie May McKenzie, the wife of Sir John Robert McKenzie, of Christchurch, Knight Commander of the Most Excellent Order of the British Empire, and the said Sir John Robert McKenzie

Preamble

Whereas by a certain deed of settlement dated 15 November 1933 (hereinafter called the first settlement), executed by the above-named Annie May McKenzie, as settlor, certain land and hereditaments were conveyed to Trustees to be held by them upon certain trusts for the benefit of the 2 sons of the settlor—namely, Donald Hugh McKenzie and Roy Allan McKenzie—and certain further trusts were declared to have effect in the event of neither of such sons living to attain a vested interest in the Trust Fund:

And whereas by a further deed of settlement dated 12 February 1940 (hereinafter called the second settlement), executed by the said John Robert McKenzie, as settlor, certain shares were conveyed and transferred to Trustees to be held by them upon certain further trusts for the 2 sons of the settlor namely, the said Donald Hugh McKenzie and the said Roy Allan McKenzie and the child or children of each of them respectively—and certain substitutionary trusts of a charitable nature were directed to have effect on failure of the said trusts:

And whereas by a series of trust instruments certain of the trusts declared in and by the first settlement and the second settlement were revoked and cancelled and certain other trusts were declared in lieu thereof:

And whereas the said Donald Hugh McKenzie died on or about 21 January 1942 whilst a member of the Royal New Zealand Air Force:

And whereas by deed of partial revocation of trusts and declaration of new trusts dated 19 October 1943 the trusts of the first settlement were partially revoked and cancelled pursuant to the powers reserved to the settlor and certain of the trusts of the Trust Fund were redeclared and the Trustees were in effect directed to pay and apply the net income of the Trust Fund in and towards the maintenance, support, benefit, or advancement in life of the said Roy Allan McKenzie (hereinafter called the life tenant) until he should attain the age of 30 years, and upon his attaining such age, upon trust to pay the net income of the Trust Fund to him during the residue of his life, and after the death of the life tenant, upon trust for the child or children of the life tenant who attained the age of 21 years, and if more than 1 in equal shares, and it was provided that on failure of the said trusts certain contingent trusts should have effect—namely, 20,000 pounds should be paid or transferred to the trustees of a charitable trust created by the said John Robert McKenzie by deed dated 13 May 1938 under the name of “The J. R. McKenzie Youth Education Fund”, and that the residue of the Trust Fund should be divided into 4 equal parts, 2 of which equal parts were directed to be held in trust for such of the grand nephews and grand nieces of the said John Robert McKenzie, being children of his niece Linda May Taylor and of his nephew Hugh Allen Carter, as should be living at the expiration of 21 years from 25 June 1940, 1 of which equal parts was directed to be paid or transferred to the Board of Trustees referred to in a certain deed of trust bearing date 12 February 1940 executed by the said John Robert McKenzie, under which deed certain preference shares of the nominal value of 100,000 pounds were transferred to Trustees and a Trust Fund of 100,000 pounds was created for charitable and/or educational purposes under the name of “The J. R. McKenzie Trust” (hereinafter called The Charitable Trust), and the remaining equal part was directed to be held for such charitable (including if thought fit) educational purpose or purposes as should be selected by the Trustees for the time being of the Trust Fund, with power to the Trustees to vary such purpose or purposes:

And whereas by a further deed of partial revocation of trusts and declaration of new trusts dated the said 19 October 1943 the trusts of the second settlement were partially revoked and cancelled pursuant to the powers reserved to the settlor, and certain of the trusts of the Trust Fund were redeclared and the Trustees thereunder were directed to pay and apply the net income of the Trust Fund for the benefit of the life tenant until he should attain the age of 25 years, and upon his attaining such age to pay such net income to him during the residue of his life, and after his death to hold the Trust Fund for the child or children of the life tenant who attains or attain the age of 21 years, and if more than 1 in equal shares; and it was provided that on failure of the said trusts certain contingent trusts should have effect:

And whereas the said contingent trusts were declared in a form similar to those declared in respect to the first settlement save and except that no further provision was made for the J. R. McKenzie Youth Education Fund:

And whereas the trusts of the charitable trust were varied by a private Act the short title of which is the J. R. McKenzie Trust Act 1947:

And whereas the life tenant is now entitled to enjoyment of the income of the first and second settlements for his lifetime, but the ultimate destination of the trust funds being uncertain it is desirable that all doubts with respect thereto should be removed and that all contingent interests in the trust funds should be defined and converted into vested interests, and accordingly that the said trusts should be varied and redeclared, and it is desirable that certain new trusts should be declared in respect of the trust funds:

And whereas it is proposed that a company limited by shares should be incorporated under the provisions of the Companies Act 1933 having as its name “McKenzies Staff Provident Association Limited”, and having as its principal objects the establishment and support and the aiding of associations, institutions, funds, trusts, amenities, and conveniences for the benefit of employees or ex-employees of the companies known as J. R. McKenzie Limited, McKenzies Department Stores Limited, or any subsidiary of those companies or the dependants of those persons:

And whereas all persons sui juris and interested in the trust funds, whether beneficially or otherwise, have consented to the proposed variation and redeclaration of the said trusts and to the creation of the proposed new trusts:

And whereas the investments of the Trust Funds comprise shares in the capital of the company limited by shares and known as Rangatira Pty. Limited (hereinafter called the Rangatira Company), the nominal capital of which is 1,591,000 pounds divided into 1 591 000 shares of 1 pound each, including 391 000 shares in respect to which nothing has been paid up:

