Up over 30 years and start community fund
winner as the community will have a new trust with a broader purpose to invest into community assets and social programmes.”
In a statement yesterday, TECT said the trustees will apply to the High Court for directions. The restructure will only take effect if the High Court ends up making those directions.
Trustees will seek an independent
QC to be appointed to help in scrutinising whether trustees were exercising their powers appropriately.
Beneficiaries will be notified once the application is filed and all beneficiaries had the right to take part in the High Court process and be heard.
TECT chairman Bill Holland said the majority supportive feedback during consultation gave trustees the confidence to continue.
“As a result of these deliberations, trustees are satisfied that the proposal that was consulted on is the best solution to take forward,” he said.
“We know how important TECT is to the Tauranga and Western Bay communities and it has been heartening to see the level of engagement from beneficiaries over the month.
“We are confident that the final proposal will ensure that TECT will continue to bring long-lasting benefits to the Tauranga and Western Bay communities while future-proofing the rebate for existing beneficiaries,” Holland said.
Asked where Trustpower was at regarding its review of the potential sale of its retail arm, and when a decision on this was likely to be made, Trustpower general manager of markets Craig Neustroski said: “Trustpower continues to support TECT’S aspiration to reform the Trust. We consider their process to be right and robust and seeks to protect the rights of existing beneficiaries, irrespective of the Trustpower strategic review.” last