Mongola Family Trust
Mongola Family Trust
Mongola Family Trust
JONATHAN MONGOLA
(Born: on the 5th September 1982)
ID NO: 59-046844-B-59
Of No……………………..
And
PATIENCE SAMUKELISO MONGOLA
(Born on the 8th April 1987)
ID. No 28-2001478-V-56
Of No…………………….
(Herein referred to as the “Founding Trustees”)
And………../
And
MOSES MSAMBADOTA
(Born on the 7th July 1986)
ID No: 63-1266909-H-63
Of No…………………..
And
1. DEFINITIONS
In this deed unless the contrary appears from the context the following expressions shall
have the following meanings:
1.1 Words importing the singular case shall include the plural and vice versa and words
relating to any gender shall include the other gender and vice versa;
1.2 “The assets”, “the................... Family Trust assets”, “the trust”, “the capital”, “the
Trust capital” and the “Trust” shall be interchangeable and shall mean and include;
1.2.1 All other assets and investments at any time or times hereto ceded of transferred
to and accepted by the Trustees by way of addition or accretion to the assets
hereby settled, whether by the Founder or by any other person and either inter
vivos or by last will;
1.2.2 The assets and investments from time to time representing the aforesaid assets
and investments or any of them or part thereof as may be occasioned by the
application of any of the provisions of this deed;
1.3 “Beneficiaries” shall mean
(a) Nathan Tinotenda Mongola, (Born 22 April 2014)
/At…
At any time during the Founders’ lifetime, the Trustees shall, upon the advice of the
Founders have power in writing to declare that a person shall, at the Founders
absolute discretion cease, to be a Beneficiary or shall cease to be capable of becoming
a Beneficiary.
1.4 “maintenance” with reference to a Beneficiary and without restricting the general
meaning thereof, shall mean and include monies paid by the Trust and received by the
Beneficiary to partially of fully cover his costs of living, travelling, vacations,
medical, dental and similar services, entertainment, tax, general care and provision,
welfare, education (including tertiary education), insurance, accommodation, motor
vehicles, establishment in a business or a profession or to maintain him in a marriage;
1.5 “the Trustees” shall mean and include the original Trustees or any persons assumed
by or succeeding them as Trustees.
1.6 The headings used in this document are used merely for the sake of convenience and
shall be disregarded when this document is interpreted.
1.7 Income shall mean money received from either rental of any immovable property
forming part of the Trust or any amounts received from investments in terms of this
trust deed.
2. NAME OF TRUST
The trust created in terms of this deed shall be known as............ (hereinafter referred
to as “the Trust”)
5. TRUSTEES
5.1 The Founders and Trustees named at the commencement of this deed shall be the first
Trustees of the Trust;
5.2 The power of appointing new Trustees shall vest in the Founders during their
lifetime;
5.3 After the death of the Founders the Trustees in office from time to time or the
beneficiaries of the Trust shall decide how to proceed with the trust;
5.3.1 to appoint any person as Trustee to take the place of any Trustee dying,
resigning or vacating office for any reason;
5.3.2 to assume such additional Trustee or Trustees as they may deem necessary or
desirable;
5.3.3 to change or vary any appointment or assumption so made before effect is
given thereto.
5.4 There shall at all times not less than five Trustees acting under this deed.
6. WAIVER OF SECURITY
No original or subsequent Trustee appointed or assumed under the above provisions
shall be required to furnish security in terms of any legislation which may now be or
which may hereafter become of force and effect, the intent and the purpose being that
no person who shall at any time be a Trustee under this deed shall be required to give
any security whatever in connection with or arising out of his appointment as such.
/7. ACCOUNTS…
7. ACCOUNTS
The Trustees shall keep a true and correct account of their administration of the Trust
and shall be audited annually by auditors duly appointed by the Founders or appointed
by the Trustees in the event of the death of the Founders. The Trustees shall submit
annually a signed copy of the accounts of the Trust to the Founders and to the
Beneficiaries or their Legal representatives.
8. TRUSTEES’ POWERS
In addition to the powers vested in them by law the Trustees shall have the widest
powers and without prejudice to the generality of the aforegoing they may exercise
the following powers:
8.1 To retain existing investments
To retain and allow the Trust Assets or any part or ;parts thereof to remain in the
present state of investment thereof for so long as they may think fit;
8.2 To invest
To invest or reinvest the proceeds of any assets or any moneys of the Trust in their
hands from time to time in immovable and movable property and in regard to the
latter, in government or municipal securities or financial institutions provided
however, that the Founders shall have the right to authorize the Trustee to invest in
securities other than the aforementioned.
