Older Persons Act, 2006
R 385
National Environmental Management Act, 1998 (Act No. 107 of 1998)RegulationsFinancial Provisioning Regulations, 2015AppendicesAppendix 25. Administration of the Trust |
| 5.1 | The Trustees shall administer the Trust. |
| 5.2 | The Trustees shall not receive any remuneration from the Trust for their services, unless the Trustee is a professional fiduciary services company, in which event it may be paid its normal commercial rates for the provision of trustee services. |
| 5.3 | There shall at all times be no less than two but no more than ___________________________ Trustees, who shall be natural persons unless the Trustee is a professional fiduciary services company, in which event such company may be the sole corporate Trustee. If the Trustees are natural persons, no more than one of them may, subject to clause 6.4, be in the employ of the beneficiary or any related or interrelated (as defined in the Companies Act No. 71 of 2008) person. The Commissioner in consultation with the Minister responsible for mineral resources may upon application by the Trustees grant approval for more than one natural person who is an employee of the beneficiary any related or interrelated (as defined in the Companies Act No. 71 of 2008) person to be appointed as a Trustee. |
| 5.4 | No person may be a Trustee if he or she would not be eligible to be a director of a company under the Companies Act No. 71 of 2008, or has been convicted of any offence involving dishonesty. |
| 5.5 | The Trustees shall hold office until they resign or are deemed to have vacated their offices in terms of clause 6. |
| 5.6 | The Trustees shall control and administer the Trust, and shall perform and discharge the duties incumbent on them hereunder. |
