Schedule 03 - Contents of the trust deed

Trust Deed Requirements: trustees must hold scheme property for unitholders, ensure arm's length conduct and appoint an approved asset manager.

The Trust Deed must require trustees to maintain an arms' length relationship, disclose interests and abstain from decisions where interested; specify minimum trustees, meeting frequency and quorum with an independent trustee; state trustees shall hold all scheme property in trust for unitholders with proportionate beneficial interest; require trustees to act for unitholders, supervise income collection, forbid acquisition creating unlimited liability or encumbrance, prohibit impermissible guarantees or activities, and provide for board approved appointment and limited dismissal of an asset management company and a custodian with separate audit arrangements.