Objects

The Trust Deed defines the Objects of the Trust as:

“ to provide financial assistance to any individual or group of people for the purposes of education, knowledge and advancement of philately or culture generally as expressed through postage stamps or historical postal services.”

Applications to the Trust

Applications for assistance should be made to the Trust Secretary:

New Zealand National Philatelic Trust
c/o Mrs S Vernall
90 Campbell Street
Karori
Wellington 6012

Applications must be in writing (no special form is required) and should give full details of:

1. The purpose(s) for which assistance is sought.

2. Full financial statements or budgets.

3. The amount of assistance specifically required.

Generally, the Trustees are looking to assist projects which benefit the hobby as a whole rather than an individual group or a particular person.

Trustees

The Trustees comprise two representatives of the New Zealand Stamp Dealers Association, and two representatives of the New Zealand Philatelic Federation. The current trustees are:

NZ Stamp Dealers Association: John Kilpatrick and David Holmes
NZ Philatelic Federation: Sue Vernall and Lindsay Chitty

Trust deed

The text of the trust deed for the New Zealand National Philatelic Trust is reproduced below. Note that the original of the deed, signed by all parties in 1993, is filed with the firm of Rudd, Watt and Stone in Wellington. An amendment was made in 2001 which has been incorporated into the text of the trust deed below.

 

Deed of Trust to Establish the New Zealand National Philatelic Trust

[as modified 21 February 2001]

THIS DEED made this ____________day of ___________________1993

BETWEEN NEW ZEALAND POST LIMITED a company incorporated in New Zealand having its registered office at Wellington (‘the Settlor’)

AND DONALD JAMES WHITE of Dunedin, Managing Director,
DAVID HOLMES of Auckland, Company Director,
BRIAN GEOFFREY VINCENT of Wellington, Bank Manager, and
ROBERT DOUGAL SAMUEL of Christchurch, Chartered Accountant
(‘the Trustees’)

RECITALS:
A. The Settlor desires to establish a charitable trust in New Zealand to provide financial assistance to any individual or group of people for the purposes of education, knowledge and advancement of philately or culture generally as expressed through postage stamps or historical postal services.
B. The Settlor has paid to the Trustees the sum of ONE HUNDRED DOLLARS ($100) to be held by them upon the trusts and with the powers authorities and discretions contained in this Deed.
C. The Trustees have agreed to act as trustees of the Trust Fund (as defined in this Deed).

OPERATIVE PART:
It is covenanted, agreed and declared by and between the Settlor and the Trustees as follows:
1.
INTERPRETATION
1.1 In this Deed the words “the Trust Fund“ mean:

  1. the sum of ONE HUNDRED DOLLARS ($100) mentioned above and any property and investments from time to time representing that sum ; and
  2. any other property and investments paid to or acquired by the Trustees after this Deed has been signed and intended to be held by the Trustees on the trusts and in accordance with the provisions set out in this Deed.
1.2 Paragraph headings in this Deed are intended for location and reference purposes only and are not to be looked to in the construction of this Deed.
2.
NAME OF TRUST
This Trust shall be known as the NEW ZEALAND NATIONAL PHILATELIC TRUST.
3.
ACKNOWLEDGEMENT OF TRUST
The Settlor directs and the Trustees acknowledge that the Trustees are to hold the Trust Fund in perpetuity or until it is exhausted or until the Trust is wound up pursuant to clause 11.
4.
ADMINISTRATION COSTS
The Trustees may in their sole discretion apply so much of the income arising from the Trust Fund as they think fit in payment of the expenses of administering the Trust Fund (whether the same shall relate to capital or income) or in making payments for the purchase or acquisition of any further or other assets or investments or in or towards repayment or reduction of debts or liabilities incurred by them or due or owing in respect of the Trust Fund or mortgages or other charges on any part of the Trust Fund or for any other purpose for which payments may be made under the provisions of this Deed notwithstanding that any such payments would normally be charged against capital.
5.
OBJECTS
5.1 The objects of the Trust are to provide out of the Trust Fund financial assistance in New Zealand for any individual or group of people for the purposes of education, knowledge and advancement of philately or culture generally as expressed through postage stamps or historical postal services.
6.
DISTRIBUTION OF TRUST FUND
6.1 Subject to Clause 4 hereof, the Trustees may in their sole discretion apply the whole or any part of the income arising from the Trust Fund or the whole or any part of the capital of the Trust Fund towards the objects of the Trust as stated in clause 5.1 hereof PROVIDED HOWEVER that no part of the capital or income of the Trust Fund shall be applied in any way for the personal profit or benefit of any trustee.
6.2 Should the Trustees in any accounting period as from time to time fixed by them, not expend the whole of the income of the Trust Fund for the purposes declared in this Deed, such income shall be accumulated by the Trustees and added to the capital of the Trust Fund to be held on the trusts relating thereto.
7
THE TRUSTEES
7.1 It is acknowledged that the Trustees DONALD JAMES WHITE and DAVID HOLMES are representatives of the New Zealand Stamp Dealers Association (Inc) of Auckland and the Trustees BRIAN JOHN VINCENT and ROBERT DOUGAL SAMUEL are representatives of the New Zealand Philatelic Federation (Inc) of Christchurch.
7.2 The number of Trustees hereunder shall at all times (subject however to the provisions of Section 23 of the Trustees Act 1956 or any provision to the same effect in modification, substitution or re-enactment thereof) be four.
7.3 The power of appointment of new trustees shall be vested in the NEW ZEALAND STAMP DEALERS ASSOCIATION (INC) of Auckland and the NEW ZEALAND PHILATELIC FEDERATION (INC) of Christchurch, and such power of appointment shall be exercised in the following manner :

