Common use of Duties of Trustees Clause in Contracts

Duties of Trustees. The Trustees shall: 12.1. subject to Clause 8, act as a diligent shareholder and in particular monitor the performance of the directors of the Company with respect to the Company's statement of corporate intent, and exercise the rights of shareholders for the benefit of the Trust Fund and with due regard to the objective of the Company to be a successful business. 12.2. ensure that full and correct accounts of all the financial transactions of the Trust and its assets and liabilities and funds are kept. 12.3. after the end of each Financial Year cause to be prepared financial statements including a balance sheet and income and expenditure account and notes to those documents giving a true and fair view of the financial affairs of the Trust for that Financial Year. The Trustees shall have available for inspection a schedule showing the names of persons or organisations to whom distributions of income have been made by the Trust in that Financial Year and the amounts distributed and shall include in the financial statements a summary of the classes of consumer to whom distributions have been made and the amounts distributed to each class. 12.4. appoint from time to time on such terms as they think fit as auditor of the Trust a person (not being the auditor of the Company) who is either: (a) a member of the New Zealand Society of Accountants; (b) a member, fellow, or associate of an Association of Accountants constituted in some part of the Commonwealth outside New Zealand and for the time being approved for the purpose of the audit of the company accounts under section 165(4) of the Companies Xxx 0000. 12.5. ensure that the financial statements are audited. 12.6. immediately upon completion of the audit of the financial statements insert advertisements in a principal newspaper or newspapers circulating in the District, notice that the statements are available for public inspection at the office of the Trustees. 12.7. make the financial statements available to the public in accordance with Clause 13. 12.8. within four months after the end of each Financial Year of the Trust, hold a public meeting in the District and at that meeting report on the operation of the Trust during the preceding Financial Year and on the financial statements of Trust for that Financial Year and at such meetings the Trustees shall answer any questions asked by Consumers and give Consumers an opportunity to express their views about the performance of the Trust or the Company. The Trustees shall give not less than 14 days' notice in a principal newspaper or newspapers circulating in that District of the holding of such a public meeting. 12.9. in respect of any statement of corporate intent delivered to the Trustees by the Company make comments thereon to the Directors of the Company within one month from the date of delivery of such statement by the Company to the Trustees and in making any comments the Trustees shall ensure that the statement of corporate intent is consistent with the obligation of the directors to operate the Company as a successful business and in particular to optimise the return on the assets of the Company. 12.10. make any completed statement of corporate intent available to the public in accordance with Clause 13. 12.11. at the meeting to be held in accordance with Clause 12.8 and while the Trustees are the majority shareholders of the Company commenting on the Company's compliance with its then current statement of corporate intent. 12.12. exercise where appropriate its right to require modifications to the statement of corporate intent in accordance with section 40(2) of the Act subject always to the requirements of section 40(3) of the Act. 12.13. make a copy of this Deed available to the public in accordance with Clause 13.

Duties of Trustees. The Trustees shall: 12.1. 13.1 subject to Clause 8this Deed, act as a diligent shareholder and in particular monitor the performance of the directors of the Company with respect to the Company's statement of corporate intent, and exercise the rights of shareholders for the benefit of the Trust Fund and with due regard to the objective of the Company to be a successful businessor Customers. 12.2. 13.2 ensure that full and correct accounts of all the financial transactions of the Trust and its assets and liabilities and funds are kept. 12.3. 13.3 after the end of each Financial Year cause to be prepared financial statements including a balance sheet and income and expenditure account and notes to those documents giving a true and fair view of the financial affairs of the Trust for that Financial Year. The Trustees shall have available for inspection a schedule showing the names of persons or organisations to whom distributions of income have been made by the Trust in that Financial Year and the amounts distributed and shall include in the financial statements a summary of the classes of consumer to whom distributions have been made and the amounts distributed to each class.shall detail; 12.4. 13.4 appoint from time to time on such terms as they think fit as auditor of the Trust a person (not being the auditor of the Company) who is either:either:- (a) a member of the Institute of Accountants of New Zealand Society of Accountants;Zealand (b) a member, fellow, or associate of an Association of Accountants constituted in some part of the Commonwealth outside New Zealand and for the time being approved for the purpose of the audit of the company accounts under section 165(4) of the Companies Xxx 0000. 12.5. 13.5 ensure that the financial statements are audited. 12.6. 13.6 immediately upon completion of the audit of the financial statements insert advertisements in a principal newspaper or newspapers circulating in the District, notice that the statements are available for public inspection at an address specified in the notice during normal office of the Trusteeshours. 12.7. 13.7 make the financial statements available to the public Customers in accordance with Clause 1314. 12.8. within four months after the end of each Financial Year of the Trust, hold a public meeting in the District and at that meeting report on the operation of the Trust during the preceding Financial Year and on the financial statements of Trust for that Financial Year and at such meetings the Trustees shall answer any questions asked by Consumers and give Consumers an opportunity to express their views about the performance of the Trust or the Company. The Trustees shall give not less than 14 days' notice in a principal newspaper or newspapers circulating in that District of the holding of such a public meeting. 