And whereas it is desirable that the said nominal capital should be reduced by the cancellation of the said 391 000 unpaid shares, whereupon the said nominal capital will amount to the sum of 1,200,000 pounds divided into 10 000 redeemable preference shares of 1 pound each (also called Management shares) and 1 190 000 ordinary shares of 1 pound each called “A” and “B” shares:

And whereas the rights, powers, and privileges attached to the respective classes of shares are set forth in certain special resolutions bearing date 30 November 1953, copies of which have been lodged in the office of the Assistant Registrar of Companies at Wellington and form part of the articles of association of the Rangatira Company:

And whereas the trustees of the charitable trust have agreed to accept an allotment of 566 000 “B” shares of 1 pound each in lieu of the 100 000 preference shares of 1 pound each comprising the capital of the trust fund of the charitable trust: And whereas by reason of the increase in capital of the Trust Fund it is desirable that the provisions of the deed creating the charitable trust should be further varied and amended in the manner hereinafter set forth:

And whereas the above-mentioned objects and powers cannot be attained except by legislation.

1 Short Title

This Act may be cited as the McKenzie Trusts Act 1954.

2 Revocation of trusts

All and singular the trusts declared in and by the first settlement and the second settlement are hereby revoked and cancelled and shall be of no effect as from the date of the passing of this Act.

3 Interest of life tenant defined

In lieu of the trusts for the life tenant declared in and by the first settlement and the second settlement 300 000 “A” shares numbered 1021001 to 1321000 inclusive in the capital of the Rangatira Company are by this Act vested in the life tenant absolutely.

4 Interests of children of life tenant defined

In lieu of the trusts for the child or children of the life tenant declared in and by the first settlement and the second settlement 100 000 “A” shares numbered 1321001 to 1421000 inclusive in the capital of the Rangatira Company are by this Act vested in the said Roy Allan McKenzie, Hugh Allen Carter, registered accountant, and Richard John Nankervis, public accountant, both of Wellington, to be held by them jointly upon and subject to the trusts declared in Part 1 of the Schedule (therein named The McKenzie Family Trust).

5 Interests of Taylor family defined

In lieu of the trusts for the child or children of Linda May Taylor declared in and by the first settlement and the second settlement 80 000 “A” shares numbered 1421001 to 1501000 inclusive in the capital of the Rangatira Company are by this Act vested in the said Linda May Taylor, her husband William Gee Taylor, the said Hugh Allen Carter and the said Roy Allan McKenzie to be held by them jointly upon and subject to the trusts declared in Part 2 of the Schedule (therein named the Taylor Family Trust).

6 Interests of Carter family defined

In lieu of the trusts for the children of Hugh Allen Carter declared in and by the first settlement and the second settlement 80 000 “A” shares numbered 1501001 to 1581000 inclusive in the capital of the Rangatira Company are by this Act vested in the said Hugh Allen Carter and Roy Allan McKenzie to be held by them jointly upon and subject to the trusts declared in Part 3 of the Schedule (therein named the Carter Family Trust).

7 Interests of J. R. McKenzie Youth Education Fund defined

In lieu of the trusts for the J. R. McKenzie Youth Education Fund declared in and by the first settlement 16 000 “B” shares numbered 1 to 16000 inclusive in the capital of the Rangatira Company are by this Act vested in the Trustees for the time being of such Fund to be held by them jointly upon and subject to the trusts of the said deed of 13 May 1938, as varied and added to by a supplementary deed dated 1 December 1953, copies of which said deeds are directed to be deposited in the office of the District Land Registrar at Wellington as if they were deeds of trust authorized to be so deposited by subsection (2) of section 128 of the Land Transfer Act 1952.

8 New Trust for benefit of employees of J. R. McKenzie, Ltd

Forty-eight thousand “B” shares numbered 16001 to 64000 inclusive in the capital of the Rangatira Company are by this Act vested in McKenzies Staff Provident Association, Limited, to be held by such company for the furtherance of the objects contained in the memorandum of association of such company.

9 Variation of and increase in Trust Fund of J. R. McKenzie Trust

Five hundred and sixty-six thousand “B” shares numbered 64001 to 409000 and 800001 to 1021000 inclusive in the capital of the Rangatira Company are by this Act vested in the personal trustees of the charitable trust in lieu of the 100 000 preference shares comprising the capital of the Trust Fund of the charitable trust, to be held by the personal trustees jointly upon and subject to the trusts declared in and by the said deed of 12 February 1940 as amended by the J. R. McKenzie Trust Act 1947 and as further amended by this Act.

10 Amendment of J. R. McKenzie Trust Act 1947

Amendment(s) incorporated in the Act(s).

11 Reduction of capital of Rangatira Pty. Ltd

The nominal capital of the Rangatira Company is by this Act reduced from the sum of 1,591,000 pounds divided into 10 000 redeemable preference shares of 1 pound each and 1 581 000 ordinary shares of 1 pound each to the sum of 1,200,000 pounds by the cancellation of 391 000 ordinary shares numbered 409001 to 800000 inclusive in respect to which no sum has been paid up, and the Assistant Registrar of Companies at Wellington is directed to register particulars of this reduction of capital as if an order of court confirming the reduction and a minute of reduction were produced to him for registration under section 70 of the Companies Act 1933.

12 No refund of gift or other duty already paid

Notwithstanding anything to the contrary contained in any other Act no gift or other duty shall be refunded on the ground that the Trusts declared in and by the first settlement, and the second settlement, are revoked by this Act or that a contingency affecting the interest of any beneficiary under any of those Trusts has determined in a manner different from that heretofore assumed as the basis of assessment.

13 Private Act

This Act is hereby declared to be a private Act.

