Notice of Application for Approval of a Scheme
Pursuant to the Charitable Trusts Act 1957
In the High Court of New Zealand, Nelson Registry
M. No. 25/02
In the matter of a charitable trust created by the will of Thomas Cawthron and incorporated by the Thomas Cawthron Trust Act 1924 (a Private Act) - Cawthron Institute, Applicant:
Notice is hereby given that on Monday, the 10th day of February 2003 at 10.00 a.m. or as soon thereafter as Counsel may be heard, the above applicant will apply for an order amending the Thomas Cawthron Trust Act 1924 (private) as follows:
1. In sections 2, 3, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17 and 18, delete "Board" and substitute "Trust Board".
2. Amend section 12 (Additional Powers of Trust Board) by inserting new sub-paragraph (4) as follows:
"(4) The Trust Board may appoint a Board of Directors to exercise such of the powers of the Trust Board in sub section (1) (e)-(j) (inclusive) and sub section (2) as the Trust Board from time to time determines in accordance with terms of reference to the Board of Directors and in accordance with the following:
(a) The Board of Directors shall comprise up to five persons appointed by the Trust Board who, in the opinion of the Trust Board, have commercial experience and expertise relevant to the activities of the Trust;
(b) No person may be appointed to the Board of Directors or hold office as a director if that person is a member of the Trust Board;
(c) Each appointment to the Board of Directors shall be for a term not exceeding three years with the power for the Trust Board to fill casual vacancies and to reappoint a director for one or more further terms;
(d) The Board of Directors shall meet no less frequently than eight times per year;
(e) The Board of Directors shall appoint a Chief Executive Officer of the Cawthron Institute, shall determine his/her functions and terms and conditions of employment, and the Chief Executive Officer shall report to the Board of Directors in accordance with such procedures as the Board of Directors may determine, provided that no person may be appointed as Chief Executive Officer if that person is a member of the Trust Board or a member of the Board of Directors;
(f) The Board of Directors shall report to the Trust Board no less than six-monthly on all financial and operational aspects of the Trust;
(g) The Trust Board may remove any person from the Board of Directors notwithstanding the tenure of office of that person, and any person so removed has no claim against the Trust or the Trust Board in respect of such removal other than in respect of fees or reimbursement of expenses then due to that person;
(h) The Trust Board remains responsible for the due compliance and performance by the Board of Directors of the powers delegated to it."
3. Delete section 17 (Remuneration of Trust Board) and replace with:
"17. Remuneration
(1) The members of the Trust Board shall not be entitled to any remuneration for their services other than reimbursement for necessary and reasonable out of pocket expenses incurred by them in attending meetings of the Trust Board or discharging their functions under this Act.
(2) The members of the Board of Directors shall be entitled to be compensated for their services in such amount as may be determined by the Trust Board but not exceeding amounts paid to directors of Crown Agencies from time to time, together with reimbursement of necessary and reasonable out of pocket expenses incurred by such members for the purposes of discharging their obligations under this Act."
A copy of the notice of originating application, supporting affidavit, and the Attorney-General's report on the scheme, may be inspected at the High Court at Nelson without any fee or charge.
Any person desiring to oppose the scheme must, not less than seven clear days before the date of hearing, give written notice of his/her intention to do so to the Registrar of the High Court at Nelson, to the Attorney-General at Wellington and to the applicant's solicitors at the address below.
The applicant's address for service is at the offices of
its solicitors, Pitt & Moore, 78 Selwyn Place, Nelson (Attention: J. M. Hollyer).