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Another question regarding my role as Co-Trustee of our Family

Trust that is separate from...
Another question regarding my role as Co-Trustee of our Family Trust that is separate from my previous question:-

Should the business be sold - do I have a right to be included in the sale negotiations, as Co-Trustee of our Family Trust that holds 35.5% share in the Unit Trust that is Trustee for the business (the remaining units are held by my husband's business partner).

Are unitholders involved in the negotiations of the sale process in any way, or is this controlled by the Directors of the company (my husband and his business partner)?

Thank you.
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Answered in 23 minutes by:
5/17/2013
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,457
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Good afternoon,

If you are co-trustee, your role involves the execution of all documents in conjunction with the other trustees in the sale of any business or purchase of any business.

You need to read the trust deed. This provides all the terms and conditions and also the rights and responsibilities of the trustees to the trust.

All trustees would be required to be involved in negotiations for the sale of the business.

Unit holders are not involved, but if a decision is made to sell the business it may have to be put to the unit holders for a vote of yes or no, but this again depends on what the trust deed says.

As the trustee you have equal responsibility to the other trustee in making decisions.

The shares are owned by the trustee do not give him all power or less power. you and the co-trustee are equal in making decisions for the trust.

He cannot use the shares that he has in the unit trust against you because he has more.

They do not applied his position as trustee.

In any negotiations he cannot look after itself interesting must look after the interests of the entire trust and as the co-trustee it is your responsibility as well.

I hope this is of assistance. If I have missed anything, or you have any further questions please let me know before leaving any feedback.

If I have assisted please do not forget to leave me with positive feedback.


Leon
Leon, Solicitor
Category: Australia Law
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Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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