Schedule

Part 1
The Mckenzie Family Trust

Trustees

THE first Trustees shall be the said Roy Allan McKenzie, Hugh Allen Carter of Wellington, Registered Accountant and Richard John Nankervis of Wellington, Public Accountant.

Definition of Trustees

The term “Trustees” when used herein shall where the context admits include the survivors and survivor of them and the executors and administrators of the last survivor and their or his assigns and other the persons or person or body corporate for the time being acting in the trusts hereof

Recital

Whereas the said Roy Allan McKenzie has living two sons namely Peter Howard McKenzie who was born on the 10th day of September, 1952, and John Allan McKenzie who was born on the 26th day of February, 1954.

Declaration of Trust

The Trustees shall hold the said 100,000 “A” Ordinary shares in the capital of the Rangatira Company which shares are numbered 1321001 to 1421000 both inclusive (hereinafter referred to as “the said shares”) upon trust that the Trustees at such time or times as they shall in their absolute discretion think fit subject to the provisions of the Articles of Association of the said Company shall sell the said shares or such of them as may remain unsold either together or in parcels and either by public auction or private contract and either with or without any special or other stipulations as to title and payment of purchase money and so that the Trustees may buy in and rescind or vary any contract for sale and resell without being answerable for any loss occasioned thereby and may for the purposes aforesaid or any of them execute and do all such assurances and things as they shall think fit and shall by and out of the monies which shall arise from any such sale as aforesaid pay the expenses incurred in or about the same or otherwise in or about the execution of any of the trusts or powers of these presents and shall stand possessed of the residue of the said monies and also any of the said shares which for the time being shall remain unsold and the income and return from time to time arising therefrom (the whole being hereinafter referred to as “the Trust Fund”) upon trust to invest the Trust Fund in manner hereinafter authorized and from time to time to vary such investments and upon trust to pay all expenses incurred in the management and administration of the trusts created by these presents and apply the net income of the Trust Fund or such part thereof as the Trustees shall consider expedient in or towards the maintenance support benefit or advancement in life of the said Peter Howard McKenzie and John Allan McKenzie and all other children of the said Roy Allan McKenzie (whether hereafter naturally born to him or hereafter adopted by him) all of whom are collectively referred to as “the Beneficiaries” as a class until the arrival of a point of time (hereinafter called “the date of distribution”) when the eldest or elder of such children or the child if only one shall have attained the age of 21 years or when none of them is still alive and under that age and upon the arrival of the date of distribution upon trust to hold the Trust Fund and any accumulated income for the Beneficiaries then living so that each child being male shall take a share double the amount of the share of each child being female Provided nevertheless that the share of the Trust Fund and any income to which any Beneficiary for the time being under the age of 21 years shall be contingently entitled at the date of distribution shall be retained by the Trustees upon and subject to the trusts hereof (or so much of such trusts as shall at the date of distribution be subsisting and capable of taking effect) until such Beneficiary shall attain the age of 21 years And that pending the happening of such event the Trustees may apply the whole or any part of the net income and such portion of the capital of the share of each such Beneficiary as they may in their absolute discretion think fit in and towards the maintenance support or advancement in life of each such Beneficiary with power to pay the same to any guardian or other person without being obliged to see to the application thereof and that should any of the Beneficiaries die before attaining a vested interest in possession leaving a child or children who survives him or her and attains or attain the age of 21 years then and in such case such last mentioned child or children shall take (and if more than one in equal shares) the share which any of them so dying would have taken had he or she attained such vested interest in possession and that if the trusts hereinbefore declared shall fail by reason of there being no person entitled under the foregoing trusts who attains the age of 21 years the Trustees shall hold the Trust Fund and the income therefrom or so much thereof respectively as shall not have become vested or been applied under any of the trusts or powers hereof or under any statutory power upon trust for the widow of the said Roy Allan McKenzie or as she may by deed revocable or irrevocable or by will made whether prior to or during her widowhood appoint and if the said Roy Allan McKenzie leaves no widow him surviving then upon trust for such person or persons or charitable or educational objects as the Trustees may in the exercise of an absolute discretion select. The following further provisions shall have effect namely:—

1 Trustees' powers. Accumulations

The trustees may resort to any accumulations of income for any preceding year or years and apply the same in the same manner as such accumulations might have been applied had they been income arising in the year in which they shall be so applied.

2 Investments

The trustees may invest any money for the time being subject to the trusts hereof in such investments as the Trustees may from time to time think fit whether or not the same shall be authorized by statute for the investment of Trust Funds and with or without security and with or without interest.

3 Amplification of power of investment. Power to mortgage, etc

By way of amplification of the power of investment hereinbefore contained the Trustees shall have power to acquire any real or personal property of any kind or tenure whatsoever at such price and subject to such terms and conditions as to payment of purchase money and otherwise as they shall think fit and may arrange life and endowment policies and execute any mortgage charge pledge lien or other security or any variation or renewal thereof over or in respect of any real or personal property for the time being subject to the trusts hereof either alone or jointly with any other person or persons and may borrow money on the security thereof for any purpose or purposes whatsoever with interest at such rate of interest (or without interest) and upon and subject to such conditions and stipulations as the Trustees in their absolute discretion shall think fit it being intended that in respect to any real or personal property for the time being subject to the trusts hereof the Trustees shall have all the powers of absolute owners and no person or corporation accepting any such security as aforesaid or advancing any money on any such security shall be concerned to inquire as to the regularity or otherwise of the transaction or the application of any such money.

