Wairarapa News : February 1st 2012
14 WAIRARAPA NEWS, FEBRUARY 1, 2012 ART & ENTERTAINMENT Tickets $20 Adults; $15 students Available from Carterton Event Centre, Hedleys Bookshop, Gladstone Vineyard For more details or to book online go to: www.gladstonevineyard.co.nz In the event of inclement weather, the show will go on at the Carterton Event Centre NO ALCOHOL TO BE BROUGHT ON SITE 4341647AA Trustees Duties by Simon Ogilvie Trustees are bound to act honestly, loyally, reasonably, responsibly, diligently, prudently and in good faith. Trustees have many duties attached to their role. It is not a role to be taken on lightly, especially the role as an independent trustee for someone else. Being a trustee is a fiduciary position. A fiduciary is someone who is bound to act for another's benefit Some specific duties of trustees are: The Duty to Understand and Obey the Terms of the Trust This may appear obvious however it is surprising how often trustees' decisions are made with no reference back to the trust deed to establish whether the deed even permits the decision being contemplated. The Duty to Act Personally Unless the trust deed specifically provides otherwise, trustees must personally be involved in, and make all decisions concerning the trust. While independent advice can be sought, all final decisions rest with the trustees. The Duty to Know the Action of Former Trustees If you are assuming the role of trustee from someone else it is important you know what has taken place in the past. If breaches of trust have been committed there may even be a requirement on you as a new trustee to take appropriate action. The Duty to Act in the Best Interests of the Beneficiaries Trustees are required to act impartially and it is important that trustees consider all of the beneficiaries -- present and future -- of the trust. The Duty to Know the Current Position of the Trust All trustees should remain up to date with the actions of the trust including what the assets and liabilities of the trust are. This is particularly relevant where an independent trustee is not involved in the day to day administration of the trust. The Duty of Account Trustees are required to keep property records for the trust. In addition to keeping proper records, trustees should ensure valuable and/ or original documents are placed in safe custody. The Duty to Supply Information Beneficiaries are entitled to certain information about a trust unless the Trust Deed provides otherwise. The Duty to Invest Prudently A very important duty of trustees is to invest prudently. As stated in the Trustee Amendment Act 1988, this means exercising "the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others. The Duty to Protect Trust Assets Trustees are required to ensure that all of the trusts property is brought under their control. In addition trustees should ensure that trust assets are adequately insured and that insurance is regularly reviewed. Maintenance of trust assets, and in particular properties, is also an important part of protecting trust assets. The Duty to Meet Tax Obligations Trustees have a requirement to file tax returns with Inland Revenue unless the trust has no income generating assets. The Duty to Not Benefit Personally from the Trust As a fiduciary, a trustee may not benefit him or herself personally unless the trust deed specifically makes allowance for this. The Duty to take Independent Advice as Required Trustees may be required to make decisions on many different matters but are not expected to be an expert on everything. Trustees therefore have an obligation to seek independent advice where appropriate. If you would like any further information about Duties of Trustees, please contact me on either 0800 249529 or by e-mail email@example.com memorandums/trusteesduties §Simon Ogilvie Property Trust & Business Lawyer Phone: 0800 249529 email: firstname.lastname@example.org Advertorial 4275743AD • Swap your game every month! • We carry the latest titles for both XBOX 360 and PS3 • No late fees - return when you are ready! • Don't get bored playing the same game over and over * Conditions apply. Pricing and offer based on indefinite period rental agreement with a calculation period of 24 months. Full terms and conditions available on application. Introducing the Mr Rental Games club The Latest PS3 and XBox 360 Games?* CELTICSTAR Tarot & Rune Readings Live. Find out what the future holds Ph 0900 50 800 18 years or over. Calls cost $2.98+GST per min. Law States Entertainment only. Time: 9.00am - 9.00pm Not Tues & Thur Evening Phone: (04) 297-0967 TW105636 1920s setting for Shakespeare play By PIERS FULLER Summer Shakespeare returns to Gladstone Vineyard. This time Victoria University will be performing the bard's mischievous comedy, Twelfth Night. After a year s hiatus the Victoria Uni- versity Summer Shakespeare series is returning to Wairarapa. The univer- sity troupe will be presenting the mis- chievous comedy Twelfth Night on Thursday, Friday and Saturday, February 9-11 at the popular Carterton winery, Gladstone Vine- yard, using its picturesque lake as a backdrop. Melanie Camp s production, set by the seaside in the 1920s, promises to be a sassy affair with colourful costumes and lively music. From raucous comedy to swooning romance, Twelfth Night swings through the many moods of love with wit and laughter. Camp says the 1920s setting has a great sense of con- trast between dark and light, that tinge of sadness that is necessary to fully appreciate happiness. I think New Zealand audiences today understand this feeling after all we ve been through recently. People want to enjoy themselves because they understand how precious these happy days are, she says. So much of today s fashion is scruffy and eclectic, but why don t we create something really pretty and sexy -- sharp suits and glamorous dresses that will bring out the best in young actors? They can look good and misbehave at the same time -- it s the perfect com- bination, says Camp. Twelfth Night tells the story of Viola, a young woman shipwrecked in the country of Illyria who decides to dress as a man to make her way in the new land. She comes to serve the lovesick Count Orsino in his courtship of Lady Olivia, who instead falls for the fetch- ing young go-between. Along the way, we met Sir Toby Belch and other riot- ous court characters, as well as that officious steward, Malvolio. Performances start at 5.30pm and tickets are $20 for adults and $15 for students. Tickets are available from the Carterton Events Centre, Hedleys Booksellers and Gladstone Vineyard. For more details or to book online visit gladstonevineyard.co.nz.
January 25th 2012
February 8th 2012