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.
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;
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.