4 Advancement

The trustees may advance any sum forming part of the Trust Fund to any Beneficiary for his or her advancement preferment or benefit as the Trustees in their absolute discretion may think proper and may from time to time raise on mortgage on the security of the Trust Fund or any part thereof or by way of guarantee bank overdraft or otherwise howsoever any sum or sums of money that may reasonably be required for any such purpose.

5 Power to compromise

It shall be lawful for the Trustees to compromise or compound any action suit proceedings defence or demand relating to the trust premises or any of them upon any terms as they shall think proper and refer any such difference or demand to arbitration and to execute and do all instruments and things expedient for such purposes or any of them and to abandon or relinquish any claim relating to the trust premises or any of them as they shall think fit and to determine whether any money shall for the purposes of these presents be considered annual income or otherwise and to execute and to do all releases and things relating to the trust premises as fully and absolutely as they could do if they were the absolute owners of the trust premises and without being answerable for any loss occasioned thereby.

6 Indemnity to Trustees

The trustees shall be respectively chargeable only for such monies and securities as they shall respectively actually receive notwithstanding their respectively signing any receipt for the sake of conformity and shall respectively be answerable and responsible only for their own respective acts receipts omissions neglects and defaults and not for those of each other nor for those of any banker broker auctioneer or other person with whom or into whose hands any trust monies or securities shall be deposited or come nor for purchasing or lending on the security of any hereditament nor shall they be answerable or responsible for any other loss unless the same shall happen through their own wilful default respectively and the Trustees may reimburse themselves or pay and discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers of these presents and shall be entitled to reimbursement or indemnity in respect of all liabilities incurred or to be incurred in the premises including all liabilities which the Trustees may incur by reason of entering into any mortgage charge pledge lien or other security as hereinbefore authorized and every such reimbursement and indemnity shall be available out of the Trust Fund and from any person sui juris who is entitled thereto or to any part thereof up to the value of that person's share.

7 Power for Trustees to delegate

The Trustees shall not be bound in any case to act personally but shall be at full liberty to employ a solicitor or any other agent to transact all or any business of whatsoever nature required to be done in the premises (including the receipt and payment of money) but not involving the exercise of any discretion and shall be entitled to be allowed and paid all charges and expenses so incurred and shall not be responsible for the default of any such solicitor or agent or any loss occasioned by his employment and any trustee for the time being under these presents being an accountant or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional or other charges for business done by him or his firm in relation to the execution of the trusts of these presents whether in the ordinary course of his profession or business or not and although not of a nature requiring the employment of an accountant or other professional person.

8 Appropriation

The Trustees may appropriate any part or parts of the Trust Fund in or towards satisfaction of any share or shares whether vested or contingent to which any person or persons may be entitled in the Trust Fund and for that purpose may make or cause to be made a valuation or valuations of the Trust Fund or any part or parts thereof (including any property which may have been appointed or advanced under any statutory or other powers or any part or parts thereof or any interest therein) as the Trustees may deem necessary and every such appropriation including such valuation (if made) shall be conclusive and binding on all parties claiming under these presents.

9 Power to appoint new trustees

The power of appointing new trustees of the Trust Fund shall be vested in the said Roy Allan McKenzie during his life and he shall also have power from time to time to increase the number of trustees and he may by his will or any codicil thereto declare that the appointment of all or any of the trustees for the time being shall cease as from the date of his death and may by such will or codicil appoint new trustees or a new trustee of the Trust Fund to act in the trusts thereof as from the date of his death and upon every change of trustee the Trust property shall (if and so far as the nature of the property and other circumstances shall require or admit) be transferred so that the same may be vested in the trustees or trustee for the time being.

10 Shares in incorporated companies

During such time as any shares in any incorporated company shall be registered in the names of the trustees the said Roy Allan McKenzie shall so long during his lifetime as he so desires be named first in the share register of the Company so as to secure to him the right of voting in respect of such shares and he may at any time and from time to time appoint any other one of the Trustees to be so named first and from time to time revoke any such appointment and substitute the name of any other one of the Trustees and in addition he may by his will or any codicil thereto appoint any other person to be so named first in such share register as from the date of his death.

11 Power to act on counsel's opinion

The Trustees shall have power to take and act upon the opinion of counsel whether in relation to the interpretation of these presents or any other document or any statute or as to the administration of the Trust Fund without being liable to any person beneficially interested in respect to any act done by them in accordance with such opinion Provided nevertheless that nothing in this clause contained shall prohibit the Trustees from applying to the Court if they should think fit or shall prohibit any beneficiary whether absolutely presumptively or contingently entitled to a share of the Trust Fund from so doing.

Part 2
The Taylor Family Trust

First Trustees

THE first Trustees shall be the said Linda May Taylor, her husband William Gee Taylor, the said Hugh Allen Carter and the said Roy Allan McKenzie.

Definition of Trustees

The term “Trustees” when used herein shall where the context admits include the survivors and survivor of them and the executors and administrators of the last survivor and their her or his assigns and other the persons or person or body corporate for the time being acting in the trusts hereof