12.9. 13.8 in respect of any statement of corporate intent delivered to the Trustees by the Company make comments thereon to the Directors of the Company within one month from the date of delivery of such statement by the Company to the Trustees and in making any comments the Trustees shall ensure that the statement of corporate intent is consistent with the obligation of the directors to operate the Company as a successful business and in particular to optimise the return on the assets of the CompanyTrustees. 12.10. 13.9 make any completed statement of corporate intent available to the public in accordance with Clause 1314. 12.11. at 13.10 within two months of the meeting to be held end of each Financial Year prepare a statement for inclusion in accordance with Clause 12.8 and the annual report of the Company while the Trustees are the majority shareholders of the Company commenting on the Company's company’s compliance with its then current statement of corporate intent. 12.12. 13.11 exercise where appropriate its right to require modifications to the statement of corporate intent in accordance with section 40(2) of the Act subject always to the requirements of section 40(340(8) of the Act. 12.13. 13.12 make a copy of this Deed available to the public in accordance with Clause 1314. 13.13 the Trustees may not vote on a resolution of the Company in respect of a Major Transaction without first obtaining the directions of customers as to voting pursuant to a Poll and shall then vote in accordance with such directions. If the Trustees are unable to conduct a Poll prior to the meeting to vote on the Major Transaction they shall vote against the resolution.

Duties of Trustees. The Trustees shall: 12.1. 12.1 subject to Clause 8, act as a diligent shareholder and in particular monitor the performance of the directors of the Company with respect to the Company's statement of corporate intent, and exercise the rights of shareholders for the benefit of the Trust Fund and with due regard to the objective of the Company to be a successful business. 12.2. 12.2 ensure that full and correct accounts of all the financial transactions of the Trust and its assets and liabilities and funds are kept. 12.3. 12.3 after the end of each Financial Year cause to be prepared financial statements including a balance sheet and income and expenditure account and notes to those documents giving a true and fair view of the financial affairs of the Trust for that Financial Year. The Trustees financial statements shall have available for inspection a schedule showing show separately the names of persons or organisations to whom distributions of income have been made by the Trust in that Financial Year and the amounts distributed and shall include in the financial statements where such distributions are not made as part of a summary of the classes of consumer general distribution to whom distributions have been made and the amounts distributed to each classConsumers. 12.4. 12.4 appoint from time to time on such terms as they think fit as auditor of the Trust a person (not being the auditor of the Company) who is either:either:- (a) a member of the Institute of Chartered Accountants of Australia and New Zealand Society of Accountants;Zealand. [amended 29.07.16] (b) a member, fellow, or associate of an Association of Accountants constituted in some part of the Commonwealth outside New Zealand and for the time being approved for the purpose of the audit of the company accounts under section 165(4199(1) of the Companies Xxx 0000. 12.5. 12.5 ensure that the financial statements are audited. 12.6. 12.6 immediately upon completion of the audit of the financial statements insert advertisements in a principal newspaper or newspapers circulating in the District, notice that the statements of the Trust together with copies of the reports and accounts of the Company are available for public inspection at the office of the Trustees. 12.7. 12.7 make the financial statements of the Trust and the Company available to the public in accordance with Clause 13. 12.8. 12.8 within four months after the end of each Financial Year of the Trust, hold a public meeting in the District and at that meeting report on the operation of the Trust and the Company during the preceding Financial Year and on the financial statements of Trust for that Financial Year and at such meetings the Year. The Trustees shall answer any questions asked by Consumers and give Consumers an opportunity to express their views about the performance also make available for distribution at that meeting a summary of the Trust or reports of the CompanyCompany and the Trust. The Trustees shall give not less than 14 days' notice in a principal newspaper or newspapers circulating in that District of the holding of such a public meeting. 12.9. 12.9 in respect of any statement of corporate intent delivered to the Trustees by the Company make comments thereon to the Directors of the Company within one month from the date of delivery of such statement by the Company to the Trustees and in making any comments the Trustees shall ensure that the statement of corporate intent is consistent with the obligation of the directors to operate the Company as a successful business and in particular to optimise the return on the assets of the Company. 12.10. 12.10 make any completed statement of corporate intent available to the public in accordance with Clause 13. 12.11. 12.11 at the meeting to be held in accordance with Clause 12.8 and while the Trustees are the majority shareholders of the Company commenting comment on the Companycompany's compliance with its then current statement of corporate intent. 12.12. 12.12 exercise where appropriate required to do so following the views expressed by the public at the meeting held in accordance with Clause 12.8, its right to require modifications to the statement of corporate intent in accordance with section 40(2) of the Act subject always to the requirements of section 40(3) of the Act. 12.13. 12.13 make a copy of this Deed available to the public in accordance with Clause 13. 12.14 comply with the Electricity Industry Reform Xxx 0000.

