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National Environmental Management Act, 1998 (Act No. 107 of 1998)


Financial Provisioning Regulations, 2015


Appendix 2

12. Trustees’ Powers


12.1 The Trustees shall have general control over the funds of the Trust and shall strive to attain the sole object which the Trust is established.


12.2 The Trustees shall have plenary powers to enable them to achieve the sole object of the Trust.


12.3 The Trustees shall receive, hold, and apply the donation in clause 4 and such amounts as may be contributed to the Trust in terms of this deed, together with the net income thereon. Except as may be otherwise provided herein, the Trustees shall not distribute any of the Trust’s profits or gains to any person and shall use the funds solely for the object for which the Trust has been established.


12.4 The Trustees in their personal capacity shall not engage in any trade, undertaking or business of the Trust, nor shall any of them participate in any of the affairs of the Trust, or provide any financial assistance or services or facilities other than is required to fulfil their role as Trustee.


12.5 The management of the affairs and all the powers of the Trust shall vest in the Trustees and without derogating from the generality of the foregoing, the Trustees shall have full legal power:
12.5.1 to deposit with any bank regulated in terms of the Banks Act, 1990 (Act No. 94 of 1990) and/or to invest, realise and re-invest the contributions made to the Trust and the net income accrued thereon on such terms and at such rates of interest as the Trustees shall decide provided that they shall be limited to making investments which are capital guaranteed and are made in: financial instruments issued by any— collective investment scheme as regulated in terms of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002); long-term insurer as regulated in terms of the Long-Term Insurance Act, 1998 (Act No. 52 of 1998); bank as regulated in terms of the Banks Act, 1990 (Act No. 94 of 1990); or mutual bank as regulated in terms of the Mutual Banks Act, 1993 (Act No. 124 of 1993); and/or financial instruments issued by any sphere of government in the Republic which are fully guaranteed out of the National Revenue Fund;
12.5.2 to appropriate firstly the net income defined in 13.6 and secondly the contributions and/or amounts paid in terms of clause 14 for the measures taken for compliance with the Statutory Obligations of the beneficiary;
12.5.3 to institute any legal action for the recovery of monies owing to the Trust and to prosecute, compromise, settle or withdraw any such action;
12.5.4 to execute against the corporeal, incorporeal, movable and immovable property of any of the Trust’s judgement debtors;
12.5.5 to execute all documents for and on behalf of the Trust and in this regard to delegate their authority so to execute to two of the Trustees or to one of the Trustees and the Secretary of the Trust; and
12.5.6 generally to perform all acts connected with any of the Trust’s affairs,

provided that the Trustees shall not be entitled on behalf of the Trust to (i) incur any indebtedness of any nature (including through the use of any negative mark to market position in relation to any derivative instrument) save for non-interest bearing trade credit incurred in the ordinary course of the Trust’s business or (ii) encumber the Trust assets or any of them in any manner whatsoever.