Recital

Whereas the said Linda May Taylor has living four children namely Dawn Rewa who was born on the 19th day of December, 1930 June Constance who was born on the 15th day of June, 1933 John William who was born on the 25th day of June, 1940 and Joy Ann who was born on the 20th day of April, 1944. The Trustees shall hold the said 80,000 “A” Ordinary shares in the capital of the Rangatira Company which shares are numbered 1421001 to 1501000 inclusive (hereinafter referred to as “the said shares”) upon trust that the Trustees at such time or times as they shall in their absolute discretion think fit but subject to the provisions of the Articles of Association of the said Company shall sell the said shares or such of them as may remain unsold either together or in parcels and either by public auction or private contract and either with or without any special or other stipulations as to title and payment of purchase money and so that the Trustees may buy in and rescind or vary any contract for sale and resell without being answerable for any loss occasioned thereby and may for the purposes aforesaid or any of them execute and do all such assurances and things as they shall think fit AND shall by and out of the monies which shall arise from any such sale as aforesaid pay the expenses incurred in or about the same or otherwise in or about the execution of any of the trusts or powers of these presents and shall stand possessed of the residue of the said monies and also any of the said shares which for the time being shall remain unsold and the income and return from time to time arising therefrom (the whole being hereinafter referred to as “The Trust Fund”) upon trust to invest the Trust Fund in manner hereinafter authorized and from time to time to vary such investments and upon trust to pay all expenses incurred in the management and administration of the trusts created by these presents and apply the net income of the Trust Fund or such part thereof as the Trustees shall consider expedient in or towards the maintenance support benefit or advancement in life of the said Dawn Rewa Taylor, June Constance Taylor, John William Taylor and Joy Ann Taylor and all other children of the said Linda May Taylor born not later than the 25th day of June, 1961 (hereinafter called “the Beneficiaries”) as a class until the said 25th day of June, 1961 on which date the said John William Taylor if living will attain the age of 21 years and which date (whether or not the said John William Taylor shall then be living) is fixed as and is hereinafter referred to as “the date of distribution” and upon the arrival of the date of distribution upon trust to hold the Trust Fund and any accumulated income for the Beneficiaries then living who shall have attained or shall thereafter attain the age of 21 years in equal shares share and share alike Provided nevertheless that the share of the Trust Fund and any income to which any Beneficiary for the time being under the age of 21 years shall be contingently entitled at the date of distribution shall be retained by the Trustees upon and subject to the trusts hereof (or so much of such trusts as shall at the date of distribution be subsisting and capable of taking effect) until such Beneficiary shall attain the age of 21 years. And that pending the happening of such event the Trustees may apply the whole or any part of the net income and such portion of the capital of the share of each such Beneficiary as they may in their absolute discretion think fit in and towards the maintenance support or advancement in life of each such Beneficiary with power to pay the same to any guardian or other person without being obliged to see to the application thereof and that should any of the Beneficiaries die before attaining a vested interest in possession leaving a child or children who survives him or her and attains or attain the age of 21 years then and in such case such last mentioned child or children shall take (and if more than one in equal shares) the share which any of them so dying would have taken had he or she attained such vested interest in possession and that if the trusts hereinbefore declared shall fail by reason of there being no person entitled under the foregoing trusts who attains the age of 21 years the Trustees shall hold the Trust Fund and the income therefrom or so much thereof respectively as shall not have become vested or been applied under any of the trusts or powers hereof or under any statutory power upon trust for the widower of the said Linda May Taylor or as he may by deed revocable or irrevocable or by will made whether prior to or during his widowerhood appoint.

The following further provisions shall have effect namely:—

1 Trustees' powers. Accumulations

The Trustees may resort to any accumulations of income for any preceding year or years and apply the same in the same manner as such accumulations might have been applied had they been income arising in the year in which they shall be so applied.

2 Investments

The Trustees may invest any money for the time being subject to the trusts hereof in such investments as the Trustees may from time to time think fit whether or not the same shall be authorized by statute for the investment of Trust Funds and with or without security and with or without interest.

3 Amplification of power of investment. Power to mortgage, etc

By way of amplification of the power of investment hereinbefore contained the Trustees shall have power to acquire any real or personal property of any kind or tenure whatsoever at such price and subject to such terms and conditions as to payment of purchase money and otherwise as they shall think fit and may arrange life and endowment policies and execute any mortgage charge pledge lien or other security or any variation or renewal thereof over or in respect of any real or personal property for the time being subject to the trusts hereof either alone or jointly with any other person or persons and may borrow money on the security thereof for any purpose or purposes whatsoever with interest at such rate of interest (or without interest) and upon and subject to such conditions and stipulations as the Trustees in their absolute discretion shall think fit it being intended that in respect to any real or personal property for the time being subject to the trusts hereof the Trustees shall have all the powers of absolute owners and no person or corporation accepting any such security as aforesaid or advancing any money on any such security shall be concerned to inquire as to the regularity or otherwise of the transaction or the application of any such money.

4 Advancement

The Trustees may advance any sum forming part of the Trust Fund to any Beneficiary for his or her advancement preferment or benefit as the Trustees in their absolute discretion may think proper and may from time to time raise on mortgage on the security of the Trust Fund or any part thereof or by way of guarantee bank overdraft or otherwise howsoever any sum or sums of money that may reasonably be required for any such purpose.

5 Power to compromise

It shall be lawful for the Trustees to compromise or compound any action suit proceedings defence or demand relating to the trust premises or any of them upon any terms as they shall think proper and refer any such difference or demand to arbitration and to execute and do all instruments and things expedient for such purposes or any of them and to abandon or relinquish any claim relating to the trust premises or any of them as they shall think fit and to determine whether any money shall for the purposes of these presents be considered annual income or otherwise and to execute and to do all releases and things relating to the trust premises as fully and absolutely as they could do if they were the absolute owners of the trust premises and without being answerable for any loss occasioned thereby.