  1. each organisation shall be entitled at all times to have two of its representatives as trustees of the Trust and accordingly each organisation shall have the power to appoint new trustees and remove those trustees appointed previously by it to ensure that at all times two of their representatives are acting as trustees of the Trust;
  2. each of the trustees will hold office for up to 3 years (with right of renewal) at the pleasure of the organisations they represent or until their death or resignation from office, or until in the opinion of all the other trustees (whose decision on the matter will be final and binding) they should no longer act in the affairs of the Trust;
  3. the removal of any existing trustee will result in the number of continuing trustees being reduced below four, the power of removal shall be exercisable only in conjunction with the appointment of a new trustee or new trustees so that there shall at all times be four trustees of the Trust;
  4. a resolution in writing signed by the members of the ruling body of the abovementioned organisations shall be prima facie evidence of the exercise of the power to appoint and remove trustees.
7.4 Every question before the Trustees shall be decided by a majority of them, such majority to comprise not less than three in number. The quorum required shall be not less than three of the trustees from time to time appointed.
7.5 Wherever by this deed a discretion is conferred upon the Trustees that discretion in addition to any other mode of exercise thereof shall be deemed to have been exercised (subject however to the provisions of clauses 7.4 and 11.1 hereof) when a resolution of the Trustees exercising that discretion has been recorded in the Trustees’ minute book relating to this Trust and the minutes so maintained shall be prima facie evidence of the nature and content and time of passing of all such resolutions.
8.
SETTLOR’S DIRECTIONS
For the guidance of the Trustees the Settlor expresses the wish (but without imposing a binding trust or obligation) that the Trustees should limit the extent to which capital is used in accordance with clause 5.1 hereof to the intent that the Trust Fund may remain available to provide income for the purposes declared in this Deed for as possible.
9.
RECEIPTS
The receipt of the recipient of financial assistance provided pursuant to clause 5.1 hereof shall be a full and sufficient discharge to the Trustees who shall not be concerned to see to the application thereof.
10.
INVESTMENT POWERS
The Trustees may invest any part of the Trust Fund which is available for investment in any investment which could properly be made by a trustee and which the Trustees consider would be beneficial to the Trust.
11.
WINDING UP
If in the opinion of the majority of the Trustees (such majority comprising not less than three in number) the objects of the Trust shall fail or if for any reason the objects thereof shall become wholly frustrated and incapable of being carried out then the Trustees shall distribute the Trust Fund after payment of all liabilities to such other New Zealand bodies or trusts as are engaged in furthering the charitable objects described herein as the Trustees in their sole discretion shall determine.
12.
ADMINISTRATIVE POWERS
IT IS HEREBY DECLARED without detracting from the generality of the foregoing powers and the powers authorities and discretions conferred by the Trustee Act 1956 or by any other enactment or by law and in addition thereto that in the execution of the trusts hereof the Trustees shall have and may at their absolute and uncontrolled discretion exercise the following powers, authorities and discretions, namely:
12.1 POWERS RELATING TO THE TRUST PROPERTY GENERALLY.
12.1.1 To retain any investments which are given to the Trustees as part of the Trust Fund. The Trustees will not be liable for any loss caused by their retention.
12.1.2 To let any asset of the Trust Fund on such terms and conditions as the Trustees think desirable. Also to manage any leases and tenancies in the Trust Fund and accept surrenders of them.
12.1.3 To sell all or part of the Trust Fund in the manner and on the terms the Trustees choose, including a term allowing all or part of the purchase price to remain owing on mortgage.
12.1.4 To postpone the sale, calling in, and conversion of any part of the Trust Fund for so long as the Trustees think desirable, even if it is of a wasting, speculative or reversionary nature.
12.1.5 To borrow money on such terms and conditions as the Trustees think fit, and use it for any purpose which the Trustees consider will benefit the Trust Fund. The Trustees may give security for repayment over the whole or any part of the Trust Fund, even if some part given as security does not benefit from the borrowing.
12.1.6 To purchase as an asset of the Trust Fund any property which the Trustees consider will benefit the Trust Fund.
12.1.7 To acquire and carry on, either alone or in partnership, any type of business.
12.1.7.1 In exercising this power the Trustees may –

