Founding Affidavit and Annexures

4of5 15. Interest inTrustFunds Howsoever or wherever theassetsmaybeheldor registered they shallbeheldonand for theaccountof theTrustandatno time shall theTrusteesbedeemed toacquire for themselvesor their personalaccountanyvested rightor interest in theTrustFund 16. RightsanddutiesofTrustees TheTrustees shall: 16.1keepproper booksand recordsofaccount reflectingadministrationof theTrust Fund; 16.2procureabalance sheetofTrustFund bepreparedannuallybya registered charteredaccountantwho shallhaveaccess tobooksofaccountetcandbeentitled to informationandexplanation from theTrusteesor their agents; 16.3beentitled todepositall securitiesandother assetsatany timewithbanksor trust companiesor other depositoriesandwhichmaybe registered in thenameofnominees in SA or elsewhere; 16.4notbedisqualifiedby their office from contractingwith theTrust,nor shallany contractentered intoby theTrust inwhichanyTrusteesmaybe interestedbe invalidated or voided by reasonof such interest,nor shallanyTrustees so contractingor being so interestedor acquiringanybenefitunder any contractentered intowith theTrustbe liable toaccount to theTrust for anyprofitsor benefits realisedbyor under such contract by reasononlyofhisholding thatoffice,provided that– 16.4.1he shallhavedisclosed to the remainingTrusteeor Trustees thenatureofhis interestbefore themakingof the contract if itnotalreadyhavebeenknown tohim or them,and 16.4.2 theTrusteesmayenter intoany such contractonly ifapprovedbyunanimous decision; 16.5 or any firmor companyofwhich theyor anyof them are shareholders,directorsor partnersmay (butonlybyunanimousdecision)be employed toact inanymatter relating to theadministrationof theTrustand shall inaddition toany remunerationpayable to suchTrustee inhis capacityas such,beentitled to chargeandbe paid for any services renderedby them or their firm inaprofessionalcapacity. 16.6 subject to section9of theAct, theTrustees shallnotbe liable tomakegood to the Trustor anyBeneficiaryany lossoccasioned sustain from any cause,except losswhich mayariseor beoccasionedbyhispersonaldishonestyor other wilfulmisconduct. 16.7 subject to section9of theAct, theTrustees shallnotbe liable for anyactof dishonestyor other misconduct committedbyanother Trusteeunlessheknowingly allowed itor wasanaccessory thereto. 16.8 subject to theprovisionsof section9of theAct, theTrustees shallbe indemnifiedout of theTrustassetsagainstall claimsanddemandsofwhatsoever nature thatmaybe madeupon them arisingoutof theexerciseor purportedexerciseofanyof thepowers herebyconferredupon them. 16.9 theTrusteesmay in their discretion from time to time charge toand recover from theTrust such remunerationasagreedbetween theTrustees. 17. ResignationofTrustees Anyof theTrustees shallbe freeatany time to retire from officeby1 (one) calendar months'notice inwriting (or such shorter periodasmaybeagreedby the remaining Trustees) to thateffectgiven tohis then remaining co-Trustees,or failing them to the Master of theHighCourt 18. SecurityofTrustees Noneof theTrustees from time to timeholdingoffice shallbe required to furnisheither individuallyor collectively to theMaster of theHighCourtor toanyother Governmental Official, security for theadministrationof theTrusthereby created,and theneed for furnishingany such security isherebydispensedwithwhether otherwise requiredunder theActor anyother Law for the timebeing in force Paymentof IncomeandCapital 19.1Outof theTrustFund theTrustees shallpayandmakeprovision for all the costs, chargesandexpenses incurredby them onbehalfof theTrust. 19.2TheTrustees shallhave the right in their entirediscretion, from time to time,andat any time, tovest thewholeor anypartof the incomeof theTrustFund inaBeneficiaryor Beneficiaries in suchproportionsas theTrusteesmaydetermine. 19.3Any incomewhichdoesnotaccrue toaBeneficiaryasaforesaid, shallbe treatedas capitaland investedor accumulatedby theTrustees in termsof thisTrustDeed. 