6 Indemnity to Trustees

The Trustees shall be respectively chargeable only for such monies and securities as they shall respectively actually receive notwithstanding their respectively signing any receipt for the sake of conformity and shall respectively be answerable and responsible only for their own respective acts receipts omissions neglects and defaults and not for those of each other nor for any banker broker auctioneer or other person with whom or into whose hands any trust monies or securities shall be deposited or come nor for purchasing or lending on the security of any hereditament nor for any other loss unless the same shall happen through their own wilful default respectively and the Trustees may reimburse themselves or pay and discharge out of the trust premises all expenses incurred in or about the execution of the trusts or powers of these presents and shall be entitled to reimbursement or indemnity in respect of all liabilities incurred or to be incurred in the premises including all liabilities which the Trustees may incur by reason of entering into any mortgage charge pledge lien or other security as hereinbefore authorized and every such reimbursement and indemnity shall be available out of the Trust Fund and from any person sui juris who is entitled thereto or to any part thereof up to the value of that person's share.

7 Power to Trustees to delegate

The Trustees shall not be bound in any case to act personally but shall be at full liberty to employ a solicitor or any other agent to transact all or any business of whatsoever nature required to be done in the premises (including the receipt and payment of money) but not involving the exercise of any discretion and shall be entitled to be allowed and paid all charges and expenses so incurred and shall not be responsible for the default of any such solicitor or agent or any loss occasioned by his employment and any trustee for the time being under the presents being an accountant or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional or other charges for business done by him or his firm in relation to the execution of the trusts of these presents whether in the ordinary course of his profession or business or not and although not of a nature requiring the employment of an accountant or other professional person.

8 Appropriation

The Trustees may appropriate any part or parts of the Trust Fund in or towards satisfaction of any share or shares whether vested or contingent to which any person or persons may be entitled in the Trust Fund and for that purpose may make or cause to be made a valuation or valuations of the Trust Fund or any part or parts thereof (including any property which may have been appointed or advanced under any statutory or other powers or any part or parts thereof or any interest therein) as the Trustees may deem necessary and every such appropriation including such valuation (if made) shall be conclusive and binding on all parties claiming under these presents.

9 Power to appoint new trustees

The power of appointing new trustees of the Trust Fund shall be vested in the said Linda May Taylor during her life and she shall also have power from time to time to increase the number of trustees and she may by her will or any codicil thereto declare that the appointment of all or any of the trustees for the time being shall cease as from the date of her death and may by such will or codicil appoint new trustees or a new trustee of the Trust Fund to act in the trusts thereof as from the date of her death and upon every change of trustee the Trust property shall (if and so far as the nature of the property and other circumstances shall require or admit) be transferred so that the same may be vested in the trustees or trustee for the time being.

10 Shares in incorporated companies

During such time as any shares in any incorporated company shall be registered in the names of the Trustees the said Linda May Taylor shall so long during her lifetime as she so desires be named first in the share register of the Company so as to secure to her the right of voting in respect of such shares and she may at any time and from time to time appoint any other one of the Trustees to be so named first and from time to time revoke any such appointment and substitute the name of any other one of the Trustees and in addition she may by her will or any codicil thereto appoint any other person to be so named first in such share register as from the date of her death.

11 Power to act on counsel's opinion

The Trustees shall have power to take and set upon the opinion of counsel whether in relation to the interpretation of these presents or any other document or any statute or as to the administration of the Trust Fund without being liable to any person beneficially interested in respect to any act done by them in accordance with such opinion Provided nevertheless that nothing in this clause contained shall prohibit the Trustees from applying to the Court if they should think fit or shall prohibit any beneficiary whether absolutely presumptively or contingently entitled to a share of the Trust Fund from so doing.

Part 3
The Carter Family Trust

First Trustees

THE first Trustees shall be the said Hugh Allen Carter and Roy Allan McKenzie of Wellington, Company Director.

Definition of Trustees

The term “Trustees” when used herein shall where the context admits include the survivor of them and the executors and administrators of the last survivor and their or his assigns and other the persons or person or body corporate for the time being acting in the trusts hereof

Recitals

Whereas the said Hugh Allen Carter has living two children namely Sally Pauline Carter who was born on the 16th day of April, 1949 and Gillian Elizabeth Carter who was born on the 13th day of May, 1951.

