253 Deed of trust

253.1 Deed

This deed  is made the     day of            20

and  (full titles of the appropriate trustees of the other Partners)

Whereas the (name of each participating parish herein after collectively referred to as the participating parishes) are entering /entered into a Cooperative Venture in the establishment of...................

(herein after called the Cooperative Venture)

and whereas  there is or will be vested in the holding trustees the assets set forth in the Second and Third Schedules hereto

and whereas the initial contributions of the Partners are or are intended to be set forth in the Third Schedule hereto

and whereas it is intended that the assets described in the Second and Third Schedules

Between (full title of the national or diocesan corporate trustee, herein after called the holding trustee) of the first part and any other or substituted assets of the joint venture shall be held by the holding trustees upon trust for the participating parishes in the proportions set forth in the Fifth Schedule.

Now this deed witnesseth as follows

a) that the General Trust Board of the diocese of ………………………………

the Presbyterian Church property trustees and the Board of Administration of the Methodist Church (and/or etc etc) do hereby acknowledge their commitment to the said Cooperative Venture

b) that the holding trustee acknowledges that it holds the assets set forth in the Second and Third Schedules hereto and all other assets hereafter vested in it for the purposes of the said Cooperative Venture to be administered on the terms set forth in the First Schedule hereto

c) that the parties hereto shall have the power to vary the terms of this Deed of Trust at any time by mutual agreement at the request of and with the consent of the participating parishes

d) that nothing contained in this deed shall preclude the courts of the Partners from varying the aforesaid agreement but variations to the agreement shall not bind the parties hereto unless this Deed of Trust shall have been altered in accordance with clause c) hereof to accord with the variations of the said agreement

e) except in so far as shall have been specifically hereinbefore otherwise declared the Holding Trustee shall have and continue to have all the rights and duties conferred and imposed on it by Acts, Statutes, Constitutions, Canons and Rules whether of the Parliament of New Zealand or of the Partners

f) that subject to the forgoing provisions the Holding Trustee shall hold the assets of the Cooperative Venture for the Anglican trustees, the Presbyterian trustees and the Methodist trustees (and/or etc.) in the proportions set forth in the First Schedule hereto.

In witness whereof these presents have been executed the day and year above-written.

(To be executed under the seal by the holding trustees on behalf of each participating parish)

First Schedule (The Agreement as amended)

Second Schedule (Legal description of land and other assets in holding trustee)

Third Schedule (Initial contributions)

Fourth Schedule (all charges and monies owing in respect of property listed in the Second or Third Schedule)

Fifth Schedule (proportion in which assets are held for the Partners)

Note :

1.    Schedules for a Deed of Trust should only include property and assets covered by the deed.

2.    In cases where it is desired to make more detailed provision regarding procedures in the event of a dissolution, an additional clause may be included as clause seven of the Deed of Trust.

In the event of the dissolution of the aforesaid agreement the .....(Holding Trustees).......  will then hold the assets set forth in the Second Schedule hereto and all other assets then vested in them for the purpose of the said joint venture in trust for the Partners until such times as the ..............(Trustees of the other Partners) ...  shall have each of them signified in writing to the ......  (Holding Trustees....) that all issues of property arising out of the discontinuance of the joint venture have been resolved and the monetary payments and adjustments pertaining thereto have been settled and completed and in the meantime the ......  (Holding Trustees)....  will permit the use of the said assets for the purpose of the Partners in common at such times and in such manner and subject to such contribution for maintenance and upkeep as shall be agreed upon between the parties hereto and failing agreement as shall be determined by arbitration under the Arbitration Act 1908 and in the event of the inability of the ....  (Trustees of the Partners)...  to resolve the issues of property arising out of the discontinuance of the joint venture the .....(Holding Trustees).....shall hold the said assets in terms of such order as shall be made by the High Court of New Zealand upon the application of the trustees of any of the Partners under part XIII of the Property Law Act 1952.