INCOME OF THE TRUST. 6.1 During the continuance of this Trust, all net income of the Trust shall be retained in the Trust.
INCOME OF THE TRUST. Except as provided in Section 3 hereof, during the continuance of this Trust all net income of the Trust shall be allocated not less frequently than monthly among the Trust Beneficiaries' separate accounts in accordance with Section 7(b) hereof. 7.
INCOME OF THE TRUST. The governing instrument must require that any in- come of the trust be distributed to the term holder not less frequently than annually.
INCOME OF THE TRUST. Income of the Trust shall be used for the things approved by the Trustees consistent with the purposes of this Indenture as set forth in Article 3.2 and shall comprise part of the Funds Available for distribution as provided in Article 11.7.
INCOME OF THE TRUST. Except as provided in Section 3 hereof, during the continuance of this Trust all net income (or loss) of the Trust shall be allocated quarterly among the Trust Beneficiaries’ separate accounts in accordance with Section 7(b) hereof. Net income (or loss) of the Trust shall be determined by taking into account (i) receipt of interest and dividends, (ii) any increase or decrease in the value of the Trust assets attributable to market appreciation or depreciation and (iii) any increase in the cash surrender value of any life insurance policy held in the Trust other than the portion of such increase attributable to the payment of the premiums due thereon.
INCOME OF THE TRUST. Except as provided in Section 3 hereof, during the continuance of this Trust all net
INCOME OF THE TRUST. A proportion of the net taxable income (if any) of the Trust created for each Series may be included in the assessable income of the relevant Investors on 30 June each year. Whether or not the Trust will have net taxable income in a year of income will be dependent on whether the Hedge Security Deed is enforced by the Security Trustee. Each Investor’s proportion of the net taxable income (if any) of the Trust will be determined by the number of Units held by the Investor in a particular Series. Should the Hedge Security Deed be enforced by the Trustee it is recommended that Investors should seek independent taxation advice.
INCOME OF THE TRUST. 14.1 The trustees shall be obliged to distribute a minimum of 75% (SEVENTY FIVE PERCENT) of the funds received as set out in 9.13 above.
14.2 The income of the trust shall be used exclusively for public benefit activities in the Republic of South Africa;
14.3 The choice of the beneficiary or beneficiaries to whom distributions shall be made and the amount to be paid to each beneficiary shall at all times be in the sole and absolute discretion of the trustees.
INCOME OF THE TRUST. 19.1 The Trustees in their discretion may apply the whole of the income by -
19.1.1 making payment of the whole or any portion of the income, in such amounts and at such times as the Trustees in their discretion may determine, to defray the costs of acquisition of units or the repayment of any loan made to the Trust by the Company; and/or
19.1.2 retaining the whole or any portion of the income and adding it to the capital of the Trust, whereafter such income shall be deemed to form part of the capital of the Trust and shall be administered accordingly; and/or
19.1.3 making payment of the whole or any portion of the income, in such amounts and at such times as the Trustees in their discretion may determine, to eligible participants ; provided that if the Trustees resolve to make any such payment, such payment shall be made to eligible participants in proportion to their respective allocation of base units.
19.2 Notwithstanding clause 19.1, the Trustees shall be entitled, in their discretion, to retain and give directions and to take steps and safeguards to protect the income and to invest, realise and reinvest any income to which the Trust or any eligible participant may be or become entitled in the name of the Trust, that eligible participant, in such manner and on such terms and conditions as the Trustees determine, and where applicable with the Trustees acting as agents for the eligible participants . In that event, the income so retained and invested (and the accretions thereto) shall vest in and accrue to the Trust or, if applicable, the relevant eligible participant but in the latter event shall be administered on his or her behalf by the Trustees as they in their discretion deem fit. Any such income to which eligible participants are or may be entitled shall be paid over from time to time to the relevant eligible participants as the Trustees determine, in their discretion, and shall only vest in such eligible participants once so paid over.
19.3 All income taxes and any other taxes which may be levied by any government or other competent authority on the relevant eligible participant may be deducted from and be paid out of such income. In determining the amount of any such income tax, any income which so vests in and accrues to the relevant eligible participant shall be deemed to be subject to income tax in an amount equal to the income tax actually levied or leviable on the whole of the relevant eligible participant’s taxable income minus the income...
INCOME OF THE TRUST. VI.1 Except as provided in Articles III and IV, during the continuance of this Trust, all net income of the Trust shall be retained in the Trust.