Declaration of Trust

The Trustees shall hold the said 80,000 “A” ordinary shares in the capital of the Rangatira Company which shares are numbered 1501001 to 1581000, inclusive (hereinafter referred to as “the said shares”) upon trust that the Trustees at such time or times as they shall in their absolute discretion think fit but subject to the provisions of the Articles of Association of the said Company shall sell the said shares or such of them as may remain unsold either together or in parcels and either by public auction or private contract and either with or without any special or other stipulations as to title and payment of purchase money and so that the Trustees may buy in and rescind or vary any contract for sale and resell without being answerable for any loss occasioned thereby and may for the purposes aforesaid or any of them execute and do all such assurances and things as they shall think fit And shall by and out of the monies which shall arise from any such sale as aforesaid pay the expenses incurred in or about the same or otherwise in or about the execution of any of the trusts or powers of these presents and shall stand possessed of the residue of the said monies and also any of the said shares which for the time being shall remain unsold and the income and return from time to time arising therefrom (the whole being hereinafter referred to as “the Trust Fund”) upon trust to invest the Trust Fund in manner hereinafter authorized and from time to time to vary such investments and upon trust to pay all expenses incurred in the management and administration of the trusts created by these presents and apply the net income of the Trust Fund or such part thereof as the Trustees shall consider expedient in or towards the maintenance support benefit or advancement in life of the said Sally Pauline Carter and Gillian Elizabeth Carter and all other children of the said Hugh Allen Carter whether hereafter naturally born to him or hereafter adopted by him in either case not later than the 16th day of April, 1974 (hereinafter collectively called “the Beneficiaries”) until the said 16th day of April, 1974 on which date the said Sally Pauline Carter (if living) will attain the age of 25 years and which date is fixed as and is hereinafter referred to as “the date of distribution” and upon the arrival of the date of distribution upon trust to hold the Trust Fund and any accumulated income for the Beneficiaries then living who shall have attained or shall thereafter attain the age of 21 years in equal shares share and share alike so that the share of the Trust Fund and any income to which any Beneficiary for the time being under the age of 25 years shall be contingently entitled at the date of distribution shall be retained by the Trustees upon and subject to the trusts hereof (or so much of such trusts as shall at the date of distribution be subsisting and capable of taking effect) until such Beneficiary shall attain the age of 25 years. And that pending the happening of such event the Trustees may apply the whole or any part of the net income and such portion of the capital of the share of each such Beneficiary as they may in their absolute discretion think fit in and towards the maintenance support or advancement in life of each such Beneficiary with power to pay the same to any guardian or other person without being obliged to see to the application thereof Provided always that should any of the Beneficiaries die before attaining a vested interest in possession leaving a child or children who survives her or him and attains or attain the age of 21 years then and in such case such last mentioned child or children shall take (and if more than one in equal shares) the share which any of them so dying would have taken had she or he attained such vested interest in possession and that if the trusts hereinbefore declared shall fail by reason of there being no person entitled under the foregoing trusts the Trustees shall hold the Trust Fund and the income therefrom or so much thereof respectively as shall not have become vested or been applied under any of the trusts or powers hereof or under any statutory power upon trust for such person or persons or charitable or educational objects as the Trustees may in the exercise of an absolute discretion select.

The following further provisions shall have effect namely:—

1 Trustees' powers. Accumulations

The Trustees may resort to any accumulations of income for any preceding year or years and apply the same in the same manner as such accumulations might have been applied had they been income arising in the year in which they shall be so applied.

2 Investments

The Trustees may invest any money for the time being subject to the trusts hereof in such investments as the Trustees may from time to time think fit whether or not the same shall be authorized by statute for the investment of Trust Funds and with or without security and with or without interest.

3 Amplification of power of investment. Power to mortgage, etc

By way of amplification of the power of investment hereinbefore contained the Trustees shall have power to acquire any real or personal property of any kind whatsoever at such price and subject to such terms and conditions as to payment of purchase money and otherwise as they shall think fit and may arrange life and endowment policies and execute any mortgage charge pledge lien or other security or any variation or renewal thereof over or in respect of any real or personal property for the time being subject to the trusts hereof either alone or jointly with any other person or persons and may borrow money on the security thereof for any purpose or purposes whatsoever with interest at such rate (or without interest) and upon and subject to such conditions and stipulations as the Trustees in their absolute discretion shall think fit it being intended that in respect to any real or personal property for the time being subject to the trusts hereof the Trustees shall have all the powers of absolute owners and no person or corporation accepting any such security as aforesaid or advancing any money on any such security shall be concerned to inquire as to the regularity or otherwise of the transaction or the application of any such money.

4 Advancement

The Trustees may advance any sum forming part of the Trust Fund to any Beneficiary for his or her advancement preferment or benefit as the Trustees in their absolute discretion may think proper and may from time to time raise on mortgage on the security of the Trust Fund or any part thereof or by way of guarantee bank overdraft or otherwise howsoever any sum or sums of money that may reasonably be required for any such purpose.

5 Power to compromise

It shall be lawful for the Trustees to compromise or compound any action suit proceedings defence or demand relating to the trust premises or any of them upon any terms as they shall think proper and refer any such difference or demand to arbitration and to execute and do all instruments and things expedient for such purposes or any of them and to abandon or relinquish any claim relating to the trust premises or any of them as they shall think fit and to determine whether any money shall for the purposes of these presents be considered annual income or otherwise and to execute and to do all releases and things relating to the trust premises as fully and absolutely as they could do if they were the absolute owners of the trust premises and without being answerable for any loss occasioned thereby.

6 Indemnity to Trustees

The Trustees shall be respectively chargeable only for such monies and securities as they shall respectively actually receive notwithstanding their respectively signing any receipt for the sake of conformity and shall respectively be answerable and responsible only for their own respective acts receipts omissions neglects and defaults and not for those of each other nor for any banker broker auctioneer or other person with whom or into whose hands any trust monies or securities shall be deposited or come nor for purchasing or lending on the security of any hereditament nor for any other loss unless the same shall happen through their own wilful default respectively and the Trustees may reimburse themselves or pay and discharge out of the trust premises all expenses incurred in or about the execution of the trust or powers of these presents and shall be entitled to reimbursement or indemnity in respect of all liabilities incurred or to be incurred in the premises including all liabilities which the Trustees may incur by reason of entering into any mortgage charge pledge lien or other security as hereinbefore authorized and every such reimbursement and indemnity shall be available out of the Trust Fund and from any person sui juris who is entitled thereto or to any part thereof up to the value of that person's share.

7 Power to Trustees to delegate

The Trustees shall not be bound in any case to act personally but shall be at full liberty to employ a solicitor or any other agent to transact all or any business of whatsoever nature required to be done in the premises (including the receipt and payment of money) but not involving the exercise of any discretion and shall be entitled to be allowed and paid all charges and expenses so incurred and shall not be responsible for the default of any such solicitor or agent or any loss occasioned by his employment and any trustee for the time being under the presents being an accountant or other person engaged in any profession or business shall be entitled to charge and be paid all usual professional or other charges for business done by him or his firm in relation to the execution of the trusts of these presents whether in the ordinary course of his profession or business or not and although not of a nature requiring the employment of an accountant or other professional person.

