What is a Trust?

A Trust is a means of separating legal and beneficial ownership of property. In a Trust a Settlor enters into an agreement with a Trustee(s) to oversee the management of certain assets for the Beneficiaries of the Trust. The Trustees have to manage the Trust property in the sole interest of the Beneficiary. The rules that apply to the relationship between the Settlor and the Trustees are set out in a document called the Trust Deed. The Trustees must follow all the rules that are set out in the Trust Deed.

 

Generally, a parent settles assets in a trust for the benefit of a child. However in the case of SLCN, the SLCN is both the Settlor and the Beneficiary of the Trust. Throughout this report, areas of the Trust Deed will be directly noted.

 

 

Board of Trustees

The Board of Trustees are appointed by Chief and Council, the current Board of Trustees are;

 

Charles Wood - Chairman

Arthur Steinhauer - Vice-Chairman

Leith Cardinal - Trustee

 

The Board of Trustees must meet the qualifications set out in the Trust Deed, below is a list of a few items of the large section dedicated to the Trustee qualifications and composition of the board;

 

Composition

  • Up to two Trustees may be members of Chief and Council
  • Up to one Trustee may be an Elder
  • One of the Trustees may be a trust corporation
  • At least one of the five Trustees must have successfully completed some type of business or financial post-secondary degree or diploma, or have equivalent experience.

 

Individual qualification

  • Must be 21 years of age or older
  • Must have a good understanding of business ventures
  • Must not have been convicted of an indictable offense or a summary conviction offense involving fraud, theft or false pretences in the previous twenty years

 

Other areas of this section revolve around the terms of replacement, resignation, and removal of Trustees. Contact the Trust Manager if further information is desired.

 

Questions?                 Contact Us Today!

Onihcikiskowapowin Business Trust
Box 100

Saddle Lake, AB T0A 3T0


Phone: +1 780 9917510 +1 780 9917510

E-mail: leith@otrust.ca

Print Print | Sitemap
Onihcikiskowapowin Business Trust