  1. carry on the business for as long as the Trustees think desirable;
  2. use any part of the Trust Fund as capital in the business,
  3. employ in the business such persons as the Trustees think necessary.
12.1.7.2 The Trustees will meet any business losses for any accounting period fixed by the Trustees out of the capital of the business.
12.1.8 To lend any money to any person on any terms and subject to whatever conditions (if any) as to security or interest or time for repayment as the Trustees may think fit.
12.1.9 To erect, repair, restore, reconstruct and add to any buildings and constructions; also to do any work in connection with any property if the Trustees consider this will increase the value of the Trust Fund or be a suitable investment for the Trust Fund.
12.1.10 The Trustees may join with any other person or persons in exercising any of the powers expressed or implied under this Deed. This includes investing acquiring and retaining undivided shares or interests in property as tenants in common with any other person or persons, or corporation or corporations, and allowing such property to be held in the name of a nominee.
12.2 RESOLUTION OF DISPUTES
12.2.1 To take and act upon the opinion of any barrister practising in New Zealand whether in relation to the interpretation of these presents or any other document or any statute or as to the administration of the trusts hereof without being liable in respect of any act done by them in accordance with such opinion.
12.2.2 To make any application to the court the Trustees may think fit and all expenses of the application shall be paid out of the Trust Fund.
12.3. DELEGATION
12.3.1 Instead of acting personally to employ and pay any person whatever to transact all or any business or do any act required to be transacted or done in the execution of the trusts hereof, including the receipt and payment of money, and the Trustees are entitled to be allowed and paid all charges and expenses so incurred but are not responsible for the default of any agent employed in good faith or for any loss occasioned by his employment.
12.3.2 To exercise all the other powers contained in section 29 of the Trustee Act 1956 and the proviso to subsection (3) thereof shall have no effect on the Trustees.
12.3.3 At any time and for any period any trustee or all of them may appoint another person to act as his or their attorney anywhere in the world for all or any of the purposes of the trusts hereof.
12.3.4 To have the accounts of the trust audited annually by any chartered accountant they appoint for the purpose and in their discretion to determine from which part or parts of the Trust Fund or the income thereof the costs of the audit are paid and to make any apportionments of the costs they think fit.
12A.
PERSONAL BENEFIT
It is declared that in the carrying on of any business under these presents and in the exercise of any power authorising the remuneration of trustees no benefit or any income of any kind shall be afforded to, or received, gained, achieved or derived by any of the persons specified in paragraphs (i) to (iv) of the second provision to section CB4(1)(e) of the Income Tax Act 1994, or any enactment in amendment thereof or in substitution therefore, where that person is able, by virtue of that capacity as such person specified therein, or in any way (whether directly or indirectly) to determine, or to materially influence in any way the determination of, the nature or extent of that benefit or advantage or that amount or the circumstances in which it is or is to be so received, gained, achieved, afforded, or derived, except as specifically exempted by that section.
13.
TRUSTEES INDEMNITY
The Trustees shall not be liable for and shall be indemnified by and out of the Trust Fund in respect of any loss or liability which may be sustained or incurred by reason of the exercise, the mode of exercise, or the non-exercise of any of the powers authorities or discretions hereby or by law conferred upon them and no trustee shall be liable for:

  1. any loss not attributable to dishonesty or to the wilful commission by the Trustees of any act known to the Trustees to be a breach of trust.
  2. The neglect or default of any solicitor, bank, accountant, auditor, stockbroker, investment advisor or other agent employed in good faith by the Trustees;
  3. any claim made against the Trustees by any prospective candidate for financial assistance under Clause 5.1 hereof or any creditor or any other person having any claim whatsoever against the Trust Fund which cannot be satisfied because of any distribution of any part or all of the Trust Fund for the purposes of this Trust.

AND in particular no trustee shall be bound to take any proceedings against a co-trustee or former trustee for any breach or alleged breach of trust committed by such co-trustee or former trustee.
14.
RELEVANT LAW
This Trust shall be governed by and construed in accordance with the laws of New Zealand.
EXECUTED as a deed. THE COMMON SEAL OF NEW ZEALAND POST LIMITED as Settlor is affixed in accordance with its articles of association in the presence of:……………………………………………….
Signature of authorised person………………………………………………
Name of authorised person.……………………………………………….
Office held.SIGNED BY DONALD JAMES WHITEAs Trustee in the presence of :………………………………………………….
Signature of Witness

…………………………………………………
Occupation of Witness

…………………………………………………
Address of Witness.