[LU 10,025] Trustees of Land Owning Units5 

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(1) Each Land Owning Unit must elect one or more (but not more than 5) qualifying members to act as Trustees for the purposes of these Regulations and submit the names of the persons so elected to the Prime Minister for approval.

(2) The Prime Minister shall, acting in his or her discretion, appoint the Trustees of the Land Owning Unit from the names submitted to the Prime Minister under subregulation (1) or refer the names back to the Land Owning Unit for further names to be submitted.

(3) The Land Owning Unit must—

• (a)preside over the election of the trustees; and
• (b)ensure that a Deed of Trust is prepared in accordance with the Trustee Act 1966 and registered after the endorsement of the Director.

(4) A person may not become or continue to act as a Trustee if—

• (a)the person has been convicted of any indictable offence or an offence involving fraud or dishonesty;
• (b)the person is an undischarged bankrupt;
• (c)the person is not or ceases to be a qualifying member; or
• (d)the person dies or becomes incapacitated.

(5) The Prime Minister may remove any Trustee at any time where the Prime Minister is of the opinion that the Trustee is not adequately discharging his or her responsibilities under the Regulations.

(6) Where no Trustees have been appointed under this regulation, the Prime Minister may appoint a person or persons to act as Trustees on an interim basis until such time as Trustees are validly appointed by the Land Owning Unit.

(7) The Office of the Auditor-General must audit the annual financial statements of accounts for the Land Owning Unit for any calendar year.

(8) The Trustees shall convene an Annual General Meeting before the end of 31 January every year where audited annual financial statements of accounts are endorsed and the election of new Trustees conducted.

(9) Copies of the minutes of the meetings and annual audited financial statements of account shall be provided to the Director and the permanent secretary responsible for lands.

(10) Subject to subregulations (5) and (6), any changes to the Trustees shall be made with the consent of not less than 60% of qualifying members.