8 Appropriation

The Trustees may appropriate any part or parts of the Trust Fund in or towards satisfaction of any share or shares whether vested or contingent to which any person or persons may be entitled in the Trust Fund and for that purpose may make or cause to be made a valuation or valuations of the Trust Fund or any part or parts thereof (including any property which may have been appointed or advanced under any statutory or other powers or any part or parts thereof or any interest therein) as the Trustees may deem necessary and every such appropriation including such valuation (if made) shall be conclusive and binding on all parties claiming under these presents.

9 Power to appoint new Trustees

The power of appointing new trustees of the Trust Fund shall be vested in the said Hugh Allen Carter during his life and he shall also have power from time to time to increase the number of trustees and he may by his will or any codicil thereto declare that the appointment of all or any of the trustees for the time being shall cease as from the date of his death and may by such will or codicil appoint new trustees or a new trustee of the Trust Fund to act in the trusts thereof as from the date of his death and upon every change of trustee the trust property shall (if and so far as the nature of the property and other circumstances shall require or admit) be transferred so that the same may be vested in the trustees or trustee for the time being.

10 Shares in incorporated companies

During such time as any shares in any incorporated Company shall be registered in the names of the Trustees the said Hugh Allen Carter shall so long during his lifetime as he so desires be named first in the share register of the Company so as to secure to him the right of voting in respect of such shares and he may at any time and from time to time appoint any other one of the Trustees to be so named first and from time to time revoke any such appointment and substitute the name of any other one of the Trustees and in addition he may by his will or any codicil thereto appoint any other person to be so named first in such share register as from the date of his death.

11 Power to act on counsel's opinion

The Trustees shall have power to take and act upon the opinion of counsel whether in relation to the interpretation of these presents or any other document or any statute or as to the administration of the Trust Fund without being liable to any person beneficially interested in respect to any act done by them in accordance with such opinion Provided nevertheless that nothing in this clause contained shall prohibit the Trustees from applying to the Court if they should think fit or shall prohibit any beneficiary whether absolutely presumptively or contingently entitled to a share of the Trust Fund from so doing.

1General
2Status of reprints
3How reprints are prepared
4Changes made under section 17C of the Acts and Regulations Publication Act 1989
5List of amendments incorporated in this reprint (most recent first)

Notes

1 General

This is a reprint of the McKenzie Trusts Act 1954. The reprint incorporates all the amendments to the Act as at 19 August 1954, as specified in the list of amendments at the end of these notes.

Relevant provisions of any amending enactments that contain transitional, savings, or application provisions that cannot be compiled in the reprint are also included, after the principal enactment, in chronological order. For more information, see http://www.pco.parliament.govt.nz/reprints/ .

2 Status of reprints

Under section 16D of the Acts and Regulations Publication Act 1989, reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by the amendments to that enactment. This presumption applies even though editorial changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in the reprint.

This presumption may be rebutted by producing the official volumes of statutes or statutory regulations in which the principal enactment and its amendments are contained.

3 How reprints are prepared

A number of editorial conventions are followed in the preparation of reprints. For example, the enacting words are not included in Acts, and provisions that are repealed or revoked are omitted. For a detailed list of the editorial conventions, see http://www.pco.parliament.govt.nz/editorial-conventions/ or Part 8 of the Tables of New Zealand Acts and Ordinances and Statutory Regulations and Deemed Regulations in Force.

4 Changes made under section 17C of the Acts and Regulations Publication Act 1989

Section 17C of the Acts and Regulations Publication Act 1989 authorises the making of editorial changes in a reprint as set out in sections 17D and 17E of that Act so that, to the extent permitted, the format and style of the reprinted enactment is consistent with current legislative drafting practice. Changes that would alter the effect of the legislation are not permitted.

A new format of legislation was introduced on 1 January 2000. Changes to legislative drafting style have also been made since 1997, and are ongoing. To the extent permitted by section 17C of the Acts and Regulations Publication Act 1989, all legislation reprinted after 1 January 2000 is in the new format for legislation and reflects current drafting practice at the time of the reprint.

In outline, the editorial changes made in reprints under the authority of section 17C of the Acts and Regulations Publication Act 1989 are set out below, and they have been applied, where relevant, in the preparation of this reprint:
- •omission of unnecessary referential words (such as “of this section” and “of this Act”)
- •typeface and type size (Times Roman, generally in 11.5 point)
- •layout of provisions, including:
  - •indentation
  - •position of section headings (eg, the number and heading now appear above the section)
- •format of definitions (eg, the defined term now appears in bold type, without quotation marks)
- •format of dates (eg, a date formerly expressed as “the 1st day of January 1999” is now expressed as “1 January 1999”)
- •position of the date of assent (it now appears on the front page of each Act)
- •punctuation (eg, colons are not used after definitions)
- •Parts numbered with roman numerals are replaced with arabic numerals, and all cross-references are changed accordingly
- •case and appearance of letters and words, including:
  - •format of headings (eg, headings where each word formerly appeared with an initial capital letter followed by small capital letters are amended so that the heading appears in bold, with only the first word (and any proper nouns) appearing with an initial capital letter)
  - •small capital letters in section and subsection references are now capital letters
- •schedules are renumbered (eg, Schedule 1 replaces First Schedule), and all cross-references are changed accordingly
- •running heads (the information that appears at the top of each page)
- •format of two-column schedules of consequential amendments, and schedules of repeals (eg, they are rearranged into alphabetical order, rather than chronological).

McKenzie Trusts Act 1954