TerraNature Trust Deed | 5                       Close window

11.3

(l)

Apply for and receive any grant or subsidy from any source to benefit the charitable purpose of the Trust;

(m)

Act to involve the public as volunteer workers in the protection and restoration of native habitats, and through educational programs and public announcements raise public awareness of issues of environmental protection, the state of the environment, and urban expansion; and the importance of reduction in the loss of biological diversity, and protection of indigenous species;

11.4

The Trustees shall also have the power to perform such other lawful actions that are within the Objects and charitable purpose of the Trust.

12

PECUNIARY PROFIT AND BENEFITS AND ADVANTAGES

12.1

No private pecuniary profit shall be made by any person from the Trust, except that (but subject to clause 12.3):

(a)

each Trustee may receive full reimbursement for all costs, charges and expenses properly incurred by the Trustee in connection with the affairs of the Trust;

(b)

the Trustees may pay reasonable and proper remuneration to any person or firm or company (including the Settlor and a Trustee) in return for services actually rendered to the Trust;

(c)

each Trustee may be paid all usual professional, business or trade charges for services rendered, time spent and acts done by the Trustee or by any firm or entity of which the Trustee is a member, employee or associate in connection with the affairs of the Trust;

(d)

each Trustee may retain any remuneration properly payable to the Trustee by any company or other body or firm or undertaking with which the Trust may be in any way concerned or involved for which the Trustee has acted in any capacity whatever, notwithstanding that the Trustee's connection with that company or body or firm or undertaking is in any way attributable to the Trustee's connection with the Trust.

12.2

The Trustees, in determining all reimbursements, remuneration and charges payable in terms of this deed, must ensure that the restrictions imposed by clause 12.3 are strictly observed.

12.3

Notwithstanding anything to the contrary in this deed, no remuneration or benefit or advantage (regardless of whether it is convertible into money) or income of any of the kinds referred to in the sections set out in the second proviso to section CB 4(1)(e) of the Income Tax Act 1994 shall be paid or afforded to or received or gained or achieved or derived by any person (the Determining Person) if the second proviso to section CB 4(1)(e) of the Income Tax Act 1994 denies the Trustees an exemption from tax on income derived by the Trustees from the carrying on of any business by or on behalf of or for the benefit of the Trustees in the circumstances set out in clause 12.4.

12.4

The circumstances referred to in clause 12.3 are those in which the Determining Person is:

(a)

the Settlor of the Trust or a Trustee; or