19.4TheTrusteesmay in their discretionandatany timeor timespayor distribute toany Beneficiary thewholeor anypartof theTrustFund in suchamountsandwhether in cash or in specieas they from time to time in their entirediscretiondeem fit,provided that– 19.4.1 theTrusteesmayemployavaluer for thepurposeofdetermining the valueofany suchassets, 19.4.2 thedecisionof theTrusteesas to the valueofanyassets for thepurposeof this paragraph shallbe finalandbindingonall interestedpersons, 19.4.3noBeneficiarymaydispute thevalueofany suchassets 20. Terminationof theTrust 20.1ThisTrust shallcontinue inperpetuityprovided that should theentireTrustFund havebeendistributedprior to suchdate then theTrust shall terminateupon suchearlier date. 20.2 If,however, theTrusteesareof theopinion that circumstanceshavearisenor might arise towarrant their sodoing, they shallbeempowered in their sole,absoluteand unfettereddiscretioneither to terminate theTrust inwholeor inpartat such timeor timesas they in their soleandabsolutediscretionmaydecide. (a) 21. DistributionofTrustFundsonTermination 21.1On terminationof theTrust, theTrustees shallpayor deliver thebalanceof theTrust Fund thenexisting to suchBeneficiaryor Beneficiariesand in suchproportionsas the Trustees in their discretionmaydetermine. 21.2TheTrusteesmay, in their discretion,makeanypaymentor delivery in termsof clause21.1either in cashor inkindor partly in cashandpartly inkindand shall redistributeandallocateassets to theBeneficiaries in suchmanner as theydeem fit 22. Interest in theTrustFund Howsoever or wherever the assets comprising theTrust Fundmaybeheldor registered they shallbe heldonand for theaccountof theTrustandat no time shall theTrusteesbe deemed toacquire for themselvesor their personal accountanyvested rightor interest in theTrustFund. 23. RightsandDutiesofTrustees TheTrustees shall 23.1 cause tobekeptproper booksand records ofaccount reflecting their administrationof the TrustFund; 23.2procure thatabalance sheetofTrustFund bepreparedannuallybya registered chartered accountantwho shallhaveaccess tobooksof accountetcandbe entitled to informationand explanation from theTrusteesor their agents; 23.3beentitled todepositall securitiesandother assetsatany timewithbanksor trust companies or other depositoriesandwhichmaybe registered in thename ofnominees inSA or elsewhere; 23. RightsandDutiesofTrustees 23.4notbedisqualifiedby their office from contractingwith the Trust,nor shallany contractentered intoby theTrust inwhich anyTrusteesmaybe interestedbe invalidatedor voidedby reasonof such interest,nor shallanyTrustees so contractingor being so interestedor acquiringanybenefitunder any contract entered intowith theTrustbe liable toaccount to theTrust for anyprofitsor benefits realisedbyor under such contractby reasononlyofhisholding thatoffice,provided that– 23.4.1 theTrustee shallhavedisclosed to the remaining Trustees thenatureofhis interestbefore concluding the contract if itnotalreadyhavebeenknown to them,and 23.4.2 theTrusteesmayenter intoany such contractonly if approvedbyunanimous resolution; 23. RightsandDutiesofTrustees 23.5TheTrusteesor any firm or companyofwhich theyor anyof them are shareholders,directorsor partnersmay (butonlybyunanimousdecision)be employed toact inany matter relating to theadministrationof theTrustand shall inaddition toany remunerationpayable to suchTrustee in his capacityas such,beentitled to chargeandbe paid for any services renderedby them or their firm inaprofessional capacity; 23.6 subject toSection9of theActand to the fullestextent permittedunder the law, theTrustees shallnotbe liable to makegood to theTrustor anyTrustBeneficiaryany loss occasioned sustain from any cause,except losswhichmay ariseor be occasionedbyhispersonaldishonestyor other wilfulmisconduct; 23. RightsandDutiesofTrustees 23.7 subject toSection9of theAct,and to the fullestextent permittedunder the law, theTrustees shallnotbe liable for anyactofdishonestyor other misconduct committedby another Trusteeunlesshe/sheknowinglyallowed itor wasan accessory thereto; 23.8 subject to theprovisionsofSection9of theAct,Actand to the fullestextentpermittedunder the law, theTrustees shall be indemnifiedoutof theTrustassetsagainstall claimsand demandsofwhatsoever nature thatmaybe madeupon them arisingoutof theexerciseor purportedexerciseofanyof the powershereby conferredupon them; and 16.9 theTrusteesmay in their discretion from time to time charge toand recover from theTrust such remunerationas agreedbetween theTrustees. Resignation 14.5ATrustee shallbe entitled to resignhis/her officebygiving60 (sixty) days'notice to the remainingTrusteesor such shorter noticeasmaybe