8.3 Name in which Trust Assets to be held
To hold the whole of the Trust Assets in the name of the Trust;
8.4 To manage Trust Assets
To lease or otherwise deal with the Trust Assets, whether movable or immovable,
whether corporeal or incorporeal and of whatsoever nature and whosoever situate in
exercising any powers of lease, they shall be entitled to cause any property to be let at
such rental, for such period and on such terms and conditions as they, in their sole and
absolute discretion may deem fit;
8.5 To repair or improve
To pay out of the capital or, at their discretion, out of the income of the Trust Assets
for any repairs, improvements or other works of whatsoever nature erected on any
land included in the Trust Assets or on any buildings or other structures situated
thereon;
8.6 To exercise voting powers
To exercise all the voting powers attaching to any shares, debentures or other
securities at any time forming part of the Trust Assets;
/8.7 To…
8.7 To compromise and settle
To compromise and settle for such consideration and upon such terms and conditions
as they may deem advisable all matters arising in relation to the Trust and all such
compromises and settlements shall be final and binding upon all the Beneficiaries;
8.8 To consent to any re-organization, arrangement or reconstruction
To consent to any re-organization, arrangement or reconstruction of any company the
securities of which form, from time to time, part of the Trust Assets and to consent to
any reduction of capital or other dealings with such securities as they may consider
advantageous or desirable;
8.9 To surrender shares
To surrender and deliver up any shares forming part of the Trust Assets for such
consideration and upon such terms and conditions as they may approve to any
company reducing its capital and to receive such consideration in the form of cash,
securities or other assets as may be agreed upon between them and the company;
8.10 To pay rates, taxes, etc.
To pay out of the income or, at their discretion, out of the capital of the Trust Assets
all rates, taxes, duties and other impositions lawfully levied or imposed on the Trust
Assets or income of the Trust Assets or any part thereof or on any Beneficiary
hereunder on account of his interest in the Trusts hereby created or which may be
imposed on the Trustees in respect of matters arising out of the Trust;
8.11 To decide what monies represent capital and what income
To determine whether any sums received or disbursed are on account of capital or
income or partly on account of one and partly on account of the other and in what
proportions and the decisions of the Trustees whether made in writing or implied from
their acts shall be conclusive and binding upon all the Beneficiaries;
8.12 To apportion
To make all apportionment in the accounts of the Trust which may be necessary;
8.13 Day to day running
The day to day running of the Trust shall vest in the Trustees who shall also have the
power to nominate an investing agent for any funds held by the Trust;
8.14 To employ agents
To employ accountants, attorneys, agents, brokers or such professional or other
assistants as they may consider necessary to transact all or any business of whatsoever
nature required to be done pursuant to this Trust Deed and to pay all such fees,
charges and expenses so incurred as a first charge, and they shall not be responsible
for the default to such accountants, attorneys, agents brokers professional or other
assistants or assistants or for any loss occasioned by such employment;
/8.15 To…
8.15 To determine questions
To determine all questions and matters of doubt which may arise in the course of their
management, administration, realization, liquidation, partition or winding up of the
Trust Assets;
8.16 To open and operate a bank account
To open and operate a bank account for the Trust and/or in the name of the Trust;
8.17 To reimburse themselves for expenses incurred
To reimburse themselves and pay and discharge out of any income accruing from the
Trust, all expenses which may be incurred by them in or about the execution of the
Trust and powers conferred upon them by this Trust Deed;
8.18 To charge the cost of secretarial services
To have any secretarial services, which they consider which they consider necessary
for the administration of this Trust, carried out the cost of the Trust;
8.19 To pay costs
To pay out of the capital or income of the Trust Assets all expenses (including actual
legal fees) incurred in the formation of the Trust;
8.20 To engage in legal proceedings
To institute or defend legal proceedings and to sign all deeds, powers of attorney and
other documents that may be necessary in the premises;
8.21 To execute documents
With regard to any immovable property at any time forming part of the Trust Assets,
to execute any act or deed relating to the partition, exchange, transfer, in any deeds
registry, mining titles office or other public office dealings with servitude, usufructs,
limited interests or otherwise, and to make applications, grant any consents and agree
to any amendments, variations, cancellations, cessions releases, reductions,
substitutions or otherwise generally relating to any deed, bond or document for any
purposes and generally to do or cause to be done any act whatsoever in any such
office.
8.22 To accept further gifts
To accept and acquire for the purpose of the Trust any gifts, bequests or payments
from any person, firm, company or association that may be given, bequeathed or paid
to them as an addition or with the intention to add to the funds hereby donated to
them, any additions so accepted and acquired shall be deemed to form part of the
Trust fund to be administered and dealt with subject to the terms of the deed.
/Further…
of any asset distributed by them in specie in terms hereof shall be final and binding on
all deemed interested parties. For the purpose of the clause the word ‘specie’ shall be
deemed to include any capital asset at that time held as portion of the Trust Fund
which is in a form other than cash money.