Duties of Trustees. The Trustees shall: 12.1. 12.1 subject to Clause 8, act as a diligent shareholder and in particular monitor the performance of the directors of the Company with respect to the Company's statement of corporate intent, and exercise the rights of shareholders for the benefit of the Trust Fund and with due regard to the objective of the Company to be a successful business. 12.2. 12.2 ensure that full and correct accounts of all the financial transactions of the Trust and its assets and liabilities and funds are kept. 12.3. 12.3 after the end of each Financial Year cause to be prepared financial statements including a balance sheet and income and expenditure account and notes to those documents giving a true and fair view of the financial affairs of the Trust for that Financial Year. The Trustees financial statements shall have available for inspection a schedule showing show separately the names of persons or organisations to whom distributions of income have been made by the Trust in that Financial Year and the amounts distributed and shall include in the financial statements where such distributions are not made as part of a summary of the classes of consumer general distribution to whom distributions have been made and the amounts distributed to each classConsumers. 12.4. 12.4 appoint from time to time on such terms as they think fit as auditor of the Trust a person (not being the auditor of the Company) who is either:either:- (a) a member of the Institute of Chartered Accountants of New Zealand Society of AccountantsZealand; (b) a member, fellow, or associate of an Association of Accountants constituted in some part of the Commonwealth outside New Zealand and for the time being approved for the purpose of the audit of the company accounts under section 165(4199(1) of the Companies Xxx 0000. 12.5. 12.5 ensure that the financial statements are audited. 12.6. 12.6 immediately upon completion of the audit of the financial statements insert advertisements in a principal newspaper or newspapers circulating in the District, notice that the statements of the Trust together with copies of the reports and accounts of the Company are available for public inspection at the office of the Trustees. 12.7. 12.7 make the financial statements of the Trust and the Company available to the public in accordance with Clause 13. 12.8. 12.8 within four months after the end of each Financial Year of the Trust, hold a public meeting in the District and at that meeting report on the operation of the Trust and the Company during the preceding Financial Year and on the financial statements of Trust for that Financial Year and at such meetings the Year. The Trustees shall answer any questions asked by Consumers and give Consumers an opportunity to express their views about the performance also make available for distribution at that meeting a summary of the Trust or reports of the CompanyCompany and the Trust. The Trustees shall give not less than 14 days' notice in a principal newspaper or newspapers circulating in that District of the holding of such a public meeting. 12.9. 12.9 in respect of any statement of corporate intent delivered to the Trustees by the Company make comments thereon to the Directors of the Company within one month from the date of delivery of such statement by the Company to the Trustees and in making any comments the Trustees shall ensure that the statement of corporate intent is consistent with the obligation of the directors to operate the Company as a successful business and in particular to optimise the return on the assets of the Company. 12.10. 12.10 make any completed statement of corporate intent available to the public in accordance with Clause 13. 12.11. 12.11 at the meeting to be held in accordance with Clause 12.8 and while the Trustees are the majority shareholders of the Company commenting comment on the Companycompany's compliance with its then current statement of corporate intent. 12.12. 12.12 exercise where appropriate required to do so following the views expressed by the public at the meeting held in accordance with Clause 12.8, its right to require modifications to the statement of corporate intent in accordance with section 40(2) of the Act subject always to the requirements of section 40(3) of the Act. 12.13. 12.13 make a copy of this Deed available to the public in accordance with Clause 13. 12.14 comply with the Electricity Industry Reform Xxx 0000.