agreed tounanimouslyby the remainingTrustees 24. Security Noneof theTrustees from time to timeholding office shallbe required to furnisheither individuallyor collectively to theMaster of the HighCourtor toanyother governmentofficial, security in connectionwith their appointmentor for theadministrationof theTrusthereby created,and theneed for furnishingany such security isherebydispensedwithwhether otherwise requiredunder theActor anyother law for the time being in force,and theMaster of theHighCourtandany suchother person, bodyor authorityareherebydirected to dispensewithandnot to require such security 25.Paymentof IncomeandCapital 25.1TheTrustees shallpayandmakeprovisions for all the costs, chargesandexpenses reasonably incurred by theTrusteesonbehalfof theTrust from theTrust Fund. 25.2TheTrustees shallhave the right, in their discretion, from time to timeandatany time, tovest thewholeor anypartof the incomeof theTrust Funds inaTrustBeneficiaryor TrustBeneficiaries in suchproportionsas theTrusteesmaydetermine. 25.3Any incomewhichdoesnotaccrue toaTrust Beneficiaryasaforesaid shallbe treatedas capitaland investedor accumulatedby theTrustees in termsof thisTrustDeed. 25.Paymentof IncomeandCapital 25.4TheTrusteesmay in their discretionandat any time or timespayor distribute toanyTrust Beneficiary thewholeor anypartof theTrustFund in suchamountsandwhether in cashor in specie as they from time to time in their discretiondeem fit,provided that: 25.4.1 theTrusteesmayemployavaluer for the purposeofdetermining the valueofany such assets; 25.4.2 thedecisionof theTrusteesas to the value ofanyassets for thepurposeof this clause shallbe finaland bindingonall interestedpersons;and 25.4.3noTrustBeneficiarymaydispute thevalue ofany suchassets. 28. TerminationofTrust 28.1ThisTrust shallcontinue inperpetuityprovided that should theentireTrustFund be fullydistributedatany stage, theTrust shallautomatically terminateand come toanend. 28.2Without limitationof theprovisionsof clause28.1, in the event that theTrustno longer receivesand/or accepts MembershipContributions, theTrust shall terminateand the provisionsof clause29mustbeappliedby theTrustees in respectof theTrustFunds. 28.3Notwithstanding theprovisionsof clause28.1, if the Trusteesareof theopinion that circumstanceshavearisenor mightarise towarrant their sodoing, they shallbeempowered in their discretioneither to terminate theTrust inwholeor in partat such time or timesas they in their discretionmaydecide 29. Distributionof theTrustFundonTermination 29.1On terminationof thisTrustasprovided in clause29 hereof, theTrustees shallpayor deliver thebalanceof theTrustFund thenexisting to suchTrustBeneficiaryor TrustBeneficiariesand in suchproportionsas the Trustees in their discretionmaydetermine. 29.2TheTrusteesmay, in their discretion,makeany paymentor delivery in termsof clause29.1either in cash or inkindor partly in cashandpartly inkindand shall redistributeandallocateassets to theTrustBeneficiaries in suchmanner as theydeem fit. Reasons formaterialdifferences a)The reasons for this specific change is toprovide for specific terminationprovisions,namelywherenoMembershipContributionsareaccepted / received. *To theextentanydifferencesbetween theprovisionsof theexistingKganyaBenefitsFundTrustDeedand theamendedand restatedKganyaBenefitsFundTrustDeedhavebeen identified thatdonotadverselyaffect the rightsof themembers to theKganyaBenefitsFundTrust, such changeshavebeenmarked inorange in the corresponding cellsbelow. **To theextentanydifferencesbetween theprovisionsof theexistingKganyaBenefitsFundTrustDeedand theamendedand restatedKganyaBenefitsFundTrustDeedhavebeen identified thatdoadverselyaffect the rightsof themembers to theKganyaBenefitsFundTrust, such changeshavebeenmarked in red in the corresponding cellsbelow. ***Materialdifferencesor changes indicated in red shading shallbeaccompaniedbya letter referencing thematerialdifferenceor change in themarked columnand the corresponding letter referencing suchmaterialdifferenceor changewillbeaccompaniedbyanexplanation for thematerialdifferenceor change. **** Capitalised termsused in this comparison shallhave themeaningascribed to them in thedocumentsconsidered in this comparison,unless indicatedotherwise Kganya Benefits Fund Trust Deed Amendedand restatedTrustDeed