8.27 Power to apply income for the maintenance, education or benefit of a Beneficiary
The Trustees may, in their sole and absolute discretion, use and apply the whole or
any portion of the income of the Trust Assets for the maintenance, education
(including university education), support, advancement and general welfare of any
such Beneficiary, setting him or her up in a business or a profession or fitting him or
her up for a career. Any income which may be so applied or used by the Trustees in
terms hereof may at their discretion be paid whether to such Beneficiary or to any
other person or to any school or university on his or her behalf. If the income of the
Trust Assets is, in the opinion of the Trustees, insufficient for the aforementioned
purposes or any of them, the Trustees shall be entitled to apply or use so much of the
capital of the Trust as they may consider reasonable. Any capital so applied or used
shall not be brought into account as part of the capital, share or interest to which any
such Beneficiary may become entitled.
8.28 Power to apply capital for advancement or benefit of a Beneficiary
The Trustees may during the Trust period, in such a manner as they in their absolute
discretion deem fit, pay or apply any capital of the Trust for the advancement or
benefit of the Beneficiary. During the lifetime of the Founder the Trustees shall not
pay or apply any capital to or for the benefit of any such person without the prior
consent in writing of the Founder.
8.29 Holding of shares on behalf of the Trust
In the event of a company or a unit Trust scheme prohibiting, in terms of its articles or
regulations, the transfer of shares or units into the names of the Trustees as such, the
share of units shall be registered in the personal names of the Trustees or in the names
of their representatives and shall be held as nominees for and on behalf of the Trust.
9. PROCEDURES TO BE ADOPTED
In consultation with the Founder and on his consensus, for as long as he is alive and
subject to the terms and conditions of the Trust Deed, the Trustees shall, in
administering the Trust Assets, adopt such procedures and take such administrative
steps as they may from time to time consider necessary and advisable.
Administrative functions and procedures in respect of meetings
9.1 Subject thereto that the Trustees shall consistently carry out the objects of the Trust,
/they…
they are entitled, in their administration of the affairs of the Trust, to follow such
policy guidelines and lay down procedural and administrative steps as they from time
to time deem desirable.
9.2 Any Trustee is at all times entitled to convene a meeting of Trustees by giving 4 days
notice to all Trustees.
9.3 The required quorum for any meeting of Trustees shall be the majority of serving
Trustees provided that the holder of the veto vote referred to in subclause 9.4 is one of
the majority present at the meeting. If there is no quorum, the Trustees may adjourn
the meeting for 24hours or longer and at the continuation of the said adjourned
meeting those Trustees who are present shall form a quorum provided that the absent
Trustees have received reasonable notice of the adjournment and continuation of the
meeting.
9.4 All decisions and actions of the Trustees shall be taken on a majority vote provided
that the vote of the Founders is one of the majority votes.
9.5 A written resolution signed by all Trustees has the same legal standing as a resolution
passed at a properly constituted meeting.
9.6 The Trustees shall minute all resolutions concerning affairs of the Trust and in this
regard shall follow the same procedures as prescribed for companies in the
Companies Act of Zimbabwe as amended.
9.7 The Trustees shall meet at least once a year and shall decide upon the use and /or
allocations of income of income earned by the Trust.
9.8 The Trustees may authorize one or more of them to sign all documents for official
purposes as may be required for the administration of the Trust and for the execution
of any transaction in respect of the affairs of Trust on behalf of the Trustee, and any
resolution which is certified by a Trustee as being a true extract from the minutes of a
particular meeting of the Trustees has the legal effect of a resolution signed by all the
Trustees.
9.9 Any Trustee shall be entitled in writing to appoint any other person (including one of
the other Trustees) to act and vote on his behalf at all of any specified meetings of the
Trustees provided that the person so appointed shall, if he is not one of the other
Trustees, previously be approved of in writing by the other Trustees.
11. REMUNERATIONS
No remuneration shall be payable to the Trustees.
22.4 No amendment of the Trust Deed made pursuant to the above provisions shall be of
any force or effect to the extent that:
Such amendment shall enable or make it possible for the Trustees to confer any
benefit to themselves.
THUS DONE AND EXECUTED by the appearers on the date aforementioned at HARARE
before me, the notary, and in the presence of the undersigned witnesses.
/AS….
AS WITNESSES
1. ……………………………………..
2. ……………………………………..
…………………………………………….
JONATHAN MONGOLA
(Founder and Trustee)
AS WITNESSES
1. …………………………………….
2. …………………………………….
…………………………………..
PATIENCE SAMUKELISO
MONGOLA
(Founder and Trustee)
AS WITNESSES
1. ….………………………………….
2. ….………………………………….
………………………………………………
MOSES MUSAMBADOTA
(Trustee)
AS WITNESSES
1. ……………………………………
2. ……………………………………..
……………………………………………….
CYNTHIA NTOMBIKAYISE MVUMI
(Trustee)
…………………………………………..
NOTARY PUBLIC
First Schedule